At a glance

• Coinciding with the one-year anniversary of Russia’s invasion of Ukraine, the Australian Government announced further sanctions against Russia. There has been significant investment in energy storage Australia-wide, which will lead to valuable storage assets being commissioned over the next three decades.
• As there are now over 100 sanctioned persons and entities on the Australian list and a raft of sanctions in place around the world, organisations doing business across jurisdictions need to undertake careful due diligence with their transactions to avoid a sanctions breach.
• Similarly, marine cargo insurers need to ensure the payment of a claim does not breach a sanction.
• To manage their exposures, marine cargo insurers are increasingly including a version of the “Sanction Limitation and Exclusion Clause”.

The current sanctions situation

On 24 February 2023, the Australian Government announced further sanctions against Russia including:

• further targeted financial sanctions
• travel bans on an additional 90 designated persons, and
• targeted financial sanctions on an additional 40 designated entities.

With the latest additions to the Russian sanctions, there are now over 100 designated persons and entities on the list.

The expanding Russian sanctions in place in Australia, and around the world, need to be managed carefully by organisations doing business across jurisdictions.

Managing the risk

As the war in Ukraine continues to drag on, the Russia sanctions look set to remain in place for some time.

Corporations need to be alert to the risks, including being aware of the sanctions regimes in all jurisdictions, and have systems in place to properly manage them. 

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