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HFW briefing: EU second-hand tanker market March 2024

Posted on: 6 March 2024

Legal firm HFW has issued a briefing entitled ‘EU second-hand tanker market March 2024’, co-authored by London partners Gudmund Bernitz, William MacLachlan and Daniel Martin.

As the EU continues to take measures to restrict Russia’s ability to trade its crude oil and petroleum products, it has moved to try and introduce greater transparency into the second-hand tanker market.

The EU’s 12th package of sanctions against Russia, introduced by Council Regulation (EU) 2023/2878 dated 18 December 2023 (the Amending Regulation) inserted a new Article 3q which made it mandatory for any i) national of a Member State, (ii) natural person residing in a Member State, and (iii) legal person, entity or body which is established in the European Union to notify the competent authorities of any sale or other arrangement entailing a transfer of ownership to any third country of any tanker engaged in the transport of crude oil or petroleum products listed in Annex XXV, falling under the HS code ex 8901 20.

The notification must be made to the competent authorities of the Member State in which the ship owners (i.e. the Sellers) are a citizen, resident or established. Several Member States have already published forms to be completed by Sellers in their jurisdiction.

Download the full article here.

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