An economic sanction is a restriction on trade. It can have a far-reaching and detrimental impact on the economy and business interests including in the maritime sector.
Taking the example of Russia, the US, UK and the EU decided, to varying degrees, to target Russia’s energy sector which impacted the shipping industry and its insurers in a range of ways, such as:
Blockages in and around the Black Sea;
A continued rise in container freight rates due to record highs in oil prices;
The ongoing threat of a Russian cyber-attack on global supply chains;
Potential delayed payments in the shipping sector as several Russian banks have been banned from using the SWIFT payment system.… 
