EU adopts 10th package of sanctions against Russia

The EU adopted its 10th package of sanctions against Russia on February 25th. For the shipping and shipping financial sectors such as marine insurance, of particular significance is Council Regulation (EU) 2023/427, which further amends Regulation (EU) No 833/2014.

An additional 87 individuals and 34 entities have been designated to the EU sanctions list. This includes:

  • Alfa-Bank, Rosbank, and Tinkoff Bank, the National Wealth Fund of the Russian Federation, and the Russian National Reinsurance Company;
  • SUN Ship Management (D) Ltd, a Dubai-based ship management company which is part of PAO Sovcomflot (SCF Group), Russia’s largest shipping company;
  • Members of the Federation Council of the Russian Federation, senior government officials, military
  • leaders and members of Russia’s Wagner mercenary group;
  • Companies manufacturing weapons for the Russian armed forces;
  • “Proxy authorities” in the non-government controlled areas of Ukraine; and
  • Iranian nationals alleged to be involved in supplying drones to Russia for use in Ukraine.

Also, in the Maritime pilot services sector, the EU has clarified that the prohibition on transacting with Russian state owned entities does not apply to the provision of pilot services to vessels which are necessary for reasons of maritime safety.

Full details at: