The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Following coordination of price cap sanctions on Russian origin crude oil and petroleum products first put in place in December 2022 by an international coalition of countries, a cross industry group within the Energy LEAP organization has drafted relevant compliance clauses that are publicly available for download.
Structured based on the US, UK, and EU 2022 Russia sanctions, the clauses are intended to be used when a buyer is purchasing non-Russian origin crude oil or oil (petroleum) products. Such clauses are designed to assist the seller and buyer in demonstrating that the cargo sold and delivered is not Russian and therefore is not subject to the price cap sanctions.
The contractual clauses address such considerations as vessel nomination, definitions, and warranty wording concerning cargo origin and proof of origin.
Energy LEAP, which is also active in drafting standby LC wording for the oil industry (see April 2023 DCW, p. 5), invites input regarding its draft compliance clauses and ongoing work.
