As Members will be aware all cargoes of Russian-origin crude oil or petroleum products (ie oil carried under HS Codes 2709 and 2710) must comply with the oil price cap imposed by many Western nations against Russia. All Members carrying such cargo must provide a per voyage attestation (along with a willingness to provide ancillary information upon request) within thirty days of the cargo being loaded. (See Association Circulars dated 29th April 2024, 3rd June 2024 and 11th December 2024).
General Rule 30 of the Association’s Rules provide that there shall be no cover for any liability, loss, damage, cost or expense in circumstances where:
Members are reminded that they should, at all times, comply with the requirements of the oil price cap to ensure that their cover is not prejudiced as a result of the Members and / or the Association being exposed to international or other sanctions and / or the Association being unable to recover the cost of any claims from UK, US or EU reinsurers due to such sanctions being applied.
Members are further reminded that they should maintain records of any transaction involving the transport of Russian oil so that the Association can verify that Members have complied with all the requirements of the oil price cap.
The Association advises that any failure to comply with the oil price cap may leave the Association with no alternative but to terminate the entry of the concerned vessel in the Association.
Members are strongly recommended to conduct due diligence on all their counterparties and all entities involved in a transaction with a Russian nexus and / or connection to ensure that no such entity is subject to a UK, US or EU asset freeze.
Yours faithfully
The Board of Directors
Maritime Mutual Insurance Association (NZ) Limited
24 hr | 7 days per week | 365 days per year
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