February 2024 — Monthly analysis of Russian fossil fuel exports and sanctions
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Oil · 21 March, 2024
February 2024 — Monthly analysis of Russian fossil fuel exports and sanctions
Russian fossil fuel revenues rise for the first time in three months, with export earnings from seaborne crude surging 12%
Commodity
Oil
Writer
Administrator
Russian fossil fuel revenues rise for the first time in three months, with export earnings from seaborne crude surging 12%
By Vaibhav Raghunandan, Europe-Russia Analyst and Research Writer; Petras Katinas, Energy Analyst; Data Scientist: Panda Rushwood; with contributions from Isaac Levi, Europe-Russia Policy & Energy Analysis Team Lead
Key findings
Russia’s monthly fossil fuel export revenues rose by 2% in February 2024 — the first rise in three months.
Russian revenues from seaborne crude oil surged by 12% (EUR 24 mn per day) but their volume of exports saw a month-on-month reduction of 3%.
Increased export revenues were linked to a rise in the price of Russian crude through the month, rather than an increase in the volume of their exports. The average price of Urals and East Siberia Pacific Ocean (ESPO) rose 14% and 3%, respectively. The prices of both grades have now risen far above the set price cap, with Urals prices back to the levels they were for the majority of 2023.
While China’s total imports of crude oil decreased (-3%) in February, imports from Russia saw only a marginal reduction (-1%).
India’s crude oil imports from Russia fell for a third consecutive month (-7%), impacted by ongoing issues with payments and OFAC’s sanctions. While some of these sanctioned vessels started delivering the Sokol shipments stranded at sea, they were mostly diverted to China.
While Belgium’s total LNG imports in February rose by a mere 4%, their imports from Russia saw a much more significant 44% rise. At the same time, Belgium’s re-exports of LNG rose by a massive 81% — a significant portion of which was shipped to Spain and China — pointing towards the country’s role in transhipping Russian gas globally.
Despite a 12% rise in France’s total monthly imports of LNG, Russian LNG imports dropped by 40%, substituted instead by LNG from the USA.
In February, 45% of Russian oil and its products were transported by tankers subject to the oil price cap. The remainder was shipped by ‘shadow’ tankers and was not subject to the price cap policy. Almost two-thirds of Russian crude shipped in February was done via ‘shadow’ tankers with tankers owned or insured in countries implementing the price cap transporting 35% of the total.
A price cap of USD 30 per barrel would have slashed Russia’s revenue by EUR 46 bn (25%) from the time the sanctions were imposed in December 2022 until the end of February 2024. This month alone, a USD 30 per barrel price cap would have reduced earnings by 26% (EUR 3.45 bn).
Since introducing sanctions until the end of February, thorough enforcement of the price cap would have slashed Russia’s revenues by 9% (EUR 15.81 bn). In February alone, full enforcement of the price cap would have slashed revenues by 9% (approximately EUR 1.2 bn).
Trends in total export revenue
In February 2024, Russia’s monthly fossil fuel export revenues saw a month-on-month rise of 2% (EUR 16.6 mn per day).
Monthly revenues from crude oil pipelines rose by 5% (EUR 7 mn per day). The increased revenues were linked to a rise in prices of Russian crude through the month, rather than an increase in export volumes. While Russian revenues from seaborne crude oil surged by 12% (EUR 24 mn per day) their volume of exports saw a month-on-month reduction of 3%.
Revenues from seaborne oil products decreased marginally (EUR 2 mn per day) month-on-month.
Russia’s revenues from LNG exports and pipeline gas decreased by 8% (EUR 3 mn per day) and 7% (EUR 5 mn per day), respectively. Revenues from LNG and pipeline gas have dropped for two consecutive months, partly due to reduced demand from Europe.
Russian revenues from coal exports fell by 9% (EUR 3.8 mn per day).
Russia’s seaborne oil export revenues surged by 5% (EUR 22 mn per day) in February, due in part to a 12% (EUR 24 mn per day) month-on-month increase in export earnings from seaborne crude.
In February, Russian earnings from fuel oil and slurry exports increased by 18% (EUR 12 mn per day).
Russia’s export earnings from gasoil and diesel decreased by 9% (EUR 10 mn per day).
Export revenues from gasoline, kerosene, and naphtha decreased by 8% (EUR 4 mn per day).
Who is buying Russia’s fossil fuels?
Coal: China has purchased 38% of all Russian coal exports since 5 December 2022. They are followed by India (20%) and South Korea (13%).
Crude oil: Since the EU/G7 bans on 5 December 2022, China has bought 49% of Russia’s crude exports, followed by India (30%), the EU (7%), and Turkey (5%). Oil via pipeline is only partially sanctioned. The EU’s crude oil imports have arrived via sea to Bulgaria and via pipeline to the Czech Republic, Slovakia, and Hungary.
LNG: The EU was the largest buyer, purchasing 49% of Russia’s LNG exports, followed by China (21%) and Japan (19%). No sanctions are imposed on Russian LNG shipments to the EU.
Oil products: Turkey, the largest buyer, has purchased 25% of Russia’s oil product exports, followed by China (12%) and Brazil (11%). The EU’s sanctions on seaborne Russian oil products were implemented on 5 February 2023.
Pipeline gas: The EU was the largest buyer, purchasing 41% of Russia’s pipeline gas, followed by Turkey (29%) and China (26%). No sanctions are imposed on Russian pipeline gas imports into the EU.
China was the largest importer of Russian fossil fuels in February, accounting for half of Russia’s total monthly exports, valued at EUR 7.5 bn.
Turkey’s imports were the second highest, comprising 19% of the total, valued at EUR 2.8 bn, while India was third with a 13% (EUR 1.9 bn) import share. The EU and Brazil contributed 12% (EUR 1.8 bn) and 5% (EUR 0.7 bn) to Russia’s exports, respectively.
Crude oil comprised 80% (EUR 5.9 bn) of China’s total imports from Russia. Oil products, pipeline gas, and coal comprised 7% (EUR 0.54 bn), 6% (EUR 0.47 bn) and 5% (EUR 0.37 bn), respectively. China also imported EUR 0.14 bn of LNG from Russia in February.
China’s total import volumes of crude oil dropped 3%, but imports from Russia suffered a mere 1% reduction in February. China’s imports of Russian crude are of the ESPO-grade variety, but in February, they also received previous shipments of Sokol that were impacted by OFAC sanctions and turned away by Indian buyers. China’s imports of oil products also declined by 2% in February, but imports from Russia saw a much more significant 36% reduction.
Turkey’s total imports from Russia consisted of oil products (44% worth EUR 1.2 bn), crude oil (28% worth EUR 0.8 bn), pipeline gas (23% worth EUR 0.64 bn), and coal (5% worth EUR 0.12 bn).
Turkey’s total import volumes of petroleum products rose 13% in February, and imports from Russia followed suit with an identical rise. Turkey has been the largest importer of oil products from Russia since the EU/G7 ban in February 2023. They have also increased their exports of oil products in the same period, prompting investigations into how they may be transhipping Russian petroleum globally. On the other hand, Turkey’s crude oil imports from Russia dropped by 9% in February, more than double their month-on-month reduction in total crude imports.
Crude oil accounted for 82% (EUR 1.6 bn) of India’s total fossil fuel imports from Russia. Oil products accounted for 11% (EUR 0.2 bn), and coal accounted for 7% (EUR 0.14 bn) of their total imports in February.
India’s import volumes of Russian crude oil decreased by 7%, subsequently also reducing its total imports by 7%. India’s crude oil imports from Russia fell for a third consecutive month, impacted by ongoing issues with payments and The Office of Foreign Assets Control (OFAC) sanctions. While some sanctioned vessels started delivering Sokol shipments stranded at sea, they were mostly diverted to China.
The EU’s imports of fossil fuels from Russia consisted of pipeline gas (39% worth EUR 0.7 bn), LNG (31% worth EUR 0.55 bn), crude oil (30% worth EUR 0.53 bn), and oil products (EUR 0.15 bn).
In February, Brazil’s Russian fossil fuel imports consisted entirely of oil products valued at EUR 0.7 bn. Their imports of petroleum products dropped 25% and imports from Russia dropped by 27% in February. Despite these drops, imports from Russia still accounted for 47% of Brazil’s total imports of oil products.
Landlocked Central and Eastern European countries and some Southern European countries received Russian fossil gas via pipeline through Ukraine and TurkStream in February 2024. Crude oil was obtained via the Druzhba oil pipeline. The EU has not banned fossil gas and crude oil via pipelines.
Hungary was the largest importer of Russian fossil fuels within the EU in February, importing fossil fuels worth EUR 253 mn. Imports comprised of crude oil and gas, delivered via pipelines, valued at EUR 226 mn and EUR 132 mn, respectively. While there was a marginal month-on-month decrease in Hungary’s pipeline gas imports from Russia, crude oil imports saw a sharp 23% (EUR 42 mn) rise.
Despite a 10% (EUR 12 mn) drop in pipeline gas imports, Slovakia’s imports of Russian fossil fuels rose by 4% (12 mn) in February. Their increased imports of crude via pipeline (14% worth EUR 24 mn) more than made up for the difference.
Belgium’s entire imports of Russian fossil fuels in February consisted of LNG valued at EUR 253 mn. While Belgium’s total volume of LNG imports rose by a mere 4%, their imports from Russia saw a much more significant 44% rise. In February, Belgium’s LNG re-exports rose by a massive 81%, with a significant portion directed towards Spain and China. Almost half of Belgium’s total imports of LNG in February were subsequently exported to other countries, pointing towards the country’s role in transhipping Russian gas across Europe.
The Czech Republic was the EU’s fourth-largest importer of Russian fossil fuels, importing EUR 116 mn of crude oil and EUR 0.74 mn of pipeline gas. While their imports of Russian crude rose by 12% (EUR 12 mn), their imports of gas via pipeline dropped by 17% (EUR 15 mn).
In February, France was the EU’s fifth-largest importer of Russian fossil fuels. The majority of their imports consisted of LNG valued at EUR 161 mn. Despite a 12% rise in total monthly LNG imports to France, Russian LNG imports dropped by 40%, substituted by LNG from the USA.
In February, the port of Dongying in China was the foremost destination for Russian fossil fuels. The port imported EUR 544 mn worth of Russian fossil fuels of which 86% (EUR 465 mn) was crude oil. The remainder was oil products worth EUR 79 mn.
The port of Mersin in Turkey was the second-highest importer of Russian fossil fuels in February. All of Mersin’s imports from Russia were oil products worth EUR 394 mn.
Turkey’s Yarimca-Izmit port was the third-largest importer of Russian fossil fuels (EUR 377 mn). The port’s imports were split almost evenly between crude oil (EUR 187 mn) and oil products (EUR 190 mn).
Dongjiakou in China was the fourth highest destination, importing Russian fossil fuels valued at EUR 371 mn. While crude oil accounted for most of its imports (EUR 369.9 mn), the port also imported EUR 1 mn of coal.
Dakar in Senegal rounded off the list of top ports importing Russian fossil fuels in February. The port imported Russian oil products valued at EUR 265 mn in the month.
In February, the average Urals Europe cost and freight (CFR) spot price saw a month-on-month 14% rise to surge significantly above the price cap at USD 73.21 per barrel.
The prices for the East Siberia Pacific Ocean (ESPO) and Sokol blends of Russian crude oil, primarily associated with Asian markets, rose 3% in February for a second consecutive month. The average price for ESPO was USD 77.27 per barrel in February.
Throughout this period, vessels owned or insured by the G7 and European countries continued to load Russian oil in all Russian port regions. These cases call for further investigation for breach of sanctions.
Russia remains highly reliant on the European and G7 shipping industry
In February, 45% of Russian oil and its products were transported by tankers subject to the oil price cap. The remainder was shipped by ‘shadow’ tankers and was not subject to the price cap policy.
65% of Russian crude oil was transported by ‘shadow’ tankers, while tankers owned or insured in countries implementing the price cap accounted for 35%.
‘Shadow’ tankers transporting oil products handled 41% of Russia’s total volume of products. The remaining volume was shipped by tankers subject to the price cap policy.
Tankers in the Pacific region were loaded with Russian oil at ports like Kozmino in Russia, where the ESPO pipeline ends and is connected to a refinery. Here, the ESPO crude oil grade is exported at prices exceeding the cap.
Russia’s reliance on EU/G7 owned or insured vessels provides the Price Cap Coalition with adequate leverage to lower the price cap and implement better monitoring and enforcement that would considerably lower Russia’s oil export revenues.
How can Ukraine’s allies tighten the screws?
Russia’s fossil fuel export revenues have fallen since sanctions were implemented, showing their impact on Putin’s ability to fund the war. However, much more should be done to limit Russia’s export earnings and constrict the Kremlin’s war chest. This includes lowering the oil price cap, increasing monitoring and enforcement of sanctions, and banning unsanctioned fossil fuels such as LNG and pipeline fuels that are legally allowed into the EU.
Measures must be taken by sanctioning countries to prevent Russia’s growth in ‘shadow’ tankers immune to the oil price cap policy. Sanction-imposing countries should ban the sale of old tankers to owners registered in countries that do not implement the oil price cap policy. This would help limit the growth of the ‘shadow’ tankers observed since Russia invaded Ukraine.
OFAC and the Office of Financial Sanctions Implementation (OFSI) must continue to sanction ‘shadow’ tankers as doing so hinders Russia’s ability to transport its oil above the price cap. CREA estimates that OFAC’s sanctioning of ‘shadow’ tankers has widened the discount that Russia offers buyers of its oil and cuts Russia’s crude oil export revenues by 5% (EUR 512 mn per month).
A price cap of USD 30 per barrel (still well above Russia’s production cost that averages USD 15 per barrel) would have slashed Russia’s revenue by EUR 46 bn (25%) since the sanctions were imposed in December 2022 until the end of February 2024. February alone would have seen a reduction of EUR 3.45 bn (26%) with a USD 30 per barrel price cap.
Lowering the price cap would be deflationary, reducing Russia’s oil export prices and inducing more production from Russia to make up for the drop in revenue.
Since introducing sanctions until the end of February 2024, thorough enforcement of the price cap would have slashed Russia’s revenues by 9% (EUR 15.81 bn). In February alone, full enforcement of the price cap would have slashed revenues by 9% (approximately EUR 1.2 bn).
Enforcement agencies overseeing the sanctions must take proactive measures against violating entities, including insurers registered in price cap coalition countries, shippers and vessel owners.
Despite clear evidence of violations, there must be more information on enforcement agencies implementing penalties against shippers, insurers, or vessel owners in the public domain. Penalties against violating entities increase the perceived risk of being caught.
OFAC should continue sanctioning vessels that have violated the price cap policy. Other enforcement agencies, such as the OSFI, should ramp up investigations of entities that appear to have violated sanctions.
Penalties for those guilty of violating the price cap must be significantly harsher. Current penalties include a 90-day ban of vessels from securing maritime services after violating the price cap, a mere slap on the wrist. Vessels should be fined and banned in perpetuity if found guilty of violating sanctions.
The lack of proper monitoring and enforcement and rising oil prices have increased Russia’s export revenues to fund its war against Ukraine.
By Vaibhav Raghunandan, Europe-Russia Analyst and Research Writer; Petras Katinas, Energy Analyst; Data Scientist: Panda Rushwood; with contributions from Isaac Levi, Europe-Russia Policy & Energy Analysis Team Lead
Key findings
Russia’s monthly fossil fuel export revenues rose by 2% in February 2024 — the first rise in three months.
Russian revenues from seaborne crude oil surged by 12% (EUR 24 mn per day) but their volume of exports saw a month-on-month reduction of 3%.
Increased export revenues were linked to a rise in the price of Russian crude through the month, rather than an increase in the volume of their exports. The average price of Urals and East Siberia Pacific Ocean (ESPO) rose 14% and 3%, respectively. The prices of both grades have now risen far above the set price cap, with Urals prices back to the levels they were for the majority of 2023.
While China’s total imports of crude oil decreased (-3%) in February, imports from Russia saw only a marginal reduction (-1%).
India’s crude oil imports from Russia fell for a third consecutive month (-7%), impacted by ongoing issues with payments and OFAC’s sanctions. While some of these sanctioned vessels started delivering the Sokol shipments stranded at sea, they were mostly diverted to China.
While Belgium’s total LNG imports in February rose by a mere 4%, their imports from Russia saw a much more significant 44% rise. At the same time, Belgium’s re-exports of LNG rose by a massive 81% — a significant portion of which was shipped to Spain and China — pointing towards the country’s role in transhipping Russian gas globally.
Despite a 12% rise in France’s total monthly imports of LNG, Russian LNG imports dropped by 40%, substituted instead by LNG from the USA.
In February, 45% of Russian oil and its products were transported by tankers subject to the oil price cap. The remainder was shipped by ‘shadow’ tankers and was not subject to the price cap policy. Almost two-thirds of Russian crude shipped in February was done via ‘shadow’ tankers with tankers owned or insured in countries implementing the price cap transporting 35% of the total.
A price cap of USD 30 per barrel would have slashed Russia’s revenue by EUR 46 bn (25%) from the time the sanctions were imposed in December 2022 until the end of February 2024. This month alone, a USD 30 per barrel price cap would have reduced earnings by 26% (EUR 3.45 bn).
Since introducing sanctions until the end of February, thorough enforcement of the price cap would have slashed Russia’s revenues by 9% (EUR 15.81 bn). In February alone, full enforcement of the price cap would have slashed revenues by 9% (approximately EUR 1.2 bn).
Trends in total export revenue
In February 2024, Russia’s monthly fossil fuel export revenues saw a month-on-month rise of 2% (EUR 16.6 mn per day).
Monthly revenues from crude oil pipelines rose by 5% (EUR 7 mn per day). The increased revenues were linked to a rise in prices of Russian crude through the month, rather than an increase in export volumes. While Russian revenues from seaborne crude oil surged by 12% (EUR 24 mn per day) their volume of exports saw a month-on-month reduction of 3%.
Revenues from seaborne oil products decreased marginally (EUR 2 mn per day) month-on-month.
Russia’s revenues from LNG exports and pipeline gas decreased by 8% (EUR 3 mn per day) and 7% (EUR 5 mn per day), respectively. Revenues from LNG and pipeline gas have dropped for two consecutive months, partly due to reduced demand from Europe.
Russian revenues from coal exports fell by 9% (EUR 3.8 mn per day).
Russia’s seaborne oil export revenues surged by 5% (EUR 22 mn per day) in February, due in part to a 12% (EUR 24 mn per day) month-on-month increase in export earnings from seaborne crude.
In February, Russian earnings from fuel oil and slurry exports increased by 18% (EUR 12 mn per day).
Russia’s export earnings from gasoil and diesel decreased by 9% (EUR 10 mn per day).
Export revenues from gasoline, kerosene, and naphtha decreased by 8% (EUR 4 mn per day).
Who is buying Russia’s fossil fuels?
Coal: China has purchased 38% of all Russian coal exports since 5 December 2022. They are followed by India (20%) and South Korea (13%).
Crude oil: Since the EU/G7 bans on 5 December 2022, China has bought 49% of Russia’s crude exports, followed by India (30%), the EU (7%), and Turkey (5%). Oil via pipeline is only partially sanctioned. The EU’s crude oil imports have arrived via sea to Bulgaria and via pipeline to the Czech Republic, Slovakia, and Hungary.
LNG: The EU was the largest buyer, purchasing 49% of Russia’s LNG exports, followed by China (21%) and Japan (19%). No sanctions are imposed on Russian LNG shipments to the EU.
Oil products: Turkey, the largest buyer, has purchased 25% of Russia’s oil product exports, followed by China (12%) and Brazil (11%). The EU’s sanctions on seaborne Russian oil products were implemented on 5 February 2023.
Pipeline gas: The EU was the largest buyer, purchasing 41% of Russia’s pipeline gas, followed by Turkey (29%) and China (26%). No sanctions are imposed on Russian pipeline gas imports into the EU.
China was the largest importer of Russian fossil fuels in February, accounting for half of Russia’s total monthly exports, valued at EUR 7.5 bn.
Turkey’s imports were the second highest, comprising 19% of the total, valued at EUR 2.8 bn, while India was third with a 13% (EUR 1.9 bn) import share. The EU and Brazil contributed 12% (EUR 1.8 bn) and 5% (EUR 0.7 bn) to Russia’s exports, respectively.
Crude oil comprised 80% (EUR 5.9 bn) of China’s total imports from Russia. Oil products, pipeline gas, and coal comprised 7% (EUR 0.54 bn), 6% (EUR 0.47 bn) and 5% (EUR 0.37 bn), respectively. China also imported EUR 0.14 bn of LNG from Russia in February.
China’s total import volumes of crude oil dropped 3%, but imports from Russia suffered a mere 1% reduction in February. China’s imports of Russian crude are of the ESPO-grade variety, but in February, they also received previous shipments of Sokol that were impacted by OFAC sanctions and turned away by Indian buyers. China’s imports of oil products also declined by 2% in February, but imports from Russia saw a much more significant 36% reduction.
Turkey’s total imports from Russia consisted of oil products (44% worth EUR 1.2 bn), crude oil (28% worth EUR 0.8 bn), pipeline gas (23% worth EUR 0.64 bn), and coal (5% worth EUR 0.12 bn).
Turkey’s total import volumes of petroleum products rose 13% in February, and imports from Russia followed suit with an identical rise. Turkey has been the largest importer of oil products from Russia since the EU/G7 ban in February 2023. They have also increased their exports of oil products in the same period, prompting investigations into how they may be transhipping Russian petroleum globally. On the other hand, Turkey’s crude oil imports from Russia dropped by 9% in February, more than double their month-on-month reduction in total crude imports.
Crude oil accounted for 82% (EUR 1.6 bn) of India’s total fossil fuel imports from Russia. Oil products accounted for 11% (EUR 0.2 bn), and coal accounted for 7% (EUR 0.14 bn) of their total imports in February.
India’s import volumes of Russian crude oil decreased by 7%, subsequently also reducing its total imports by 7%. India’s crude oil imports from Russia fell for a third consecutive month, impacted by ongoing issues with payments and The Office of Foreign Assets Control (OFAC) sanctions. While some sanctioned vessels started delivering Sokol shipments stranded at sea, they were mostly diverted to China.
The EU’s imports of fossil fuels from Russia consisted of pipeline gas (39% worth EUR 0.7 bn), LNG (31% worth EUR 0.55 bn), crude oil (30% worth EUR 0.53 bn), and oil products (EUR 0.15 bn).
In February, Brazil’s Russian fossil fuel imports consisted entirely of oil products valued at EUR 0.7 bn. Their imports of petroleum products dropped 25% and imports from Russia dropped by 27% in February. Despite these drops, imports from Russia still accounted for 47% of Brazil’s total imports of oil products.
Landlocked Central and Eastern European countries and some Southern European countries received Russian fossil gas via pipeline through Ukraine and TurkStream in February 2024. Crude oil was obtained via the Druzhba oil pipeline. The EU has not banned fossil gas and crude oil via pipelines.
Hungary was the largest importer of Russian fossil fuels within the EU in February, importing fossil fuels worth EUR 253 mn. Imports comprised of crude oil and gas, delivered via pipelines, valued at EUR 226 mn and EUR 132 mn, respectively. While there was a marginal month-on-month decrease in Hungary’s pipeline gas imports from Russia, crude oil imports saw a sharp 23% (EUR 42 mn) rise.
Despite a 10% (EUR 12 mn) drop in pipeline gas imports, Slovakia’s imports of Russian fossil fuels rose by 4% (12 mn) in February. Their increased imports of crude via pipeline (14% worth EUR 24 mn) more than made up for the difference.
Belgium’s entire imports of Russian fossil fuels in February consisted of LNG valued at EUR 253 mn. While Belgium’s total volume of LNG imports rose by a mere 4%, their imports from Russia saw a much more significant 44% rise. In February, Belgium’s LNG re-exports rose by a massive 81%, with a significant portion directed towards Spain and China. Almost half of Belgium’s total imports of LNG in February were subsequently exported to other countries, pointing towards the country’s role in transhipping Russian gas across Europe.
The Czech Republic was the EU’s fourth-largest importer of Russian fossil fuels, importing EUR 116 mn of crude oil and EUR 0.74 mn of pipeline gas. While their imports of Russian crude rose by 12% (EUR 12 mn), their imports of gas via pipeline dropped by 17% (EUR 15 mn).
In February, France was the EU’s fifth-largest importer of Russian fossil fuels. The majority of their imports consisted of LNG valued at EUR 161 mn. Despite a 12% rise in total monthly LNG imports to France, Russian LNG imports dropped by 40%, substituted by LNG from the USA.
In February, the port of Dongying in China was the foremost destination for Russian fossil fuels. The port imported EUR 544 mn worth of Russian fossil fuels of which 86% (EUR 465 mn) was crude oil. The remainder was oil products worth EUR 79 mn.
The port of Mersin in Turkey was the second-highest importer of Russian fossil fuels in February. All of Mersin’s imports from Russia were oil products worth EUR 394 mn.
Turkey’s Yarimca-Izmit port was the third-largest importer of Russian fossil fuels (EUR 377 mn). The port’s imports were split almost evenly between crude oil (EUR 187 mn) and oil products (EUR 190 mn).
Dongjiakou in China was the fourth highest destination, importing Russian fossil fuels valued at EUR 371 mn. While crude oil accounted for most of its imports (EUR 369.9 mn), the port also imported EUR 1 mn of coal.
Dakar in Senegal rounded off the list of top ports importing Russian fossil fuels in February. The port imported Russian oil products valued at EUR 265 mn in the month.
In February, the average Urals Europe cost and freight (CFR) spot price saw a month-on-month 14% rise to surge significantly above the price cap at USD 73.21 per barrel.
The prices for the East Siberia Pacific Ocean (ESPO) and Sokol blends of Russian crude oil, primarily associated with Asian markets, rose 3% in February for a second consecutive month. The average price for ESPO was USD 77.27 per barrel in February.
Throughout this period, vessels owned or insured by the G7 and European countries continued to load Russian oil in all Russian port regions. These cases call for further investigation for breach of sanctions.
Russia remains highly reliant on the European and G7 shipping industry
In February, 45% of Russian oil and its products were transported by tankers subject to the oil price cap. The remainder was shipped by ‘shadow’ tankers and was not subject to the price cap policy.
65% of Russian crude oil was transported by ‘shadow’ tankers, while tankers owned or insured in countries implementing the price cap accounted for 35%.
‘Shadow’ tankers transporting oil products handled 41% of Russia’s total volume of products. The remaining volume was shipped by tankers subject to the price cap policy.
Tankers in the Pacific region were loaded with Russian oil at ports like Kozmino in Russia, where the ESPO pipeline ends and is connected to a refinery. Here, the ESPO crude oil grade is exported at prices exceeding the cap.
Russia’s reliance on EU/G7 owned or insured vessels provides the Price Cap Coalition with adequate leverage to lower the price cap and implement better monitoring and enforcement that would considerably lower Russia’s oil export revenues.
How can Ukraine’s allies tighten the screws?
Russia’s fossil fuel export revenues have fallen since sanctions were implemented, showing their impact on Putin’s ability to fund the war. However, much more should be done to limit Russia’s export earnings and constrict the Kremlin’s war chest. This includes lowering the oil price cap, increasing monitoring and enforcement of sanctions, and banning unsanctioned fossil fuels such as LNG and pipeline fuels that are legally allowed into the EU.
Measures must be taken by sanctioning countries to prevent Russia’s growth in ‘shadow’ tankers immune to the oil price cap policy. Sanction-imposing countries should ban the sale of old tankers to owners registered in countries that do not implement the oil price cap policy. This would help limit the growth of the ‘shadow’ tankers observed since Russia invaded Ukraine.
OFAC and the Office of Financial Sanctions Implementation (OFSI) must continue to sanction ‘shadow’ tankers as doing so hinders Russia’s ability to transport its oil above the price cap. CREA estimates that OFAC’s sanctioning of ‘shadow’ tankers has widened the discount that Russia offers buyers of its oil and cuts Russia’s crude oil export revenues by 5% (EUR 512 mn per month).
A price cap of USD 30 per barrel (still well above Russia’s production cost that averages USD 15 per barrel) would have slashed Russia’s revenue by EUR 46 bn (25%) since the sanctions were imposed in December 2022 until the end of February 2024. February alone would have seen a reduction of EUR 3.45 bn (26%) with a USD 30 per barrel price cap.
Lowering the price cap would be deflationary, reducing Russia’s oil export prices and inducing more production from Russia to make up for the drop in revenue.
Since introducing sanctions until the end of February 2024, thorough enforcement of the price cap would have slashed Russia’s revenues by 9% (EUR 15.81 bn). In February alone, full enforcement of the price cap would have slashed revenues by 9% (approximately EUR 1.2 bn).
Enforcement agencies overseeing the sanctions must take proactive measures against violating entities, including insurers registered in price cap coalition countries, shippers and vessel owners.
Despite clear evidence of violations, there must be more information on enforcement agencies implementing penalties against shippers, insurers, or vessel owners in the public domain. Penalties against violating entities increase the perceived risk of being caught.
OFAC should continue sanctioning vessels that have violated the price cap policy. Other enforcement agencies, such as the OSFI, should ramp up investigations of entities that appear to have violated sanctions.
Penalties for those guilty of violating the price cap must be significantly harsher. Current penalties include a 90-day ban of vessels from securing maritime services after violating the price cap, a mere slap on the wrist. Vessels should be fined and banned in perpetuity if found guilty of violating sanctions.
The lack of proper monitoring and enforcement and rising oil prices have increased Russia’s export revenues to fund its war against Ukraine.
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Last Updated: February 28, 2022
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If you enter into a separate agreement with us which requires, or contemplates, collecting, sharing, transferring, using or otherwise processing information about you in a manner that is different than that which is described in this Policy, the terms of that agreement will apply.
Last Updated: February 28, 2022
INPOINT GLOBAL LIMITED. and its affiliates (collectively or individually, as applicable, referred to as "Inpointglobal", "Company", "we", "our", "us") respect your right to privacy. This global Corporate Privacy Policy (“Policy”) explains who we are, how we collect, share, transfer and use personal information about you, and how you can exercise your privacy rights. This Policy applies to interactions we have with you via our websites, applications and other products and services including events, where you otherwise contact us and where we otherwise display or link to this Policy (“Services”) or in the course of our receipt of products or services from you or your employer.
Please note that some privacy rights and obligations may differ in certain locations based on applicable local data protection laws. We have included supplemental information for certain jurisdictions in this Policy.
Third parties that link from or to our Services, or from whom we collect personal information may have their own privacy policies and practices. This Policy does not apply to sites or applications offered by other companies or individuals, including third party products and services, that may be displayed as content in a search on our website. Please review any third-party policies to learn more about their practices.
To the extent a notice provided at the time of collection from a website or specific product conflicts with this Policy, the terms of that specific notice or supplemental privacy statement will apply.
If you enter into a separate agreement with us which requires, or contemplates, collecting, sharing, transferring, using or otherwise processing information about you in a manner that is different than that which is described in this Policy, the terms of that agreement will apply.
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Last Updated: February 28, 2022
This Cookie Notice applies to Inpointglobal Inc. and its affiliates, which you have a contract with or which provide services to you, (collectively or individually, as applicable, referred to as 'Inpointglobal', “Company”, 'we', 'our', 'us') and the Inpointglobal websites and applications at or linked to from www.ipgplatts.com ('Websites'). This Cookie Notice explains how we use cookies and similar technologies to recognise you when you visit our websites and use our web applications. It explains what these technologies are and why we use them, as well as your rights to control our use of them.
What are cookies?
Cookies are small data files that are placed on your computer or mobile device when you visit a website. Cookies are widely used by website owners in order to make their websites work, or to work more efficiently, as well as to provide reporting information.
Where required by applicable law, we will obtain your consent before we place any cookies on your device that are not strictly necessary for the functioning of our Websites.
Cookies set by the website owner (in this case, Inpointglobal) are called 'first party cookies'. Cookies set by parties other than the website owner are called 'third party cookies'. Third party cookies enable third party features or functionality to be provided on or through the website (e.g. like advertising, interactive content and analytics). The parties that set these third party cookies can recognise your computer both when it visits the website in question and also when it visits certain other websites.
Why do we use cookies?
We use first party and third party cookies for several reasons. Our first party cookies are required for technical reasons in order for our Websites to operate, and we refer to these as 'essential' or 'strictly necessary' cookies. Other first and third party cookies also enable us to track and target the interests of our users to enhance the experience on our Websites. Third parties also serve cookies through our Websites for advertising, analytics and other purposes. This is described in more detail below.
The types of first and third party cookies served through our Websites and the purposes they perform are described below. Please note that the specific cookies served may vary depending on the specific Website you visit. You can find details of the particular cookies that are served on each Website, and of any parties serving third party cookies, on the Cookie Preference Center on the Website banner. We encourage you to interact with different categories of cookies and adjust your preferences. Visitors without access to this functionality can use their browser settings to control how cookies are set on their devices. However, blocking some types of cookies may impact your experience of the Websites and impair the services we are able to offer. You can find more detailed information about how to control cookies later in this policy.
We use cookies on this site in four main ways:
• “Strictly necessary” cookies, which are first party cookies that must be set to allow us to deliver the Website to you and to provide specific services that you request from us. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. The services offered by our Websites that require cookies in order to function include: account log-in, shopping basket/online store, billing and comments/blog features.
• “Performance” cookies, which are first party cookies that help us to collect information about how visitors use our Websites and helps us with site analysis and improvements. Performance cookies will remain on your computer after you close your browser. We use all information collected by these cookies in aggregated form, rather than linking it to individual Website users. Where permitted by applicable law, we will deploy first party performance cookies automatically when you visit our Websites. If you opt out of, or do not allow, these cookies (as applicable), we will not know when you have visited our Websites and will not be able to monitor its performance.
• “Functionality” cookies, which allow our Websites to remember your choices or preferences, such as information on online forms or previous orders. These cookies enable you to move around our Websites and use its features such as accessing secure areas (e.g. content for registered users).These cookies allow us to offer you a personalized experience while using the Website. They are not used to track your browsing activity on other websites. They may be set by us or by third party providers whose services we have added to our pages. The information gained through the use of functional cookies is anonymous and is not used for any other purpose. If you do not allow these cookies then some or all of these services may not function properly.
• “Targeting” cookies, which are third party cookies set through our Websites by our advertising partners. They are used by those companies to build a profile of your interests and show you relevant adverts on other websites. They do not directly store personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will still experience advertising but it will be less targeted to you.
How do we use Google Analytics on our Websites?
All of our Websites make use of cookies provided by Google Analytics to better understand how visitors use them. Google Analytics makes use of first party performance and targeting cookies placed through our Websites to provide us with information about users of our Websites. Google or its affiliate DoubleClick may recognize cookies placed through our Websites when you visit other websites and applications. Personal information generated by these cookies about your use of our Websites (including your IP address) will be transmitted to and stored by Google on servers in the United States of America. Google will use this information to evaluate your use of our Websites on our behalf and will compile reports on your activity for us.
For more information about how Google collects, uses, and shares your information collected through Google Analytics, including information collected through our Websites, please visit the Google Privacy Policy - Partners website at https://www.google.com/policies/privacy/partners/ or see Google’s own Privacy Policy at https://policies.google.com/privacy.
What about other tracking technologies, like web beacons?
Cookies are not the only way to recognise or track visitors to a website. We may use other, similar technologies from time to time, like web beacons (sometimes called 'tracking pixels' or 'clear gifs'). These are tiny graphics files that contain a unique identifier that enable us to recognise when someone has visited our Websites or opened an e-mail that we have sent them. This allows us, for example, to monitor the traffic patterns of users from one page within our Websites to another, to deliver or communicate with cookies, to understand whether you have come to our Websites from an online advertisement displayed on a third-party website, to improve site performance, and to measure the success of e-mail marketing campaigns. If you do not wish to enable such tracking, please do not download any images in such emails, or alternatively please unsubscribe from our mailing lists by updating your choices on our preference page or by following the link at the bottom of each email. In many instances, these technologies are also reliant on cookies to function properly, and so declining performance cookies will impair their functioning.
In this policy, references to 'cookies' are to cookies and to the similar tracking technologies referred to above.
Do you serve targeted advertising?
Third parties may serve cookies on your computer or mobile device to serve advertising through our Websites. These companies may use information about your visits to this and other websites in order to provide relevant advertisements about goods and services that you may be interested in. They may also employ technology that is used to measure the effectiveness of advertisements. This can be accomplished by them using cookies or web beacons to collect information about your visits to this and other sites in order to provide relevant advertisements about goods and services of potential interest to you. The information collected through this process does not enable us or them to identify your name, contact details or other personally identifying details unless you choose to provide these to us or the third party.
How can I control cookies?
You have the right to decide whether to accept or reject cookies. You can use our Cookie Preference Center or set or amend your web browser controls to accept or refuse cookies.
You can amend your cookies choices at any time, including by withdrawing your consent to cookies, through our Cookie Preference Center or by changing your web browser controls. If you choose to reject cookies, you may still use our Websites though your access to some functionality and areas of our Websites may be restricted. You may need to refresh your page for your settings to take effect.
Browser controls
Most browsers will allow you to see what cookies you have and delete them on an individual basis or block cookies from particular or all sites. Be aware that any preference set will be lost if you delete all cookies, including your preference to opt-out from cookies as this itself requires an opt-out cookie to have been set.
Find out how to manage cookies on popular web browsers:
• Microsoft Edge
• Internet Explorer
• Chrome
• Firefox
• Safari
If you are visiting this site using a mobile device such as a smartphone or tablet, please also refer to the manufacturer’s instructions on how to manage cookies.
Third party advertising opt-out
In addition, most advertising networks offer you a way to opt out of targeted advertising. If you would like to find out more information, please visit http://www.aboutads.info/choices/, https://optout.networkadvertising.org / or http://www.youronlinechoices.com.
If you want to opt out of Google Analytics, you can download and install the opt-out browser add-on developed by Google for your web browser. For more information about Google Analytics' currently available opt-outs, please see https://tools.google.com/dlpage/gaoptout.
These opt out tools are provided by third parties, not Inpointglobal. Inpointglobal does not control or operate these programs or the choices that advertisers and others provide through these tools.
How often will you update this Cookie Notice?
We may update this Cookie Notice from time to time in order to reflect, for example, changes to the cookies we use or for other operational, legal or regulatory reasons. Please therefore re-visit this Cookie Notice regularly to stay informed about our use of cookies and related technologies.
The date at the top of this Cookie Notice indicates when it was last updated.
Our previous Cookie Notice was dated March 29, 2021. What’s changed since March 29, 2021?
• We have updated the Cookie Notice to ensure it accurately reflects our cookie practices following the merger with IHS Markit.
Where can I get further information?
If you have any questions about our use of cookies or other technologies, please contact our Chief Privacy Officer at info@inpointglobal.com or Chief Privacy Officer, INPOINT GLOBAL LIMITED., 61 Station Grove, Wembley, United Kingdom, HA0 4AR.
You may also use this personal information request form to contact us or exercise any of your rights in relation to personal information we collect or otherwise process by using cookies.
In some of our locations, we also have local contact details that you may prefer to use as set out in the 'How to contact us' section of our Corporate Privacy Policy.
Click here to learn more about the Corporate Privacy Policy
Last Updated: February 28, 2022
This Cookie Notice applies to Inpointglobal Inc. and its affiliates, which you have a contract with or which provide services to you, (collectively or individually, as applicable, referred to as 'Inpointglobal', “Company”, 'we', 'our', 'us') and the Inpointglobal websites and applications at or linked to from www.ipgplatts.com ('Websites'). This Cookie Notice explains how we use cookies and similar technologies to recognise you when you visit our websites and use our web applications. It explains what these technologies are and why we use them, as well as your rights to control our use of them.
What are cookies?
Cookies are small data files that are placed on your computer or mobile device when you visit a website. Cookies are widely used by website owners in order to make their websites work, or to work more efficiently, as well as to provide reporting information.
Where required by applicable law, we will obtain your consent before we place any cookies on your device that are not strictly necessary for the functioning of our Websites.
Cookies set by the website owner (in this case, Inpointglobal) are called 'first party cookies'. Cookies set by parties other than the website owner are called 'third party cookies'. Third party cookies enable third party features or functionality to be provided on or through the website (e.g. like advertising, interactive content and analytics). The parties that set these third party cookies can recognise your computer both when it visits the website in question and also when it visits certain other websites.
Why do we use cookies?
We use first party and third party cookies for several reasons. Our first party cookies are required for technical reasons in order for our Websites to operate, and we refer to these as 'essential' or 'strictly necessary' cookies. Other first and third party cookies also enable us to track and target the interests of our users to enhance the experience on our Websites. Third parties also serve cookies through our Websites for advertising, analytics and other purposes. This is described in more detail below.
The types of first and third party cookies served through our Websites and the purposes they perform are described below. Please note that the specific cookies served may vary depending on the specific Website you visit. You can find details of the particular cookies that are served on each Website, and of any parties serving third party cookies, on the Cookie Preference Center on the Website banner. We encourage you to interact with different categories of cookies and adjust your preferences. Visitors without access to this functionality can use their browser settings to control how cookies are set on their devices. However, blocking some types of cookies may impact your experience of the Websites and impair the services we are able to offer. You can find more detailed information about how to control cookies later in this policy.
We use cookies on this site in four main ways:
• “Strictly necessary” cookies, which are first party cookies that must be set to allow us to deliver the Website to you and to provide specific services that you request from us. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. The services offered by our Websites that require cookies in order to function include: account log-in, shopping basket/online store, billing and comments/blog features.
• “Performance” cookies, which are first party cookies that help us to collect information about how visitors use our Websites and helps us with site analysis and improvements. Performance cookies will remain on your computer after you close your browser. We use all information collected by these cookies in aggregated form, rather than linking it to individual Website users. Where permitted by applicable law, we will deploy first party performance cookies automatically when you visit our Websites. If you opt out of, or do not allow, these cookies (as applicable), we will not know when you have visited our Websites and will not be able to monitor its performance.
• “Functionality” cookies, which allow our Websites to remember your choices or preferences, such as information on online forms or previous orders. These cookies enable you to move around our Websites and use its features such as accessing secure areas (e.g. content for registered users).These cookies allow us to offer you a personalized experience while using the Website. They are not used to track your browsing activity on other websites. They may be set by us or by third party providers whose services we have added to our pages. The information gained through the use of functional cookies is anonymous and is not used for any other purpose. If you do not allow these cookies then some or all of these services may not function properly.
• “Targeting” cookies, which are third party cookies set through our Websites by our advertising partners. They are used by those companies to build a profile of your interests and show you relevant adverts on other websites. They do not directly store personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will still experience advertising but it will be less targeted to you.
How do we use Google Analytics on our Websites?
All of our Websites make use of cookies provided by Google Analytics to better understand how visitors use them. Google Analytics makes use of first party performance and targeting cookies placed through our Websites to provide us with information about users of our Websites. Google or its affiliate DoubleClick may recognize cookies placed through our Websites when you visit other websites and applications. Personal information generated by these cookies about your use of our Websites (including your IP address) will be transmitted to and stored by Google on servers in the United States of America. Google will use this information to evaluate your use of our Websites on our behalf and will compile reports on your activity for us.
For more information about how Google collects, uses, and shares your information collected through Google Analytics, including information collected through our Websites, please visit the Google Privacy Policy - Partners website at https://www.google.com/policies/privacy/partners/ or see Google’s own Privacy Policy at https://policies.google.com/privacy.
What about other tracking technologies, like web beacons?
Cookies are not the only way to recognise or track visitors to a website. We may use other, similar technologies from time to time, like web beacons (sometimes called 'tracking pixels' or 'clear gifs'). These are tiny graphics files that contain a unique identifier that enable us to recognise when someone has visited our Websites or opened an e-mail that we have sent them. This allows us, for example, to monitor the traffic patterns of users from one page within our Websites to another, to deliver or communicate with cookies, to understand whether you have come to our Websites from an online advertisement displayed on a third-party website, to improve site performance, and to measure the success of e-mail marketing campaigns. If you do not wish to enable such tracking, please do not download any images in such emails, or alternatively please unsubscribe from our mailing lists by updating your choices on our preference page or by following the link at the bottom of each email. In many instances, these technologies are also reliant on cookies to function properly, and so declining performance cookies will impair their functioning.
In this policy, references to 'cookies' are to cookies and to the similar tracking technologies referred to above.
Do you serve targeted advertising?
Third parties may serve cookies on your computer or mobile device to serve advertising through our Websites. These companies may use information about your visits to this and other websites in order to provide relevant advertisements about goods and services that you may be interested in. They may also employ technology that is used to measure the effectiveness of advertisements. This can be accomplished by them using cookies or web beacons to collect information about your visits to this and other sites in order to provide relevant advertisements about goods and services of potential interest to you. The information collected through this process does not enable us or them to identify your name, contact details or other personally identifying details unless you choose to provide these to us or the third party.
How can I control cookies?
You have the right to decide whether to accept or reject cookies. You can use our Cookie Preference Center or set or amend your web browser controls to accept or refuse cookies.
You can amend your cookies choices at any time, including by withdrawing your consent to cookies, through our Cookie Preference Center or by changing your web browser controls. If you choose to reject cookies, you may still use our Websites though your access to some functionality and areas of our Websites may be restricted. You may need to refresh your page for your settings to take effect.
Browser controls
Most browsers will allow you to see what cookies you have and delete them on an individual basis or block cookies from particular or all sites. Be aware that any preference set will be lost if you delete all cookies, including your preference to opt-out from cookies as this itself requires an opt-out cookie to have been set.
Find out how to manage cookies on popular web browsers:
• Microsoft Edge
• Internet Explorer
• Chrome
• Firefox
• Safari
If you are visiting this site using a mobile device such as a smartphone or tablet, please also refer to the manufacturer’s instructions on how to manage cookies.
Third party advertising opt-out
In addition, most advertising networks offer you a way to opt out of targeted advertising. If you would like to find out more information, please visit http://www.aboutads.info/choices/, https://optout.networkadvertising.org / or http://www.youronlinechoices.com.
If you want to opt out of Google Analytics, you can download and install the opt-out browser add-on developed by Google for your web browser. For more information about Google Analytics' currently available opt-outs, please see https://tools.google.com/dlpage/gaoptout.
These opt out tools are provided by third parties, not Inpointglobal. Inpointglobal does not control or operate these programs or the choices that advertisers and others provide through these tools.
How often will you update this Cookie Notice?
We may update this Cookie Notice from time to time in order to reflect, for example, changes to the cookies we use or for other operational, legal or regulatory reasons. Please therefore re-visit this Cookie Notice regularly to stay informed about our use of cookies and related technologies.
The date at the top of this Cookie Notice indicates when it was last updated.
Our previous Cookie Notice was dated March 29, 2021. What’s changed since March 29, 2021?
• We have updated the Cookie Notice to ensure it accurately reflects our cookie practices following the merger with IHS Markit.
Where can I get further information?
If you have any questions about our use of cookies or other technologies, please contact our Chief Privacy Officer at info@inpointglobal.com or Chief Privacy Officer, INPOINT GLOBAL LIMITED., 61 Station Grove, Wembley, United Kingdom, HA0 4AR.
You may also use this personal information request form to contact us or exercise any of your rights in relation to personal information we collect or otherwise process by using cookies.
In some of our locations, we also have local contact details that you may prefer to use as set out in the 'How to contact us' section of our Corporate Privacy Policy.
Click here to learn more about the Corporate Privacy Policy
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All users who are minors in the jurisdiction in which they reside (generally under the age of 18) must have the permission of, and be directly supervised by, their parent or guardian to use the Site. If you are a minor, you must have your parent or guardian read and agree to these Terms of Use prior to you using the Site.
admin 61 Station Grove, Wembley , HA0 4AR __________ United Kingdom info@inpintglobal.com
INPOINT GLOBAL LIMITED HA0 4AR England info@inpointglobal.com
These Terms of Use constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“you”) and INPOINT GLOBAL LIMITED ipgplatts.com website as well as any other media form, media channel, mobile website or mobile application related, linked, or otherwise connected thereto (collectively, the “Site”).England 61 Station Grove, Wembley HA0 4AR . 10263937.
Supplemental terms and conditions or documents that may be posted on the Site from time to time are hereby expressly incorporated herein by reference. We reserve the right, in our sole discretion, to make changes or modifications to these Terms of Use
The information provided on the Site is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Site from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.
The Site is not tailored to comply with industry-specific regulations (Health Insurance Portability and Accountability Act (HIPAA), Federal Information Security Management Act (FISMA), etc.), so if your interactions would be subjected to such laws, you may not use this Site. You may not use the Site in a way that would violate the Gramm-Leach-Bliley Act (GLBA).
Unless otherwise indicated, the Site is our proprietary
property and all source code, databases, functionality, software, website
designs, audio, video, text, photographs, and graphics on the Site
(collectively, the “Content”) and the trademarks, service marks, and logos
contained therein (the “Marks”) are owned or controlled by us or licensed to
us, and are protected by copyright and trademark laws and various other
intellectual property rights and unfair competition laws of the United States, international copyright laws, and international conventions. The Content and the Marks are provided on the
Site “AS IS” for your information and personal use only. Except as expressly provided in these Terms
of Use, no part of the Site and no Content or Marks may be copied, reproduced,
aggregated, republished, uploaded, posted, publicly displayed, encoded,
translated, transmitted, distributed, sold, licensed, or otherwise exploited
for any commercial purpose whatsoever, without our express prior written
permission.
Provided that you are eligible to use the Site, you are
granted a limited license to access and use the Site and to download or print a
copy of any portion of the Content to which you have properly gained access
solely for your personal, non-commercial use. We reserve all rights not
expressly granted to you in and to the Site, the Content and the Marks.
By using the Site, you represent and warrant that: (1) all registration information you submit will be true, accurate, current, and complete; (2) you will maintain the accuracy of such information and promptly update such registration information as necessary; , or if a minor, you have received parental permission to use the Site
If you provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate your account and refuse any and all current or future use of the Site (or any portion thereof).
You may be required to register with the Site. You agree to keep your password confidential and will be responsible for all use of your account and password. We reserve the right to remove, reclaim, or change a username you select if we determine, in our sole discretion, that such username is inappropriate, obscene, or otherwise objectionable.
You may not access or use the Site for any purpose other than that for which we make the Site available. The Site may not be used in connection with any commercial endeavors except those that are specifically endorsed or approved by us.
As a user of the Site, you agree not to:
- Systematically retrieve data or other content from the Site to create or compile, directly or indirectly, a collection, compilation, database, or directory without written permission from us.
- Trick, defraud, or mislead us and other users, especially in any attempt to learn sensitive account information such as user passwords.
- Circumvent, disable, or otherwise interfere with security-related features of the Site, including features that prevent or restrict the use or copying of any Content or enforce limitations on the use of the Site and/or the Content contained therein.
- Disparage, tarnish, or otherwise harm, in our opinion, us and/or the Site.
- Use any information obtained from the Site in order to harass, abuse, or harm another person.
- Make improper use of our support services or submit false reports of abuse or misconduct.
- Use the Site in a manner inconsistent with any applicable laws or regulations.
- Engage in unauthorized framing of or linking to the Site.
- Upload or transmit (or attempt to upload or to transmit) viruses, Trojan horses, or other material, including excessive use of capital letters and spamming (continuous posting of repetitive text), that interferes with any party’s uninterrupted use and enjoyment of the Site or modifies, impairs, disrupts, alters, or interferes with the use, features, functions, operation, or maintenance of the Site.
- Engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.
- Delete the copyright or other proprietary rights notice from any Content.
- Attempt to impersonate another user or person or use the username of another user.
- Upload or transmit (or attempt to upload or to transmit) any material that acts as a passive or active information collection or transmission mechanism, including without limitation, clear graphics interchange formats (“gifs”), 1×1 pixels, web bugs, cookies, or other similar devices (sometimes referred to as “spyware” or “passive collection mechanisms” or “pcms”).
- Interfere with, disrupt, or create an undue burden on the Site or the networks or services connected to the Site.
- Harass, annoy, intimidate, or threaten any of our employees or agents engaged in providing any portion of the Site to you.
- Attempt to bypass any measures of the Site designed to prevent or restrict access to the Site, or any portion of the Site.
- Copy or adapt the Site’s software, including but not limited to Flash, PHP, HTML, JavaScript, or other code.
- Except as permitted by applicable law, decipher, decompile, disassemble, or reverse engineer any of the software comprising or in any way making up a part of the Site.
- Except as may be the result of standard search engine or Internet browser usage, use, launch, develop, or distribute any automated system, including without limitation, any spider, robot, cheat utility, scraper, or offline reader that accesses the Site, or using or launching any unauthorized script or other software.
- Use a buying agent or purchasing agent to make purchases on the Site.
- Make any unauthorized use of the Site, including collecting usernames and/or email addresses of users by electronic or other means for the purpose of sending unsolicited email, or creating user accounts by automated means or under false pretenses.
- Use the Site as part of any effort to compete with us or otherwise use the Site and/or the Content for any revenue-generating endeavor or commercial enterprise.
- Use the Site to advertise or offer to sell goods and services.
6. USER GENERATED CONTRIBUTIONS
- The creation, distribution, transmission, public display, or performance, and the accessing, downloading, or copying of your Contributions do not and will not infringe the proprietary rights, including but not limited to the copyright, patent, trademark, trade secret, or moral rights of any third party.
- You are the creator and owner of or have the necessary licenses, rights, consents, releases, and permissions to use and to authorize us, the Site, and other users of the Site to use your Contributions in any manner contemplated by the Site and these Terms of Use.
- You have the written consent, release, and/or permission of each and every identifiable individual person in your Contributions to use the name or likeness of each and every such identifiable individual person to enable inclusion and use of your Contributions in any manner contemplated by the Site and these Terms of Use.
- Your Contributions are not false, inaccurate, or misleading.
- Your Contributions are not unsolicited or unauthorized advertising, promotional materials, pyramid schemes, chain letters, spam, mass mailings, or other forms of solicitation.
- Your Contributions are not obscene, lewd, lascivious, filthy, violent, harassing, libelous, slanderous, or otherwise objectionable (as determined by us).
- Your Contributions do not ridicule, mock, disparage, intimidate, or abuse anyone.
- Your Contributions are not used to harass or threaten (in the legal sense of those terms) any other person and to promote violence against a specific person or class of people.
- Your Contributions do not violate any applicable law, regulation, or rule.
- Your Contributions do not violate the privacy or publicity rights of any third party.
- Your Contributions do not violate any applicable law concerning child pornography, or otherwise intended to protect the health or well-being of minors.
- Your Contributions do not include any offensive comments that are connected to race, national origin, gender, sexual preference, or physical handicap.
- Your Contributions do not otherwise violate, or link to material that violates, any provision of these Terms of Use, or any applicable law or regulation.
Any use of the Site in violation of the foregoing violates these Terms of Use and may result in, among other things, termination or suspension of your rights to use the Site.
7. CONTRIBUTION LICENSE
By posting your Contributions to any part of the Site or making Contributions accessible to the Site by linking your account from the Site to any of your social networking accounts
This license will apply to any form, media, or technology now known or hereafter developed, and includes our use of your name, company name, and franchise name, as applicable, and any of the trademarks, service marks, trade names, logos, and personal and commercial images you provide. You waive all moral rights in your Contributions, and you warrant that moral rights have not otherwise been asserted in your Contributions.
We do not assert any ownership over your Contributions. You retain full ownership of all of your Contributions and any intellectual property rights or other proprietary rights associated with your Contributions. We are not liable for any statements or representations in your Contributions provided by you in any area on the Site. You are solely responsible for your Contributions to the Site and you expressly agree to exonerate us from any and all responsibility and to refrain from any legal action against us regarding your Contributions.
We have the right, in our sole and absolute discretion, (1) to edit, redact, or otherwise change any Contributions; (2) to re-categorize any Contributions to place them in more appropriate locations on the Site; and (3) to pre-screen or delete any Contributions at any time and for any reason, without notice. We have no obligation to monitor your Contributions.
8. MOBILE APPLICATION LICENSE
If you access the
Site via a mobile application, then we grant you a revocable, non-exclusive,
non-transferable, limited right to install and use the mobile application on
wireless electronic devices owned or controlled by you, and to access and use
the mobile application on such devices strictly in accordance with the terms
and conditions of this mobile application license contained in these Terms of Use.
You shall not: (1) except as permitted by applicable law, decompile, reverse engineer, disassemble, attempt to derive
the source code of, or decrypt the application; (2) make any modification,
adaptation, improvement, enhancement, translation, or derivative work from the
application; (3) violate any applicable laws, rules, or regulations in
connection with your access or use of the application; (4) remove, alter, or
obscure any proprietary notice (including any notice of copyright or trademark)
posted by us or the licensors of the application; (5) use the application for
any revenue generating endeavor, commercial enterprise, or other purpose for
which it is not designed or intended; (6) make the application available over a
network or other environment permitting access or use by multiple devices or
users at the same time; (7) use the application for creating a product,
service, or software that is, directly or indirectly, competitive with or in
any way a substitute for the application; (8) use the application to send
automated queries to any website or to send any unsolicited commercial e-mail;
or (9) use any proprietary information or any of our interfaces or our other
intellectual property in the design, development, manufacture, licensing, or
distribution of any applications, accessories, or devices for use with the
application.
The following terms apply when you use a mobile application obtained from either the Apple Store or Google Play (each an “App Distributor”) to access the Site: (1) the license granted to you for our mobile application is limited to a non-transferable license to use the application on a device that utilizes the Apple iOS or Android operating systems, as applicable, and in accordance with the usage rules set forth in the applicable App Distributor’s terms of service; (2) we are responsible for providing any maintenance and support services with respect to the mobile application as specified in the terms and conditions of this mobile application license contained in these Terms of Use or as otherwise required under applicable law, and you acknowledge that each App Distributor has no obligation whatsoever to furnish any maintenance and support services with respect to the mobile application; (3) in the event of any failure of the mobile application to conform to any applicable warranty, you may notify the applicable App Distributor, and the App Distributor, in accordance with its terms and policies, may refund the purchase price, if any, paid for the mobile application, and to the maximum extent permitted by applicable law, the App Distributor will have no other warranty obligation whatsoever with respect to the mobile application; (4) you represent and warrant that (i) you are not located in a country that is subject to a U.S. government embargo, or that has been designated by the U.S. government as a “terrorist supporting” country and (ii) you are not listed on any U.S. government list of prohibited or restricted parties; (5) you must comply with applicable third-party terms of agreement when using the mobile application, e.g., if you have a VoIP application, then you must not be in violation of their wireless data service agreement when using the mobile application; and (6) you acknowledge and agree that the App Distributors are third-party beneficiaries of the terms and conditions in this mobile application license contained in these Terms of Use, and that each App Distributor will have the right (and will be deemed to have accepted the right) to enforce the terms and conditions in this mobile application license contained in these Terms of Use against you as a third-party beneficiary thereof.
9. SOCIAL MEDIA
As part of the functionality of the Site, you may link your account with online accounts you have with third-party service providers (each such account, a “Third-Party Account”) by either: (1) providing your Third-Party Account login information through the Site; or (2) allowing us to access your Third-Party Account, as is permitted under the applicable terms and conditions that govern your use of each Third-Party Account. You represent and warrant that you are entitled to disclose your Third-Party Account login information to us and/or grant us access to your Third-Party Account, without breach by you of any of the terms and conditions that govern your use of the applicable Third-Party Account, and without obligating us to pay any fees or making us subject to any usage limitations imposed by the third-party service provider of the Third-Party Account. By granting us access to any Third-Party Accounts, you understand that (1) we may access, make available, and store (if applicable) any content that you have provided to and stored in your Third-Party Account (the “Social Network Content”) so that it is available on and through the Site via your account, including without limitation any friend lists and (2) we may submit to and receive from your Third-Party Account additional information to the extent you are notified when you link your account with the Third-Party Account. Depending on the Third-Party Accounts you choose and subject to the privacy settings that you have set in such Third-Party Accounts, personally identifiable information that you post to your Third-Party Accounts may be available on and through your account on the Site. Please note that if a Third-Party Account or associated service becomes unavailable or our access to such Third Party Account is terminated by the third-party service provider, then Social Network Content may no longer be available on and through the Site. You will have the ability to disable the connection between your account on the Site and your Third-Party Accounts at any time. PLEASE NOTE THAT YOUR RELATIONSHIP WITH THE THIRD-PARTY SERVICE PROVIDERS ASSOCIATED WITH YOUR THIRD-PARTY ACCOUNTS IS GOVERNED SOLELY BY YOUR AGREEMENT(S) WITH SUCH THIRD-PARTY SERVICE PROVIDERS. We make no effort to review any Social Network Content for any purpose, including but not limited to, for accuracy, legality, or non-infringement, and we are not responsible for any Social Network Content. You acknowledge and agree that we may access your email address book associated with a Third-Party Account and your contacts list stored on your mobile device or tablet computer solely for purposes of identifying and informing you of those contacts who have also registered to use the Site. You can deactivate the connection between the Site and your Third-Party Account by contacting us using the contact information below or through your account settings (if applicable). We will attempt to delete any information stored on our servers that was obtained through such Third-Party Account, except the username and profile picture that become associated with your account.
10. SUBMISSIONS
You acknowledge and agree that any questions, comments, suggestions, ideas, feedback, or other information regarding the Site ("Submissions") provided by you to us are non-confidential and shall become our sole property. We shall own exclusive rights, including all intellectual property rights, and shall be entitled to the unrestricted use and dissemination of these Submissions for any lawful purpose, commercial or otherwise, without acknowledgment or compensation to you. You hereby waive all moral rights to any such Submissions, and you hereby warrant that any such Submissions are original with you or that you have the right to submit such Submissions. You agree there shall be no recourse against us for any alleged or actual infringement or misappropriation of any proprietary right in your Submissions.
We allow advertisers to display their advertisements and other information in certain areas of the Site, such as sidebar advertisements or banner advertisements. If you are an advertiser, you shall take full responsibility for any advertisements you place on the Site and any services provided on the Site or products sold through those advertisements. Further, as an advertiser, you warrant and represent that you possess all rights and authority to place advertisements on the Site, including, but not limited to, intellectual property rights, publicity rights, and contractual rights. As an advertiser, you agree that such advertisements are subject to our Digital Millennium Copyright Act (“DMCA”) Notice and Policy provisions as described below, and you understand and agree there will be no refund or other compensation for DMCA takedown-related issues.
We reserve the
right, but not the obligation, to: (1) monitor the Site for violations of
these Terms of Use; (2) take appropriate legal action against anyone who, in
our sole discretion, violates the law or these Terms of Use, including without
limitation, reporting such user to law enforcement authorities; (3) in our sole
discretion and without limitation, refuse, restrict access to, limit the
availability of, or disable (to the extent technologically feasible) any of
your Contributions or any portion thereof; (4) in our sole discretion and
without limitation, notice, or liability, to remove from the Site or otherwise
disable all files and content that are excessive in size or are in any way
burdensome to our systems; and (5) otherwise manage the Site in a manner
designed to protect our rights and property and to facilitate the proper
functioning of the Site.
13. PRIVACY POLICY
We care about data privacy and security. Please review our Privacy Policy: https://ipgplatts.com/privacypolicy . By using the Site, you agree to be bound by our Privacy Policy, which is incorporated into these Terms of Use. Please be advised the Site is hosted in United Kingdom United Kingdom United Kingdom United Kingdom
Notifications
We respect the
intellectual property rights of others. If you believe that any material available on or through the Site
infringes upon any copyright you own or control, please immediately notify our
Designated Copyright Agent using the contact information provided below (a
“Notification”). A copy of your
Notification will be sent to the person who posted or stored the material
addressed in the Notification. Please be
advised that pursuant to federal law you may be held liable for damages if you
make material misrepresentations in a Notification. Thus, if you are not sure
that material located on or linked to by the Site infringes your copyright, you
should consider first contacting an attorney.
All Notifications
should meet the requirements of DMCA 17 U.S.C. § 512(c)(3) and include the
following information: (1) A physical or electronic signature of a person
authorized to act on behalf of the owner of an exclusive right that is
allegedly infringed; (2) identification of the copyrighted work claimed to have
been infringed, or, if multiple copyrighted works on the Site are covered by
the Notification, a representative list of such works on the Site; (3)
identification of the material that is claimed to be infringing or to be the
subject of infringing activity and that is to be removed or access to which is
to be disabled, and information reasonably sufficient to permit us to locate
the material; (4) information reasonably sufficient to permit us to contact the
complaining party, such as an address, telephone number, and, if available, an
email address at which the complaining party may be contacted; (5) a statement
that the complaining party has a good faith belief that use of the material in
the manner complained of is not authorized by the copyright owner, its agent,
or the law; and (6) a statement that the
information in the notification is accurate, and under penalty of perjury, that
the complaining party is authorized to act on behalf of the owner of an
exclusive right that is allegedly infringed upon.
If you believe your own copyrighted material has been removed from the Site as a result of a mistake or misidentification, you may submit a written counter notification to
If you send us a
valid, written Counter Notification meeting the requirements described above,
we will restore your removed or disabled material, unless we first receive
notice from the party filing the Notification informing us that such party has
filed a court action to restrain you from engaging in infringing activity
related to the material in question. Please note that if you materially
misrepresent that the disabled or removed content was removed by mistake or
misidentification, you may be liable for damages, including costs and
attorney's fees. Filing a false Counter Notification constitutes perjury.
Designated Copyright Agent
Attn: Copyright Agent
These Terms of Use shall remain in full force and effect while you use the Site. WITHOUT LIMITING ANY OTHER PROVISION OF THESE TERMS OF USE, WE RESERVE THE RIGHT TO, IN OUR SOLE DISCRETION AND WITHOUT NOTICE OR LIABILITY, DENY ACCESS TO AND USE OF THE SITE (INCLUDING BLOCKING CERTAIN IP ADDRESSES), TO ANY PERSON FOR ANY REASON OR FOR NO REASON, INCLUDING WITHOUT LIMITATION FOR BREACH OF ANY REPRESENTATION, WARRANTY, OR COVENANT CONTAINED IN THESE TERMS OF USE OR OF ANY APPLICABLE LAW OR REGULATION. WE MAY TERMINATE YOUR USE OR PARTICIPATION IN THE SITE OR DELETE YOUR ACCOUNT AND
If we terminate
or suspend your account for any reason, you are prohibited from registering and
creating a new account under your name, a fake or borrowed name, or the name of
any third party, even if you may be acting on behalf of the third party. In
addition to terminating or suspending your account, we reserve the right to
take appropriate legal action, including without limitation pursuing civil,
criminal, and injunctive redress.
We reserve the right to change, modify, or remove the contents of the Site at any time or for any reason at our sole discretion without notice. However, we have no obligation to update any information on our Site. We also reserve the right to modify or discontinue all or part of the Site without notice at any time. We will not be liable to you or any third party for any modification, price change, suspension, or discontinuance of the Site.
We cannot guarantee
the Site will be available at all times. We may experience hardware, software,
or other problems or need to perform maintenance related to the Site, resulting
in interruptions, delays, or errors. We
reserve the right to change, revise, update, suspend, discontinue, or otherwise
modify the Site at any time or for any reason without notice to you. You agree that we have no liability
whatsoever for any loss, damage, or inconvenience caused by your inability to
access or use the Site during any downtime or discontinuance of the Site. Nothing in these Terms of Use will be
construed to obligate us to maintain and support the Site or to supply any
corrections, updates, or releases in connection therewith.
These conditions are governed by and interpreted following the laws of United Kingdom INPOINT GLOBAL LIMITED and yourself both agree to submit to the non-exclusive jurisdiction of the courts of Wembley , which means that you may make a claim to defend your consumer protection rights in regards to these Conditions of Use in United Kingdom
Binding Arbitration
Any dispute arising from the relationships between the parties to this contract shall be determined by one arbitrator who will be chosen in accordance with the Arbitration and Internal Rules of the European Court of Arbitration being part of the European Centre of Arbitration having its seat in Strasbourg, and which are in force at the time the application for arbitration is filed, and of which adoption of this clause constitutes acceptance. The seat of arbitration shall be Wembley , United Kingdom english . Applicable rules of substantive law shall be the law of United Kingdom
The Parties agree that any arbitration shall be limited to the Dispute between the Parties individually. To the full extent permitted by law, (a) no arbitration shall be joined with any other proceeding; (b) there is no right or authority for any Dispute to be arbitrated on a class-action basis or to utilize class action procedures; and (c) there is no right or authority for any Dispute to be brought in a purported representative capacity on behalf of the general public or any other persons.
The Parties agree that the following Disputes are not subject to the above provisions concerning binding arbitration: (a) any Disputes seeking to enforce or protect, or concerning the validity of, any of the intellectual property rights of a Party; (b) any Dispute related to, or arising from, allegations of theft, piracy, invasion of privacy, or unauthorized use; and (c) any claim for injunctive relief. If this provision is found to be illegal or unenforceable, then neither Party will elect to arbitrate any Dispute falling within that portion of this provision found to be illegal or unenforceable and such Dispute shall be decided by a court of competent jurisdiction within the courts listed for jurisdiction above, and the Parties agree to submit to the personal jurisdiction of that court.
There may be
information on the Site that contains typographical errors, inaccuracies, or
omissions, including descriptions, pricing, availability, and various other
information. We reserve the right to
correct any errors, inaccuracies, or omissions and to change or update the
information on the Site at any time, without prior notice.
THE SITE IS PROVIDED
ON AN AS-IS AND AS-AVAILABLE BASIS. YOU
AGREE THAT YOUR USE OF THE SITE AND OUR SERVICES WILL BE AT YOUR SOLE RISK. TO THE
FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR
IMPLIED, IN CONNECTION WITH THE SITE AND YOUR USE THEREOF, INCLUDING, WITHOUT
LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, AND NON-INFRINGEMENT. WE MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT
THE ACCURACY OR COMPLETENESS OF THE SITE’S CONTENT OR THE CONTENT OF ANY
WEBSITES LINKED TO THE SITE AND WE WILL ASSUME NO LIABILITY OR RESPONSIBILITY
FOR ANY (1) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT AND MATERIALS, (2)
PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM
YOUR ACCESS TO AND USE OF THE SITE, (3) ANY UNAUTHORIZED ACCESS TO OR USE OF
OUR SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL
INFORMATION STORED THEREIN, (4) ANY INTERRUPTION OR CESSATION OF TRANSMISSION
TO OR FROM THE SITE, (5) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH
MAY BE TRANSMITTED TO OR THROUGH THE SITE BY ANY THIRD PARTY, AND/OR (6) ANY
ERRORS OR OMISSIONS IN ANY CONTENT AND MATERIALS OR FOR ANY LOSS OR DAMAGE OF
ANY KIND INCURRED AS A RESULT OF THE USE OF ANY CONTENT POSTED, TRANSMITTED, OR
OTHERWISE MADE AVAILABLE VIA THE SITE. WE DO NOT WARRANT, ENDORSE, GUARANTEE,
OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A
THIRD PARTY THROUGH THE SITE, ANY HYPERLINKED WEBSITE, OR ANY WEBSITE OR MOBILE
APPLICATION FEATURED IN ANY BANNER OR OTHER ADVERTISING, AND WE WILL NOT BE A
PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU
AND ANY THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. AS WITH THE
PURCHASE OF A PRODUCT OR SERVICE THROUGH ANY MEDIUM OR IN ANY ENVIRONMENT, YOU
SHOULD USE YOUR BEST JUDGMENT AND EXERCISE CAUTION WHERE APPROPRIATE.
IN NO EVENT WILL WE OR OUR DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFIT, LOST REVENUE, LOSS OF DATA, OR OTHER DAMAGES ARISING FROM YOUR USE OF THE SITE, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
You agree to
defend, indemnify, and hold us harmless, including our subsidiaries,
affiliates, and all of our respective officers, agents, partners, and
employees, from and against any loss, damage, liability, claim, or demand, including
reasonable attorneys’ fees and expenses, made by any third party due to or
arising out of: (1) your Contributions;
We will maintain
certain data that you transmit to the Site for the purpose of managing the
performance of the Site, as well as data relating to your use of the Site. Although we perform regular routine backups
of data, you are solely responsible for all data that you transmit or that
relates to any activity you have undertaken using the Site. You agree
that we shall have no liability to you for any loss or corruption of any such
data, and you hereby waive any right of action against us arising from any such
loss or corruption of such data.
Visiting the Site, sending us emails, and completing online forms constitute electronic communications. You consent to receive electronic communications, and you agree that all agreements, notices, disclosures, and other communications we provide to you electronically, via email and on the Site, satisfy any legal requirement that such communication be in writing. YOU HEREBY AGREE TO THE USE OF ELECTRONIC SIGNATURES, CONTRACTS, ORDERS, AND OTHER RECORDS, AND TO ELECTRONIC DELIVERY OF NOTICES, POLICIES, AND RECORDS OF TRANSACTIONS INITIATED OR COMPLETED BY US OR VIA THE SITE. You hereby waive any rights or requirements under any statutes, regulations, rules, ordinances, or other laws in any jurisdiction which require an original signature or delivery or retention of non-electronic records, or to payments or the granting of credits by any means other than electronic means.
If any complaint
with us is not satisfactorily resolved, you can contact the Complaint
Assistance Unit of the Division of Consumer Services of the California
Department of Consumer Affairs in writing at 1625 North Market Blvd., Suite N
112, Sacramento, California 95834 or by telephone at (800) 952-5210 or (916)
445-1254.
These Terms of Use and any policies or operating rules posted by us on the Site or in respect to the Site constitute the entire agreement and understanding between you and us. Our failure to exercise or enforce any right or provision of these Terms of Use shall not operate as a waiver of such right or provision. These Terms of Use operate to the fullest extent permissible by law. We may assign any or all of our rights and obligations to others at any time. We shall not be responsible or liable for any loss, damage, delay, or failure to act caused by any cause beyond our reasonable control. If any provision or part of a provision of these Terms of Use is determined to be unlawful, void, or unenforceable, that provision or part of the provision is deemed severable from these Terms of Use and does not affect the validity and enforceability of any remaining provisions. There is no joint venture, partnership, employment or agency relationship created between you and us as a result of these Terms of Use or use of the Site. You agree that these Terms of Use will not be construed against us by virtue of having drafted them. You hereby waive any and all defenses you may have based on the electronic form of these Terms of Use and the lack of signing by the parties hereto to execute these Terms of Use.
In order to resolve a complaint regarding the Site or to receive further information regarding use of the Site, please contact us at:
Phone: +44 (0) 208 759 4764
These terms of use were created using Termly's Terms and Conditions Generator.