Shipping law firms are fielding a significant uptick in calls from owners and operators seeking advice to mitigate counterparty risk in the increasingly likely event that sanctions are imposed on Russia. While shipping security analysts are downplaying the physical risk of shipping getting caught in military action the legal fallout could present significant challenges to maritime businesses exposed to Russia. The escalating situation on the border between Ukraine and Russia has already led to calls for international trade sanctions to be imposed. However, uncertainty over what form the sanctions would take have left shipping and trade executives second-guessing what areas might be affected. According to several specialist sanctions lawyers contacted by Lloyd’s List there has been a steady stream of urgent calls from owners and charterers seeking checks on counterparty agreements potentially exposed to Russian sanctions. Clients are interested in proactive measures they can take now to lessen any potential impact those sanctions may have on their existing and future business in the region.