12 Oct - Recorded webinar - Will the cap fit? Russian oil before and a...

12 Oct - Recorded webinar - Will the cap fit? Russian oil before and after 5 December

Published: 20 October 2022

Tony Paulson, Corporate Director at West of England Insurance, talks about the sixth sanctions package, in which the EU sought to wind-down the import of Russian crude oil and products into Member States and also to prohibit the involvement of EU insurers in the carriage of these cargoes from Russian to non-EU destinations after 5 December 2022.

Since 90% of the world’s tankers are insured by International Group P&I Clubs, many of whom have an EU nexus or rely on EU reinsurers, the potential impacts on the carriage of Russian oil cargoes looked to be significant.

But the G7 is set to introduce a price cap mechanism under which insurers will be allowed to provide cover for the carriage of Russian barrels sold below a certain price. Details of how that scheme will work are starting to emerge but how will it impact shipowners and their insurers?

What are the current insurance prohibitions around Russia oil cargoes under the EU sanctions regime?

What is the G7 price cap mechanism and how is it expected to work?

What are some of the practical issues we might see in its implementation?

This 30-minute webinar was held on 12 October 2022.

15+15 weekly webinars are a 30 minute webinar which includes a 15-minute presentation followed by a 15-minute Q&A

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