The Cyprus Shipping Chamber held on November 22nd in Limassol, the Monthly Meeting of its Members, during which Mr. Giorgos Zambartas, Partner and Head of Shipping and Office of INCE in Cyprus and Ms. Ester Toumbouri, and Ms. Marianna Lamari, Partner and Senior Partner respectively of INCE Cyprus, presented the latest developments in relation to the sanctions imposed by the European Union on Russia, following the latter’s invasion of Ukraine, and how they shape the landscape in the Shipping sector.

In particular, a review was made of the content of the 8th sanctions package, as it is expected to have a direct impact on the Shipping sector as well, taking into account the latest legal and insurance implications. The imposition of a ceiling on the price of Russian oil when it is sold to third countries was specifically mentioned, but also what follows in relation to its effective and correct application in order to shield European Shipping.