ABS follows LR in withdrawing class services to Russian assets and companies

The decision was made after careful consideration of the situation in the Ukraine and the Black Sea as well as the applicable sanctions. It follows the events developing in Ukraine and a thorough evaluation of the evolving regulatory and sanctions environment and its applicability to ABS operations. As a U.S. company, ABS strictly follows both the letter and the spirit of U.S. sanctions law.

ABS is in the process of communicating with all affected clients and stakeholders to ensure a safe and orderly transition out of ABS Class. ABS is also in contact with all employees in the region and working to ensure their safety.

Lloyd’s Register announced a similar decision on Thursday 10 March. On 11 March, the International Association of Classification Societies (IACS) withdrew the Russian Register’s membership of the body. DNV is reviewing all ongoing contracts and operations with Russian entities and winding down all related business.