The decision by the classification society will impact Russian-owned, controlled, or managed assets and firms.
UK-based ship classification society Lloyd’s Register has decided to disengage from providing services to Russia amid sanctions imposed on the country for its invasion of Ukraine.
The move will impact Russian-owned, controlled, or managed assets as well as firms.
Over the last two weeks, the company is said to have kept a close watch on the Ukraine conflict.
Lloyd’s Register said that it will withdraw all services to Russia to abide by the current laws of the UK, European Union, and the US.
In a statement, it said: “Lloyd’s Register will be communicating directly with all affected parties.”
Claimed to be the world’s first marine classification society, Lloyd’s Register has expertise in offering engineering and technology for the maritime industry.
Separately, the International Bunker Industry Association (IBIA) recently condemned Russia’s invasion of Ukraine.
As the voice of the global bunker industry, IBIA decided to suspend all services to Russian members of the association after evaluating existing conditions.
To avoid violating any applicable sanctions, all members need to be aware of their business transactions, urged IBIA.
In a statement, the association said: “Our thoughts are with the people of Ukraine, and we support international calls for hostilities to cease immediately to allow peace to return to the region as soon as possible.”
IBIA is said to represent all stakeholders across the industry value chain, including ship owners/operators, bunker suppliers, traders, brokers, barging companies, storage companies, surveyors, and port authorities.