On 24 February 2023, the one year anniversary of Russia's invasion of Ukraine, the US Department of State and the US Department of Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on numerous additional individuals, entities and vessels that the US has determined are engaged in sanctions evasions.
On 25 February 2023, the EU adopted its 10th package of sanctions against Russia
Circular 02/23: War Risks P&I Excess Cover
Special War Risks P&I Excess Cover, And Bio-Chem Cover, And Us Terrorism Risk Insurance Act Of 2002, As Amended By The Terrorism Risk Insurance Program Reauthorization Act Of 2019
EssDOCS, Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A
Due to the impact of losses from the Russian/Ukrainian situation affecting the availability of global insurance and reinsurance capacity, the Club's reinsurers are no longer able to secure reinsurance for war risk exposure to Russian, Ukrainian or Belarus territorial risks.
Circular 18/22: Special General Meeting of the United Kingdom Mutual Steam Ship Assurance Association Limited - Proposed Amendments to Rules
Special GM Of The United Kinagdom Mutual Steam Ship Assurance Association (Bermuda) Limited - Proposed Amendments To Rules, Bye-Laws And Articles Of Association
Circular 17/22: The Price Cap on Russian Oil
The EU, G7 and Australia (the “Price Cap Coalition”) has recently introduced legislation and guidance effective 5 December 2022 intended to maintain the supply of Russian oil to world markets whilst at the same time reducing Russia’s earnings from its oil exports (the “Price Cap Scheme”).
This circular informs Members of the approval by the International Group of P&I Clubs (the Group) of the Secro system
Circular 15/22: General Meeting Reports
At the Annual General Meeting held in Dubai on Monday 7th November, the proposed resolutions in the agenda were put to the Members and were adopted by the meeting.
At their November meetings in Dubai and Rotterdam, the Boards reviewed the financial position of the Club, including the performance of the open and closed policy years, and have set a general increase of 10 per cent on all mutual premium rates for the 2023 renewal. The decisions have been agreed by the Club and its subsidiaries, including UKNV which underwrites all EEA risks.
Circular 13/22: EU Sanctions - updated FAQs published by the EU on the carriage of certain Russian cargoes including coal and fertilisers
EU updated FAQs on 19 Sept and 7 Oct 2022 to clarify transporting certain Russian goods to non-EU countries is not prohibited under Council Regulation (EU) 833/2014.
This circular provides details of the AGM of the Association which will take place in Dubai at 9:00am on 7th November 2022 and the arrangements for voting by proxy.