Sanctions are a powerful instrument in international relations, shaping global trade by imposing restrictions on specific activities, transactions, and partnerships. In the maritime industry - where operations frequently span multiple jurisdictions with diverse regulatory frameworks - understanding the scope and impact of sanctions is essential. These measures can have far-reaching consequences for shipping companies, their trading partners, insurers, and financiers, creating legal, financial, and reputational risks.
International maritime trade exists at the crossroads of commerce and regulation, making it particularly susceptible to the effects of internal sanctions imposed by individual nations or blocs. These sanctions extend beyond straightforward trade prohibitions, influencing counterparty relationships, disrupting supply chain logistics, and altering contractual agreements. For shipping professionals, the challenge lies not only in complying with legal requirements but also in recognising how deeply sanctions can affect every facet of maritime operations.
Jointly organised by BIMCO and the Association of Certified Sanctions Specialists (ACSS)
Discounts
10% group discount is available for registering 3 or more participants from the same company.
What will you learn?
The first session will focus on the fundamental aspects of sanctions and their relevance to the shipping industry. Participants will gain insights into the types of sanctions that may affect their operations and the importance of due diligence in trading relationships to detect sanctions risks.
The second session will cover the evolving sanctions landscape in the shipping industry, focusing on the importance of compliance and the BIMCO sanctions clauses. Participants will learn how to implement effective compliance programs and manage sanctions risks effectively.
Session 1: Understanding Sanctions and Their Implications
Content Overview:
- Sanctions Jurisdiction: Understand which sanctions have jurisdiction over your company and how they may also apply to trading partners, banks, insurers, or reinsurers.
- Counterparty Analysis: Learn how to identify and evaluate trading partners for potential "party" related sanctions risks that could impact the ability to complete transactions.
- Trade Content Evaluation: Assess the nature of your trades to identify any "activity" related sanctions risks that may affect your trading capabilities.
- Practical Trade Issues: Discuss practical considerations and challenges that may arise during trade, including logistical and regulatory issues.
- Impact on Bank Relationship and Insurance Coverage: Explore how sanctions can influence bank relationships and insurance arrangements and what steps can be taken to mitigate potential risks.
Session 2: Implementing Compliance and Navigating the Regulatory Landscape
Content Overview:
- Sanctions as a Geopolitical Tool: Understand the role of sanctions as a geopolitical tool and the complexities involved in navigating them contractually
- Benefits of Utilizing BIMCO Clauses: Explore the dual benefits of using the BIMCO sanctions clauses, including the ability to terminate contracts and make performance adjustments in the context of sanctioned activities.
- Container Industry Considerations: Discuss the provisions applicable to the container industry and the operator’s responsibilities under the BIMCO sanctions clause.
- STS Transfers and Compliance: Learn about the complexities of Ship-to-Ship transfers and the necessary stipulations in charter parties to manage sanctions risks effectively.
- Pillars of Sanctions Compliance: We conclude with the five essential elements of a sanctions compliance program to protect your business from reputational harm, fines, and penalties.
Starting time (for both sessions 1 and 2):
08:00 UTC, 10:00 CEST
See the time in your local time zone.
Why Choose to Participate?
The 180 Sanctions Seminar, jointly organised by BIMCO and the Association of Certified Sanctions Specialists (ACSS), offers maritime professionals a unique opportunity to master the intricacies of sanctions compliance in a globalised industry. Combining BIMCO’s unmatched expertise in maritime contracts with ACSS’s in-depth knowledge of sanctions frameworks, this seminar delivers a comprehensive approach to navigating an increasingly complex regulatory environment.
Participants will gain a thorough understanding of the evolving sanctions landscape, practical strategies for mitigating legal, financial, and reputational risks, and insights into effectively managing counterparty and trade compliance. With access to proven BIMCO sanctions clauses and expert guidance from ACSS, attendees will be equipped to streamline compliance processes and confidently tackle real-world challenges.
This joint seminar is designed to help professionals safeguard their organisations, ensuring resilience and strategic agility in the face of growing regulatory pressures in the maritime industry.
How Will This Course Help Your Professional Development?
The BIMCO 180 Sanctions Seminar, co-hosted with the Association of Certified Sanctions Specialists (ACSS), is a valuable investment in gaining professional knowledge. By attending, you will deepen your understanding of the global sanctions landscape and acquire practical tools to address compliance challenges. This expertise is increasingly critical in a maritime industry shaped by evolving regulations and geopolitical pressures.
Through in-depth discussions and real-world examples, the seminar enhances your ability to make informed decisions, manage risks, and ensure your organisation's compliance. Mastering BIMCO’s sanctions clauses and ACSS’s compliance strategies will strengthen your credentials as a knowledgeable and reliable professional in the field.
Course materials
BIMCO issues electronic course files as an Adobe PDF file enabling you to make personal notes. All documentation and presentations will be in English. Course access details will be provided a week before the course start date if the registration is completed.
