Minimising Counterparty Risk

15/09/2025

September, 2025: Sanctions against Russia and Iran: UK and EU’s lower oil price cap comes into force; and E3 initiate ‘snapback’ process in respect of Iranian sanctions

By way of update to our July article, the lower price cap has now come into force in the UK and EU, such that for any trades with an effective date of contract after 23:01 (BST) on 2nd September, 2025 the new price cap of $47.60 will apply.

28/08/2025

August, 2025 - Service Level Guidelines (2025)

20/08/2025

August, 2025 - Sanctions, Screening, and Shipowner Risk: Tonzip Maritime Ltd v 2Rivers PTE Ltd

The Commercial Court’s decision in Tonzip Maritime Ltd v 2Rivers PTE Ltd [2025] EWHC 2036 (Comm) examined whether a shipowner was entitled to refuse to load cargo based on sanctions concerns, and whether its reliance on a sanctions clause was objectively reasonable. The ruling provides guidance on the interpretation of sanctions clauses, the evidentiary burden on shipowners, and the limits of commercial discretion in the face of geopolitical risks and deceptive shipping practices.

28/07/2025

New Payment System eFeeConnect

UK Defence Club and UK P&I Club have implemented a new fee payment system, called eFeeConnect to simplify the submission and payment of invoices on a standard internet connection (without the need to download any apps or software.)  From July 2025, fees for claims files must be submitted through eFeeConnect.