OIL AND OIL PRODUCTS PRICE CAP NOTICE AND ENDORSEMENT – July 20, 2023 Update

The members of the G7, the European Union and Australia (together, the “Price Cap Coalition“) have agreed to implement a prohibition on the maritime transportation of certain oil (HS code 2709 / CN code 2709 00 / HTS code 2709.00) and oil products (HS code 2710 / CN code 2710 / HTS code 2710) (together “Russian Oil Products”), originating in or consigned from Russia, from a place in Russia to a third country or from one third country to another. The prohibition extends to the provision of financial services, including (re)insurance, in pursuance of or in connection with an arrangement whose object or effect is the maritime transportation of Russian Oil Products….

Please Refer to the PDF Document for the full circular.

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Oil and Oil Products Price Cap
Notice and Endorsement

The members of the G7, the European Union and Australia (together, the “Price Cap Coalition”) have agreed to implement a prohibition on the maritime transportation of certain oil (HS code 2709 / CN code 2709 00 / HTS code 2709.00) and oil products (HS code 2710 / CN code 2710 / HTS code 2710) (together “Russian Oil Products”), originating in or consigned from Russia, from a place in Russia to a third country or from one third country to another….

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STS Transfers Circular 24-11-2021

Transferring crude oil and petroleum products from one tanker to another at sea has been a common practice for many years. STS transfers involving tankers of 150 gross tons or above have since 1 January 2011 been regulated by MARPOL, Annex 1, Chapter 8 (Regulations 40 to 42). Such vessels are required to carry an STS operations plan which complies with these regulations and has been approved by the flag state of the vessel.

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