On 24 June 2024 the EU Council adopted the 14th package of sanctions against Russia, which includes its first measures targeting Russia’s liquefied natural gas (LNG) sector, further export-related restrictions, sanctioning of vessels and new anti-circumvention measures, such as a requirement for EU companies to undertake best efforts to ensure that non-EU subsidiaries in third countries comply with EU sanctions.
On 23 June 2023 the EU Council adopted the 11th package of economic sanctions against Russia to prevent their circumvention and further erode Russia’s revenues.
Effective December 4, 2022, the UK Government enacted General Licence INT/2022/2469656 (GL) to enforce EU/G7 price limits on crude oil of Russian origin.
Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, the Club's reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus territorial risks.
The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).
Circular 03/22: General Trade Licence dated 17 March 2022, UK Government clarifies insurance for vessel calls to Russia and transiting Russian territorial waters
The EU, in consultation with the UK, US and Canada have requested SWIFT, the financial messaging system, to disconnect certain Russian banks from using its system, in response to Russia's unprovoked military aggression against Ukraine.
In general, Russian law does not contain a definition of time bars, it refers to provisions concerning a period of limitation of actions (hereinafter - the limitation period). Legal meaning of the limitation period is quite different from legal meaning of time bars. Russian Civil legislation stipulates that the limitation period is a period for defence of rights of a person whose rights have been infringed. Unless otherwise provided by law, the running of the limitation period shall commence from the day when the person became or should have become aware on infringement of his right and on proper defendant on the claim. A demand for the protection of an infringed right shall be taken for consideration by the court irrespective of expiration of the limitation period. The limitation period shall be applied by a court only on request of a party of the dispute, made before the rendering of a decision by the court. In absence of that request the dispute shall be considered by the court even in case if the limitation period has been expired.
