The members of the International Association of Classification Societies (IACS) have decided to exclude the Russian shipping register from their ranks, citing the effects of the Allied sanctions.
Following Russia's invasion of Ukraine, the EU states have 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 faster than any other country to cut off transactions with the Russian financial sector.
On Friday, the IACS announced that it had voted in favour of the expulsion of the RS Class. With the approval of at least 75 per cent of its members, the IACS Council has decided to revoke the membership of the RS Class with immediate effect. The decision is the latest development in the increasing isolation of Russian shipping.
The Norwegian DNV drew these conclusions on 10 March 22. The statement on the website reads verbatim: "As a result of the Invasion the Ukraine becomes DNV the international Sanctions and the behind it standing Intentions follow. We check all running Contracts and Operations with russian The company and Build all so that connected Shops off". In 2016, DNV (then still DNV GL) signed a forward-looking cooperation agreement with the Russian Maritime Register of Shipping.
In the meantime, Lloyds Register has also withdrawn its classification services.
Sources: gcaptain, Bloomberg, AP
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