The Russian Oil Price Cap – Updated to include Petroleum Price Cap (5.624)

This circular explains how the price cap scheme applies to Russian crude oil and, from 5 February 2023, Russian petroleum products. It sets out the key requirements for cover, including the need for attestations, wind-down arrangements and the main points of the EU, UK and US measures.

London P&I also highlights the relevance of the price cap scheme to shipowners and charterers, and explains that cover depends on members complying fully with the applicable requirements.