Technical Circular No: 003/2024

Subject : Flag Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin

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1. An international coalition of nations, including the United States (US), the Group of Seven (G7), the European Union (EU), and Australia (the “Coalition Partners”), have implemented the “Russian Price Cap Policy” impacting a broad range of maritime transport related services, including “Flagging” services, as they relate to the maritime transport of crude oil and petroleum products of Russian Federation origin (collectively, “Russian Oil”).

2. The effect of the Russian Price Cap Policy is to authorize certain persons engaged in maritime transport, including “Flagging registries,” to provide certain services as they relate to the maritime transport of Russian Oil, including vessel registration and “Flagging” services, as long as the Russian Oil being transported is purchased at or below a certain price cap, set by the Coalition Partners.

3. Towards compliance to the Russian Price Cap Policy, various Fla Administrations, including Liberia and Marshall Islands, have implemented requirements as follows:

a. Shipowner and/or manager to provide to the Administration, a signed attestation within 30 days of a vessel lifting or loading Russian oil or Russian petroleum products.

b. Attestation records for applicable voyages are to be retained for a minimum of five years.

c. Vessels found to be in violation of the Price Cap framework and/or unable to provide additional information as required, may be de-flagged from the Registry.

4. Owners and Managers of ships involved in the carriage of Russian oil or Russian petroleum products are advised to be guided by above and ensure compliance to Flag State requirements in this regard.

5. Copy of Liberian Marine Advisory No. 06/2024 and Marshall Islands Marine Notice No. 1-000-5 on the subject is attached for reference. Enclosure: 1. Liberian Marine Advisory No. 06/2024 2. Marshall Islands Marine Notice No. 1-000-5 



This Technical Circular and the material contained in it is provided only for the purpose of supplying current information to the reader and not as an advice to be relied upon by any person. While we have taken utmost care to be as factual as possible, readers/ users are advised to verify the exact text and content of the Regulation from the original source/ issuing Authority.                              

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