Russian Sanctions - designation update
Further to our March 2024 news item, the UK authorities have since designated Russian insurance provider Ingosstrakh Insurance Company resultant from their “carrying on business in a sector of strategic significance to the Government of Russia”.
The Club is advised this designation and the underlying UK legislation “prevent a UK person from making funds or economic resources directly or indirectly available to or for the benefit of a designated entity. An economic resource for these purposes includes assets of every kind – tangible or intangible, movable or immovable – which are not funds, but may be used to obtain funds, goods or services.”
The Club comes within the scope of the UK legislation and is therefore considered to be UK person for these purposes. As a result, we may be constrained on our ability to provide cover for Members with regard to any liabilities incurred with another vessel insured by Ingosstrakh, especially where that is by way of a planned operation such as an STS.
Members are strongly advised to check with the Managers for guidance before engaging in any such operation.
In the event of a pure fortuity such as a collision with an Ingosstraskh-insured vessel, Members are advised that the Club may need to seek a licence to pay or reimburse any resulting liabilities. Such a licence may take time to obtain, if indeed it can be obtained at all.