USA Law and Practice Contributed by: Seward & Kissel LLP, Seward & Kissel LLP
application. Authorisation is subject in all events to the terms and conditions of the licence. 8.4 International Conflict(s) One of the key legal and commercial implica - tions of recent international conflicts, including the war in Ukraine together with other conflicts in the Middle East, is that since the onset of the conflict in February 2022 the USA has substan - tially expanded sanctions against individuals, entities and vessels primarily connected to the Russian Federation. As noted in 8.3 Trade Sanc- tions , US sanctions against Russia include: • prohibitions on the importation of certain Rus - sian energy products into the USA, together with gold, diamonds and certain other goods; • prohibitions on “new investments” in Russia by US persons; • numerous sectoral sanctions, including on Russia’s energy sector; and • implementation and enforcement of the international price cap policy prohibiting the maritime transport of Russian oil, unless in compliance with the relevant price cap. Thousands of individuals and entities have also been designated for full blocking sanctions. More broadly, US sanctions also prohibit most major Russian banks from conducting transac - tions in US dollars or with US persons, and the USA has: • expanded export controls concerning sensi - tive US technologies; • banned the exportation of luxury goods and certain services to Russia; • raised tariffs on a multitude of Russian-origin imports; and • prohibited Russian use of US ports and air - space.
With respect to other legal or commercial impli - cations, supply chain disruptions arising from conflicts in the Middle East have continued to force many vessels to avoid the Red Sea and Suez Canal, and to reroute around the Cape of Good Hope, adding cost and delay to interna - tional shipping transit times. 9. Additional Maritime or Shipping Issues 9.1 Other Jurisdiction-Specific Shipping and Maritime Issues Readers should take note of several items cov - ered in the US Trends and Developments chap - ter in this guide, which examines a number of additional issues currently of note with respect to US legal developments in the shipping indus - try. These include the following: • the continued focus on sanctions enforce - ment and compliance, particularly with the raft of sanctions imposed on Russia since the onset of the Russia-Ukraine war, including an intensifying focus on inbound and outbound investment regulation and ongoing competi - tion with China; • technological changes and related changes to ship-owner and charterer contracts driven by the push for decarbonisation and upcom - ing IMO targets or other applicable emission- reduction regulations; and • ongoing developments and available tax incentives for qualifying entities in the US offshore wind industry.
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