The Japan P&I Club has warned members that its protection and indemnity cover for Russian cargo shipments outside the European Union will be severely limited.
EU sanctions allow certain Russian cargoes, including coal, to be transported to third countries outside the 27-nation bloc, but they cannot be insured by EU-regulated underwriters.
Japan P&I, as a non-EU insurer, clarified that it would be able to provide P&I cover for such shipments, but only within its own retention of $10m.
