EU Sanctions on Russia: Presentation by Dr Maximilian Guth at the IUMI Spring Meeting 2022

On Thursday 31 March 2022, ASD insurance expert Dr Maximilian Guth gave a presentation on “EU Sanctions against Russia” at the annual “Spring Meeting” of the “International Union of Marine Insurance” (“IUMI”).

In his presentation, Dr Guth described the current sanctions situation against the background of the situation in Ukraine. In detail, he presented the so-called “Russia sanctions”, i.e. mainly Regulation (EU) 833/2014 as amended on 15 March 2022 and Regulation (EU) 269/2014 as amended on 15 March 2022.

Following the overview of the current sanction situation, Dr. Guth explained the regulations relevant for insurance and reinsurance and derived some practical tips for the due diligence process.

Finally, Dr. Guth analysed sanction clauses as well as war exclusion clauses in marine hull, cargo and war insurance and possible cancellation options in view of the EU sanctions against Russia.

If you have any questions on this topic, please do not hesitate to contact Dr. Maximilian Guth.

About IUMI

IUMI is a professional organisation based and registered in Hamburg and run by the members for the members. Its roots go back to 1874 and the association is proud to be the oldest insurance association in the world.

With over 100 acting Professional Committee Members, 20 IUMI Professional Partners (IPPs) and 19 Affiliates, the Association provides a special platform for the exchange of ideas, market information and best practice to enhance the professionalism and standards of the industry worldwide.
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