The Oil Price Cap－requirement to provide voyage attestations and alert from the Price Cap Coalition 23 April 2024 No.24-003 Tweet Download PDF (383KB) Changes to the Oil Price Cap Reference is made to our Circular No.23-022 dated 6 February 2024 wherein changes to the Oil Price Cap (OPC) scheme (which regulates the transport and insurance of Russian CN 2709 and CN 2710 cargoes) coming into effect as of 19 February 2024 (UK and US) and for cargoes loaded on or after 20 February 2024 (EU) was described.   Members are reminded that the two key changes were: A requirement for attestations to be provided on a per-voyage basis. The attestations provided by shipowners to P&I clubs must be provided within 30 days of loading. Itemised price information for ancillary costs to be recorded by those entities with access to price information and then provided to shipowners and P&I Clubs upon request within 30 days.   In order for the Club to provide assistance where an entered vessel is engaged in the carriage of Russian oil or petroleum products, the Member must have: Submitted an attestation as set out in Attachment to our Circular No.23-022 dated 6 February 2024.; and Provided the voyage information in a SPIRE report, please see our Circular No.22-003-1 dated 11 May 2023. Members are reminded that this information must be provided to the Club following any call to a Russian port or a transit of Russian waters, whatever the cargo.   Once the above information and documentation has been submitted, it will be reviewed by the Club who may request further or clarificatory information from the Member, including itemised price information for ancillary costs.   Industry guidance from the Price Cap Coalition [1] states that insurance providers should cease doing business with a Member that refuses or fails to provide the required Attestation/information and further provides that the Club is to report any such inability to obtain information to relevant auth