A new Bimco clause aims to make it easier for shipping companies to comply with the price cap on Russian oil.

Introduced by Western countries last year to curb Russia’s capacity to fund its invasion of Ukraine out of oil revenues, the price cap has created a series of challenges, which Bimco’s blueprint contract attempts to address.

“It was considered that the existing Bimco sanctions clauses would not be workable in this context with the new regulations,” the industry body said in an explanatory note.