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”).

Members are advised from 20 February 2022 the procedure for paying claims related suppliers for claims on European Economic Area (“EEA”) risks is changing. The change applies only to risks written by UKNV.