- Business - Lloyd’s Register withdraws services to Russia


Lloyd’s Register withdraws services to Russia

Maritime professional services organisation disengaging from the provision of all services to Russian owned, controlled or managed assets or companies…

In what may be one of the most significant developments in reaction to the Ukraine Crisis, Lloyd’s Register has issued a strong statement regarding its stance: 

Lloyd’s Register has been closely monitoring the very concerning situation in Ukraine over the past two weeks. 

Based on the latest legislative requirements taking effect in the United Kingdom, the European Union and the United States, LR has confirmed that it will disengage from the provision of all services to Russian owned, controlled or managed assets or companies. 

LR will be communicating directly with all affected parties. 

It represents one of the most potentially consequential actions to be taken from any corner of the maritime industry. The statement is unambiguous in asserting that no services will be undertaken on Russian owned, managed or controlled assets. How this will affect a vessel falling out of class, the logistics of surveying and interaction with Russian owned vessels may be complex. 

One of the most pressing questions then lies with insurers and their stance regarding these vessels. Concessions and exemptions are made in extraordinary circumstances, but with the uncertainty of the rapidly evolving situation, this may be convoluted.  

There are, of course, other classification societies, and all eyes are on them as to whether they will follow suit. Flag states likewise are the other side to the coin with respect to the safety and insurability of a superyacht.  Very few of the Superyachts on the Lloyd's Register books are Russian flagged,  and the interplay between established Flag states and the affected vessels will be another crucial development. 

With very few words to go on at this stage, we will continue to monitor the situation. SuperyachtNews has reached out to Lloyd's Register for further comment. Additionally, as the impacts become clearer across the industry we will be speaking with various stakeholders to gauge just how consequential this development is.  

 Image Credit: Llyods Register Facebook

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