The industrialized countries of the G7 want to keep the advantage of rising energy prices for Russia as small as possible. A press statement released on August 3 by both the UK and the US indicates that further restrictions on business with Russia are planned.

What will change?

A ban on all services that enable seaborne trade in Russian crude oil or petroleum products is under discussion. This also affects plastic products and cosmetics. The sanction should apply worldwide. The transport will only be permissible if the goods are traded at a certain price or are sold below this price.

Logistics service provider have pay special attention on the trade with russian products. Source: Pixabay

What does this mean for the transport industry?

Logistic companies need to be careful not to violate the embargo regulations. The “Bundesverband Spedition und Logistik” (DSLV) advises freight forwarders to set up a central compliance office within the company when doing business with Russia and to check all persons and organizations involved in the order.

Source: U.S. Department of State press release dated August 3, 2022