Ukraine – what should the shipping industry expect?

Roger Johnson, of the Standard Club, considers the initial sanctions imposed in relation to Ukraine, the impact of these on the shipping industry and what the shipping industry should be anticipating if a decision is taken to ratchet up the pressure on Russia.

Sanctions to date

As with other sanctions regimes, the US and the European Union (EU) have been among the most active jurisdictions to impose sanctions in response to developments in Ukraine. During little more than two weeks, three executive orders were issued in the US and three regulations (including an amending regulation) in the EU. The initial legislation was targeted at the former President of Ukraine, Viktor Fedorovych Yanukovych, his family and associates.