23/10/2024
The Price Cap Coalition, which includes the G7 countries together with the EU, Australia and New Zealand, issued an Updated Price Cap Advisory for the Maritime Oil Industry and Related Sectors on 21st October, 2024.
It...
Ukraine Issues
Unfortunately and sadly, armed conflict has broken out in Ukraine. The situation is very fluid and fast moving but it will inevitably have a significant impact on shipping and trade, giving rise to contractual issues under charterparties and other commercial agreements.
We will publish updates and general guidance to assist our Members in relation to the developing situation and the issues arising. However, it is recommended that Members contact the Club for specific advice should issues arise under their particular contracts.
Latest Articles
18/03/2024
The G7 nations have agreed to implement a coordinated price cap on the sale price of oil to reduce the extent of price increases. Details of how the price cap will operate, along with its interaction with EU, UK and US sanctions, are discussed in our FAQs.
23/02/2024
On 23rd February, 2024, the EU adopted a 13th package of sanctions against Russia. The legislation implementing this latest package of sanctions can be found here.
The package,...
27/12/2023
On the 18th December, 2023 the EU adopted a twelfth sanctions package against Russia.
The main purpose of this package is to combat sanction circumvention and deal with loopholes. In summary, the twelfth sanctions...
25/10/2022
On 6th October, 2022 the EU adopted an eighth package of sanctions against Russia. The relevant legislation can be found here. In particular, Council Regulation (EU) 2022/1904 (“the Regulation”) amending Regulation (EU) No 833/2014, includes a number of additional restrictive measures.
21/09/2022
As advised in our previous update, on 10th August, 2022, the EU published updated FAQs (the “August FAQs”) clarifying the application of provisions (more particularly Article 3i and 3j of Council Regulation 2022/576 (“the Regulation”)) relating to the carriage of certain cargoes from Russia, including coal and other solid fossil fuels and fertiliser.
07/09/2022
The Russia (Sanctions)(EU Exit)(Amendment)(No.14) Regulations 2022 (“the Regulations”) came into force on 21st July, 2022, introducing further amendments to The Russia (Sanctions)(Exit) Regulations 2019. The purpose of this update is to provide a summary of some of the restrictions introduced by the Regulations that are most relevant to Members.
25/08/2022
The outbreak of war in Ukraine on 24th February, 2022, and the subsequent closure of Ukraine’s Black Sea ports, caused great disruption to Ukrainian grain trade. Not only were ships unable to call at Ukraine’s ports, but ships that were at those ports when the conflict began were trapped.
23/08/2022
The purpose of this update is to provide Members with a summary of recent developments with regard to EU sanctions.
08/06/2022
On 3rd June, 2022, the EU decided to adopt a sixth package of sanctions against Russia and Belarus. The relevant legislation implementing this latest package of sanctions can be found here.
Of particular relevance to Members will be the ban on the import of Russian oil into the EU, and the prohibition on insurance for the transport of Russian oil to third countries.