EU sanctions－clarification of questions of cover for the carriage of certain Russian cargoes including coal and fertiliser (additional explanation) 19 October 2022 No.1194 Tweet Download PDF (683KB) We would like to provide a follow-up to our Circular No. 22-012-1 dated 21 September 2021 in order to answer some inquiries we have received on insurance coverage.   FAQs issued by EU In the Circular, we set out how the EU had further amended its FAQs of August 2022 on 19 September 2022 to show that the transport of coal and certain specified goods in Annex XXI of Council Regulation 833/2014 (hereinafter referred to as "subject goods") and related insurance is in fact not prohibited when the goods are being carried to third countries. However, it is not possible for us to say with certainty that there is no obstacle to insurance coverage for the transportation of the "subject goods" from Russia to third countries other than EU.   Our insurance for ocean-going vessels owned by Members, and EU sanctions against Russia Please see attached diagramme of International Group Reinsurance Programme for details of the insurance and reinsurance programme for ocean-going vessels owned by Members (it can also be found here ).   Club retention As at 18 October 2022, in principle, we will be able to provide insurance coverage for claims below USD10 million, the amount retained by each Club (i.e. each Club's own account), arising out of the transportation of "subject goods" from Russia to third countries. At the same time, we believe it is important to respect the objectives of sanctions against Russia by the EU, USA and other countries in light of the changed international situation. Our interpretation of the insurance coverage situation does not imply that we are encouraging members to transport "subject goods" from Russia to third countries.   Reinsurance If our entered vessels cause claims in the range USD10 million to USD100 million, part of those losses/damages