IGP&I seeks clarification from EU and UK on vessels bunkering Russian-origin marine fuel
- Published
by Admin
The International Group of P&I Clubs (IGP&I) on Friday (10 February) said it is seeking clarification from the EU and UK regulatory authorities regarding vessels bunkering Russian origin bunker fuel in Russia or elsewhere.
In a circular addressing the Russian oil price cap, the group said owner and charterer members that are looking to stem bunkers are recommended to seek clarification on the legality of stemming Russian origin bunker fuel in Russia or elsewhere.
“The current situation in regard to EU and UK Regulations and Guidance is not entirely clear, especially since the types of product which typically comprise ships’ bunkers would fall under a CN 2710 code and consequently be subject to the price caps,” it said.
“The IG is currently seeking clarification from the relevant regulatory authorities and further guidance will be provided in due course.”
On 5 February 2023, the Price Cap Scheme intended to curb the revenue Russia derives from its petroleum exports was expanded as planned to set price caps for petroleum products of Russian origin which fall under CN code 2710.
Two price caps have been set:
- USD 45 per barrel for petroleum products traded at a discount to crude oil
- USD 100 per barrel for petroleum products traded at a premium to crude oil
Note: The full copy of the circular can be found here.
Photo credit: Kinsey on Unsplash
Published: 14 February, 2023
