Exclusion of the Russian maritime register
The members of the International Association of Classification Societies (IACS) have decided to exclude the Russian shipping register from their ranks, citing the impact of allied sanctions. Following Russia's invasion of Ukraine, the EU states imposed tough sanctions on the Russian economy, cut off most Russian banks from the international money transfer system and imposed far-reaching sanctions on Russian state-owned companies. The Russian Maritime Register of Shipping (RS Class) was added to the list of EU financial sanctions last week. In addition, the UK - where the IACS is based - has taken action to freeze the assets of all Russian banks, going further and...
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