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Russia has hit out at countries trying to introduce “unfeasible requirements” into the IMO’s Polar Code.

Russia wants the implementation of a NOx emission control area (NECA) in the North and Baltic Seas delayed until 2021, on the grounds of the cost to the shipping industry.

Arctic oil exploration will be in the spotlight in St Petersburg this week as Offshore Marintec Russia (OMR), a UBM and Restec exhibition and conference, opens its doors tomorrow.

Highlighting the increasing concern with the problem of Russia and Iran, the International Union of Marine Insurance (IUMI) is calling for insurers and reinsurers to have a clear policy on sanctions as it seeks certainty for clients in a volatile environment.

New sanctions against Russia from the US and EU go much further than the previous restrictions on technology exports, and could spell serious trouble for joint venture projects between Western oil majors and their Russian counterparts.

OAO Sovcomflot (SCF) has reported a net profit of $63.6m in the first half, reversing a loss of $14.5m in the same period last year.

Maersk Line is reported to have a “significant amount” of fresh produce bound for Russia which now needs to be returned to Europe after the import of a wide variety of food product was banned.

The Port of Hamburg has reported a 6.8% year-on-year increase in container handling in the first half of 2014, despite average boxship delays of 70 hours.

Arctech Helsinki Shipyard has bagged a EUR100m ($138.2m) order from Sovcomflot to build an icebreaking supply vessel.

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