Further Raft of Shipping Sanctions for Russia During G7

As G7 leaders convene in Italy this week, a new series of coordinated sanctions against Russia have been making headlines, with many affecting the shipping industry.

Nearly 850 days after Russia's full-scale invasion of Ukraine began, the UK announced 50 new sanctions yesterday. The latest targets include ships in Putin’s shadow fleet, Russian LNG companies, a ship manager, and Ingosstrakh, a prominent Russian insurance company.

Earlier this week, the US Office of Foreign Assets Control unveiled its own set of new sanctions against Russia, focusing on entities involved in the country’s liquefied natural gas industry.

Additionally, reports have surfaced that the European Union is contemplating following the US's lead by imposing new sanctions on Russia’s largest shipowner, Sovcomflot.