Is the Turkish shipping market effected by the fifth package of sanctions issued by the European Commission?
With Russia being considered a “War Zone” , On the 8th of April the fifth set of sanctions focused on transport were issued by the European Commission.
Prior to the sanctions issued by the European Commission countries like Lithuania, Estonia, Belgium, Italy, Romania and Bulgaria had already taken a stand against Russia. As of February 24 2022, the sanctions also applied to those who changed their Russian registration and the use of Ports were banned.
Even though the restrictions towards Russian flagged vessels between Russia and the countries stated had already had a large impact on the transport market, after the fifth set of sanctions that prohibit vessels registered under the Russian flag from accessing EU ports will surely limit options for Russian industry to obtain both maritime and road trade of key goods both to and from Russia.
Sanctions which will disrupt Russia's trade agenda for an unpredictable period of time, are being expanded day by day. After the fifth package,the possibility of imposing sanctions with a sixth package, which could have heavier consequences for sea transportation, remains unknown.
Where does Turkey stand?
The strict sanctions of the European countries does not find practice in Turkey.
In a time like this where Rusia faces a maritime trade crisis, Turkey seems to be a safe port.
For more information please do not hesitate to contact our experienced maritime team;