“Membership in IACS, which sets technical standards, typically makes a certifier more attractive for insurers, ports, flag registries and shipowners seeking safety assurances”, the news agency stated in its report.

Until March, Russia was also a member of the IACS association. However, its membership was revoked, with 75% of IACS members having voted to expel the Russia Maritime Register of Shipping, due to Russia’s military offensive against Ukraine and retaliatory sanctions imposed on the country.