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This work analyzes the special legal regime for oil pollution liability and compensation with regard to shipowners and gargo owners. It describes the system put into place by international conventions and international voluntary agreements, with particular regard to the IOPC Fund compensation policy. There is an examination of how reponsibility is divided between shipowners and oil companies, and which claims forpollution damage are admissable within the framework of the conventions. The conventions are considered in the light of the unilateral approach adopted by the US, based on an extensive study of legislation and case law.