US: How the Russian oil price cap affects shipping
US published a document providing guidance on the implementation of the price cap policy for crude oil of Russian Federation origin.
Read moreUS published a document providing guidance on the implementation of the price cap policy for crude oil of Russian Federation origin.
Read moreThe EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia's continued military aggression against Ukraine.
Read moreOn 19 September the EU further amended its FAQS clarifying the application of provisions relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels as well as certain types of fertilizer.
Read moreAccording to Cyprus's President, Nicos Anastasiades, the EU needs to ensure that its Russia sanctions do not negatively impact the bloc or individual member states.
Read moreInsurers have been used to dealing with sanctions for a long time. The sanctions against Iran 12 years ago led to a number of adaptions and the development of sanction clauses. It is, however, still a challenge for marine insurers to be aware of any new sanctions, to understand their impact and to comply with them, highlights Mr. Lars Lange, IUMI Secretary General.
Read moreOn 10 August 2022 the EU published updated FAQs clarifying the application of provisions relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels as well as certain types of fertilizer.
Read moreEurope eased back on efforts to curb trade in Russian oil, as it delayed a plan to shut Russia out of the maritime insurance market.
Read moreOn 21 July 2022 the European Union published a “Maintenance and Alignment Package” in respect of its sanctions programme against Russia. The package includes amendments to Regulation (EU) No. 833/2014. The changes of most relevance to shipping are in relation to dealings with Russian State-owned entities in the context of the carriage of Russian oil to non-EU destinations.
Read moreOn 5 July 2022, the UK government introduced a new tranche of economic, trade and transport sanctions on Belarus in response to Lukashenko’s support of Russia’s invasion of Ukraine.
Read moreOn 3 June 2022 the EU published its 6th package of sanctions against Russia, and the IG Clubs published a circular focusing the measures in the 6th package of sanctions which impact on the transport and insurance of oil and petroleum products; and the prohibitions on transacting with Russian state-owned enterprises.
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