Insurance
Home›Insurance›Industry & Deals›US sanctions waiver for Russian diesel raises marine i…
US sanctions waiver for Russian diesel raises marine insurance questions
OFAC General License 135 authorizes specific transactions involving Russian-origin diesel through April 7, 2027, but UK and European restrictions may still apply.
Insurance Business reports that a temporary easing of US sanctions on Russian diesel is prompting new legal and underwriting questions for marine insurers and brokers, because deals authorized in the US may remain restricted in the UK and European markets.
The change followed a US deal between President Donald Trump and Russian President Vladimir Putin to allow Russian diesel shipments into the US and global markets to help ease elevated fuel prices, according to the outlet.
Insurance Business says the US Treasury’s Office of Foreign Assets Control issued General License 135 on October 9, authorizing specified transactions involving the sale, delivery, offloading, and importation of Russian-origin diesel through April 7, 2027.
However, the outlet adds that the waiver does not override sanctions imposed by other jurisdictions, which could complicate insurance arrangements involving international underwriters, shipping companies, and intermediaries.