OTSI Issues Guidance on Specified Ships and Russia-Related Services Sanctions

OTSI published guidance on trade sanctions relating to specified ships and construction services connected with Russia, and clarified its professional and business services guidance. The ships guidance explains restrictions on providing and procuring services, applicable exceptions, and the requirement to notify DBT within five days when relying on specified emergency or safety exceptions under the Russia and Iran regimes. The services update clarifies the scope of business management, consultancy and public relations services and adds detailed guidance on the construction-services prohibition under the Russia Regulations.