Description

Sanctions have been tied to the world of shipping and international trade since at least the time of Ancient Greece. Recent geopolitical events, however, have brought sanctions back into the forefront of the shipping industry, with the imposition of new sanctions regimes by both the US, UK and EU among others. Unsurprisingly, the increased prominence of sanctions has created difficulties across the industry, and with difficulty comes dispute. This address explores the fundamental concepts of sanctions, their impact on every facet of the shipping industry, and the contractual mechanisms devised by industry players to allocate or avoid the risk of sanctions. It will also examine some of the recent cases on the use and efficacy of such mechanisms, including the Singapore Court of Appeal’s decision in Kuvera Resources Pte Ltd v JPMorgan Chase Bank, NA [2023] 2 SLR 389.

About the Keynote Speaker

Justice Steven Chong was appointed Judge of Appeal of the Supreme Court on 1 April 2017 (since re-designated Justice of the Court of Appeal). He received his LLB (Hons) from the National University of Singapore in 1982. He was admitted as an Advocate and Solicitor in 1983 and joined Drew & Napier that same year. He was made Joint Managing Partner in 1997. In 1998, he moved to Rajah & Tann as Senior Partner before becoming Managing Partner in 2003. He was appointed Senior Counsel in 1998. Justice Chong was appointed Judicial Commissioner of the Supreme Court on 1 October 2009 and subsequently a High Court Judge in June 2010. He assumed office as the 7th Attorney-General on 25 June 2012 and served for two years. During his stint, he established the Attorney General’s Chambers (AGC) Media Relations Unit, launched the Public Prosecution Outreach Programme, led the AGC to conclude key international treaties, including the European Union-Singapore Partnership and Cooperation Agreement and initiated legislative amendments to empower the Attorney-General to represent statutory boards in legal proceedings which led to the passing of the Attorney-General (Additional Functions) Act 2014. He resumed appointment as a High Court Judge on 25 June 2014 until his current appointment. On 8 December 2020, Justice Chong was appointed an expert member of the International Commercial Expert Committee of the Supreme People’s Court of the People’s Republic of China.