Shipping scrambles to manage Russia sanctions risk

摘要

SHIPPING law firms are fielding a significant uptick in calls from owners and operators seeking advice to mitigate counterparty risk in the increasingly likely event that sanctions are imposed on Russia. While shipping security analysts are downplaying the physical risk of shipping getting caught in military action the legal fallout could present significant challenges to maritime businesses exposed to Russia. The escalating situation on the border between Ukraine and Russia has already led to calls for international trade sanctions to be imposed. However, uncertainty over what form the sanctions would take have left shipping and trade executives second-guessing what areas might be affected.