When Andrew Cutler took over the chair of the International Group of P&I Clubs last November, the organisation was in the midst of tough negotiations with governments over sanctions and its commercial reinsurers about cover.

Both issues, although complex and contentious, have now to varying degrees been settled.

Governments have agreed on a way, through attestations, for protection and indemnity insurers to provide cover for non-sanctioned oil exports from Russia under its price cap.