Circular 05/23: Russian Oil Price Cap update: Reporting requirements, Evasion alert and Russian origin bunkers
On 4 December 2022, the UK Government issued General Licence INT/2022/2469656 (“GL”) to implement the EU/G7 price cap in respect of Russian origin crude oil, which was amended on 3 February 2023 to implement the separate price cap in respect of petroleum products.
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
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 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”).
Circular 11/22: 8th EU Sanctions Package
The EU adopted an eighth package of sanctions on 6 October 2022 in response to Russia’s continued military aggression against Ukraine.
Circular 09/22: EU Sanctions - clarification published on the carriage of certain Russian cargoes including coal and fertilisers
On 19 September 2022 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.
Circular 07/22: Sanctions - The European Union’s 6th Sanctions Package - EU Regulation 833/2014– (the “Regulation”)
[AMENDED 22 JULY] On 21 July 2022 the European Union published a Maintenance and Alignment Package
UK Sanctions - New Trade Restrictions
On 21 June 2022, the UK government imposed further trade restrictions against Russia under The Russia (Sanctions) (EU Exit) (Amendment) (No
Circular 03/22: General Trade Licence dated 17 March 2022 – Reporting of vessel calls to Russia and transiting Russian territorial waters
On 17 March 2022 the UK Government published a General Trade Licence in part to clarify earlier amendments to the UK Russia (Sanctions) (EU Exit) Regulations (the “Regulation”). Specifically, the licence addresses the issue as to whether it is lawful under the Regulation for insurers and reinsurers domiciled or operating from the United Kingdom to provide insurance for vessels calling at Russian ports or transiting Russian territorial waters.
UK Russia Sanctions - An Update
The UK has implemented a number of sanctions in response to Russia’s invasion of Ukraine
On 8 April 2022 the EU adopted a fifth package of sanctions on Russia, comprising of several Regulations and Decisions
EU impose further sanctions on Russia
On 15 March 2022 the EU adopted a fourth package of sanctions in response to Russia's military aggression against Ukraine.
The European Union announced a significant expansion of sanctions against Russia in light the deteriorating situation in Ukraine on 25 February 2022
Russian banks banned from SWIFT
The EU, in consultation with the UK, US and Canada have requested SWIFT, the financial messaging system, to disconnect certain Russian banks from using its system, in response to Russia's unprovoked military aggression against Ukraine.
The Club's correspondent in the Ukraine, Dias Marine Consulting p.c, has provided the below update that as of 21:00 on 24 April 2021 till 21:00 on 31-10-2021 Russia will limit transit of foreign military ships and other foreign state-owned ships in three regions of the Black Sea within Russian territorial waters.
Members are referred to the December 2020 (No 19) edition of "P&I Review - Russian Federation", published by the UK P&I Club's Correspondents, OceanClaw Marine Services Limited
UK Club correspondents in South Korea have provided the following two updates regarding strict regulations for vessels arriving at South Korea with crew joining from certain countries.
Our correspondent Antarica Group have provided the following update regarding the risk of Coronavirus spreading in Russian ports.
Imposition of Martial Law in Ukraine
The UK Club have received the following update from Dias Marine, regarding the imposition of martial law in Ukraine effective 28/11/18 09.00am local time.