The State Of Play In Key Sanctions Regimes

Unquestionably, 2014 was a busy year for (re)insurers responding to developments in sanctions. The greater use of sectoral sanctions created challenges for (re)insurers, as did the pace and significance of some of the changes made to established sanctions regimes.

In this article, we look at the current state of play in the following key sanctions regimes and what this means for (re)insurers:

• Russia
• Crimea
• Cuba
• North Korea
• Iran
• Syria

1. Russia: Movement to sectoral sanctions

In response to the destabilisation in Crimea and Ukraine, the EU and US introduced "sectoral sanctions" on the following sectors of the Russian economy:

• Defence