Page 122 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024

GEOPOLITICS & SHIPPING

Economic sanctions have a very long history, and have been used frequently by
governments and international institutions, as an alternative to military action,
to put pressure on State and non-State entities to comply with perceived acceptable
standards of behavior.

SANCTIONS

AFFECTING SHIPPING:

RECENT

DEVELOPMENTS

There has been a gradual increase in origin crude oil that vessels can lawfully
the imposition of sanctions over the last carry. The price cap was extended to all
century, and particularly since the 1980s. Russian oil products in February 2023.
This has culminated in the sanctions Significant amendments to the OPC
imposed by various countries against regulations were introduced in February
Russia following its invasion of Ukraine 2024 which are relevant to shipowners’
in 2022. Taken together, current US, EU P&I cover.
and UK sanctions on Russia probably The two key changes are:
represent the largest package of eco- • The tightening up of require-
nomic sanctions that have ever been ments for attestations from ship-
imposed on one country. owners confirming that the Rus-
A wide range of sanctions are currently sian oil or oil products their ship
in place targeting numerous countries, is carrying comply with the OPC.
groups and individuals. The following Previously, an annual attestation
summary focuses on some of the most of compliance with the OPC was
recent developments in sanctions rele- considered acceptable. Since
vant to the maritime industry and, in par- February 2024, shipowners are
ticular, P&I insurance relating to Russia, required to provide an attes-
Venezuela and Iran. tation to their P&I insurer for
every voyage on which their ship
Russia carries Russian oil or oil products
While the wide-ranging sanctions within 30 days of loading the
restricting the transportation of many cargo, with no time extensions
Russian dry cargoes, such as steel permitted. If a cargo is loaded via
and coal, have remained relatively a ship-to-ship operation, this will
unchanged in recent months, there be considered to be a new voy-
have been significant developments age and will, therefore, require a
relating to oil and oil products. By way new attestation.
of reminder, in December 2022 the • Shipowners must ensure that, if
so-called Price Cap Coalition (compris- requested to do so by their P&I
ing the G7 group of countries, the EU insurer, they are able to provide,
by Mira Milouseva, and Australia) imposed a cap (Oil Price within 30 days of the request,
Fleet Manager at Britannia P&I Club Cap or OPC) limiting the price of Russian itemised price information for the

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