Shipowners could be liable for costs for oil pollution from tankers carrying Russian crude if they breach new oil price cap rules, according to new guidance from the International Group of protection and indemnity clubs.
The price cap introduced on 5 December by the G7 group of nations allows European shipping businesses, insurers and financiers to assist in moving Russian crude oil but only if barrels are sold for less than $60 to limit Russian profits from fossil fuel sales.
