Following the adoption of the EU’s 16th sanctions package on 24 February 2025, as detailed in Council Regulation (EU) 2025/395, there have been significant amendments to Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine...
Circulars – P&I
EU adopts 16th Sanctions Package against Russia by the EU and the UK
On 24 February 2025, the EU adopted the 16th package of sanctions against Russia on the third anniversary of Russia’s full scale invasion of Ukraine. These measures are set out in several regulations and decisions which can be found here. The EU Commission has issued a press release which can be...
Electronic (Paperless) Trading – IQAX Limited – Approval of the IQAX eBL interoperable addendum
The International Group (‘the Group’) previously approved the IQAX eBL system (see Circular 2679.1/2022). The legal documentation and terms of use associated with the use and operation of the IQAX eBL system is in the IQAX eBL Service Terms and Conditions dated 17 February 2022. This documentation...
Electronic (Paperless) Trading – ICE Digital Trade Management Limited (ICE): Update to ICE Access Agreement
The International Group previously approved DSUA 2021.1, DSUA 2023.1 and the ICE Access Agreement (2023.1). All of these continue to be approved. Changes in ICE Access Agreement (2024.1) to allow for interoperability This circular confirms approval bythe International Group of an updated version of...
Protection & Indemnity Insurance 2025/2026 Part 2
The Swedish Club provides P&I cover for its members for each and every accident and/or occurrence up to approximately USD 6.8 billion. The high limit is needed to adequately protect members/shipowners financially and to make sure that they are covered for accidents that may occur under worst-case...
https://www.swedishclub.com/news/circulars/protection-indemnity-insurance-2025-2026-part-2/
Protection & Indemnity Insurance Terms 2025/2026
The Board of Directors met in London on 21 December 2024 to review the Club’s financial position and consider renewal requirements for the coming policy year 2025/2026. The terms for Protection & Indemnity Insurance for the 2025/2026 policy year are outlined in the below circular. Enclosures to the...
https://www.swedishclub.com/news/circulars/protection-indemnity-insurance-terms-2025-2026/
Electronic (Paperless) Trading – ‘Covantis eBL powered by Secro’
Members are referred to 2703.1/2023, by which the International Group (‘the Group’) approved the updated version of the Secro Customer and User Agreement (dated 13 November 2023) and the use of an additional Secro standard e-bill subject to English law and the Electronic Trade Documents Act 2023...
Updated Advisory for the Maritime Industry
On 21 October 2024, the Price Cap Coalition (“Coalition”) issued an Updated Advisory for the Maritime Industry which sets out best practice recommendations for those involved in the trade of Russian origin crude oil and petroleum products. An Initial Advisory was published on 12 October 2023. The...
https://www.swedishclub.com/news/circulars/updated-advisory-for-the-maritime-industry/
EU adopts 14th sanctions package against Russia
On 24 June 2024 the EU Council adopted the 14th package of sanctions against Russia, which includes its first measures targeting Russia’s liquefied natural gas (LNG) sector, further export-related restrictions, sanctioning of vessels and new anti-circumvention measures, such as a requirement for EU...
https://www.swedishclub.com/news/circulars/eu-adopts-14th-sanctions-package-against-russia/
US authorises winding down of oil and gas operations in Venezuela through May 31, 2024
This Circular provides an update to the information in our previous Circular dated November 2023 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela. Transactions involving oil and gas General License 44, authorising transactions relating to oil and...