The Baltic Exchange has advised its UK members not to carry out any shipping business with Russia-connected persons or companies.

The advisory was issued after a Baltic member took extensive consultation with the UK government on the implications of doing business with Russia under the latest round of sanctions.

In a note to its members, the Baltic said: “Following discussions with a Baltic member who received oral guidance from the UK Government, the Baltic Exchange is of the opinion that UK persons are prohibited from broking, chartering and selling vessels to persons connected with Russia, and to do so would breach inter alia UK sanctions.”