Beware of where you do business

Andy Stevenson, at Elborne Mitchell LLP, warns of the increasing risks posed by sanctions

A volatile sanctions environment in Turkey is causing a headache for marine and energy companies, and the European Union’s introduction of new sanctions targeting drilling off the coast of Cyprus has only prolonged the uncertainty. With underwriters re-evaluating their exposure in the region, shipping companies should be prepared for greater scrutiny and higher prices during this years’ renewals season.