BIMCO Drafting Tanker Resale Restrictions Clause for Late 2026 Release
A dedicated BIMCO subcommittee is formulating contractual terms to address vessel resale restrictions introduced under European Union sanctions on Russia.
Shipping association BIMCO is formulating a new standard contractual clause designed to address vessel resale constraints linked to European Union sanctions on Russia. The Russia Tanker Resale Restrictions Clause is not expected to be ready for release until the fourth quarter of 2026 at the earliest.
The project is being advanced by a specialized subcommittee established by BIMCO directly in response to the European Union's 20th sanctions package. The drafting group is working to create clear contractual language for maritime stakeholders facing regulatory shifts around vessel sales.
Indu Chitran, Maritime Contracts Manager at BIMCO, confirmed that drafting is underway following a subcommittee session held between 24 and 28 August. The group is reviewing how the sanctions measures affect transaction structures across the maritime sector.
The subcommittee's current focus covers several key legal and practical matters, including defining compliance responsibilities, setting standards for due diligence, and establishing the operational mechanics of resale restrictions. The goal is to deliver a standard clause aligned with the requirements established by the EU sanctions framework.
Source attribution
No external source recorded for this article.
This article is an original editorial summary. It does not reproduce the source text. See our AI & content policy.
Related coverage
Regulation & Environment2h ago
A fresh market overview from Alkagesta delivers vital clarity on European inland transport conditions and Persian Gulf supply balances.
8d ago
YILPORT Iberia and port authorities have unveiled a €100 million capital project to modernize and expand container handling facilities at the Port of Leixões.
11d ago
Malta-based trading house Alkagesta has received the EcoVadis Committed Badge, an evidence-based sustainability rating covering environment, labour, ethics and procurement across its global commodity operations.
Markets21d ago· Elena Marchetti
CFO Orkhan Zeynalli and board member Pierre Gay represented Alkagesta at Global Trade Review's flagship Geneva forum, where corridor disruption, liquidity and compliance dominated the agenda.
Markets26d ago· Elena Marchetti
A new Market Insights paper from the Malta-based trading house details how fertilizer cargoes are de-risked long before they reach a vessel — with implications for dry bulk operators handling urea, UAN and phosphate parcels.
26d ago· Elena Marchetti