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Economic Sanctions

Shipping Company's Losses Total $110M

Ukraine's Danube Shipping Company lost $110 million due to military action in Yugoslavia last year that destroyed bridges and blocked traffic along the Danube, transport minister Leonid Kostyuchenko said. NATO launched air strikes last year on Yugoslavia, which it accused of ethnic cleansing in the province of Kosovo, densely populated by ethnic Albanians. Kostyuchenko said collapsed bridges had blocked 63 Ukrainian ships on upper stretches of the Danube. Due to the disruption of the shipping, Ukraine's Danube ports were now working at just 40 percent of capacity, he said. This is not the first time Ukrainian companies suffer from problems in Yugoslavia. Economic sanctions against Belgrade, imposed by the United Nations' Security Council in 1992 and lifted in 1995, cost Ukraine up to $2 billion.


Ninety North Korean Ships Granted Entry to Japan

Ninety North Korean vessels were granted certificates to enter Japanese ports in the eight months since a new law that bans entry of any ship without insurance took effect, according to a Daily Yomiuri report. The law on liability for oil pollution damage, which came into force on March 1, requires vessels of 100 tons or larger to be insured before docking in Japan. It had been viewed as a de facto economic sanction


Statoil Reports Robust Q1

Oseberg field centre - Photo Harald Pettersen - Statoil.

Norway's Statoil defied gloom in the oil sector by reporting first-quarter earnings above expectations on Tuesday due to higher prices and good results from shale gas activities in the United States, lifting its shares.   Regarding new sanctions on Russia, Statoil's CEO told Reuters it was too early to say whether he would attend a high-profile St Petersburg economic forum in June as planned, as the firm had to assess the impact of the measures first.  


East Ukraine Referendum Raises Fears Of Dismemberment

  Rebels pressed ahead with a referendum on self-rule in east Ukraine on Sunday and fighting flared anew in a conflict that has raised fears of civil war and pitched Russia and the West into their worst crisis since the Cold War. Clashes broke out around a television tower on the outskirts of the rebel stronghold of Slaviansk shortly before voters made their way to polling stations through streets blocked by barricades of felled trees


Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Yamal megaproject

  Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies. Russia's No.2 gas producer, co-owned by an ally of President Vladimir Putin, Gennady Timchenko, was put on the Western sanctions list over Moscow's role in the Ukraine crisis, limiting its ability to raise funds in Western markets.


Russia Says Will React if U.S. Imposes New Sanctions

  Russia will take counter measures if Washington imposes new sanctions on Moscow over the Ukraine crisis, Russia's Deputy Foreign Minister Sergei Ryabkov said on Saturday. The U.S. Congress has readied new sanctions on Russian weapons companies and investors in the country's high-tech oil projects, but U.S. President Barack Obama has yet to sign a corresponding bill into law. "We will not be able to leave that without an answer


Hints Of Possible Deal On Ukraine Gas Emerge At G20

 Behind statements that Russia will not budge in demanding Ukraine repay its debts for its natural gas deliveries, hints    emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works.   Financial aid to Ukraine was a hot topic at a meeting of finance ministers from the Group of 20 leading nations, but the    country's gas crisis, which could threaten deliveries to Europe


Give Iran Talks A Chance - Merkel

German Chancellor Angela Merke

  German Chancellor Angela Merkel said on Friday negotiations with Iran over its nuclear program have to be given a chance, but sanctions could still be reinstated if needed. Merkel said Iran had to comply with an agreement under which Tehran agreed to limit parts of its nuclear work in return for the easing of some sanctions. "If Iran does not meet its obligations, or does not meet them adequately, we remain ready to take back the current limited suspension of sanctions


No New Cold War Talks Over Ukraine

  Russian President Vladimir Putin on Saturday dismissed talk of a new Cold War over the crisis in Ukraine and denied trying to rebuild the Soviet Union after reclaiming Crimea. In an interview with Reuters and other international news agencies in a grandiose palace outside St Petersburg, Putin blamed the violence and political instability in Ukraine on the West and warned that sanctions would rebound on the United States and the European Union.


Iranian Oil Tanker Blacklisted by EU

Image: National Iranian Tanker Company

 During a meeting in Brussels on Thursday 12 February, members of European Union decided to sanction again the Iranian Oil Tanker Company which is transporting oil around the globe.  The EU's second-highest court ruled last July there were no grounds to blacklist the National Iranian Tanker Company (NITC), Iran's biggest tanker firm, after it contested the designation.   Hence the EU moved to re-impose sanctions on tighter legal grounds, says a Reuters report


Iran Fuel Oil Revenue Up 30 pct

Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to Jan. 21, up 30 percent in revenue from the same period of last year, oil ministry news website Shana cited an official as saying. The OPEC member also earned $963 million in gasoil revenue


‘Business as Unusual’ for Oil in the Medium Term

Photo: IEA

IEA report sees a transformed market, with supply more responsive to prices than in the past – and demand less so   The recent crash in oil prices will cause the oil market to rebalance in ways that challenge traditional thinking about the responsiveness of supply and demand


EU to Reimpose Sanctions on Iranian Tanker Firm

European Union governments are expected to agree later on Thursday to put the National Iranian Tanker Company (NITC) back on a list of sanctioned firms, EU diplomats said. The EU's second-highest court ruled last July there were no grounds to blacklist the NITC after the company contested the


North Korea Reflags Ships to Evade Sanctions

North Korean leader Kim Jong-Un (Pic: Democratic Peoples Republic of Korea)

 A North Korea shipping company has been renaming and reflagging its vessels so it can evade an arms embargo, a UN report has said.   The effort by Pyongyang-headquartered Ocean Maritime Management Company, Ltd. is detailed in the report by a panel of experts that monitors sanctions on


Rouhani Urges End to Iran's Isolation

Hassan Rouhani is the 7th President of Iran, in office since 2013.

Iranian President Hassan Rouhani called for curbs on the state's involvement in business and an end to Tehran's international isolation on Sunday to help rescue an economy hurt by sanctions, corruption and mismanagement. His appeal in a speech to 1


Fewer Ships Traveled Arctic in 2014

Arctic shipping (Photo: Arctic Security Working Group)

The year 2014 has proved to be a chilly one for Arctic shipping. Just 31 ships sailed between Europe and Asia across the Northern Sea Route, and 22 did part of the route, according to an Alaska Public Radio Network report. That’s down from a total of more than 70 in 2013.


Russia Sets Clear Agenda for Competitive Opportunity

  Russia’s renewed focus on the commercial shipbuilding industry was set as a key aim by Prime Minister, Dmitry Medvedev in his recent discussions on the development of the sector through 2015. Various industry ministries have been charged with analysing industry prospects until 2030


Africa to Roll out Three Floating LNG Projects

Golar LNG

 Africa has planned three floating LNG export proj­ects - Cameroon, Equatorial Guinea and Mo­zambique.   According to local media reports, the African nations are launching LNG projects - three such planned projects in Nige­ria; two planned LNG projects in Equatorial


France-Russia Warships in the Crossroads

Mistral ship

France has to make a crucial decision which will have far-reaching consequences. Whether to deliver two Mistral ships to Russia (which were originally earmarked for the Russian Navy) and face the anger of its NATO allies OR to terminate the Mistral deal


India to Talk Sanctions, LNG Imports During Obama Visit

India will use an upcoming visit by Barack Obama to press the United States to remove Indian oil companies from a list naming firms doing business in Iran, and to seek priority access to U.S. LNG exports, sources in the Oil Ministry said.  


Obama, Cameron Reject Calls for More Iran Sanctions Now

U.S. President Barack Obama and British Prime Minister David Cameron on Friday pushed back against calls for further sanctions on Iran now over its nuclear program, saying such action could harm ongoing negotiations.   In a joint news conference, Obama and Cameron urged U.S


Sanctions Dampen Traffic on Russia's Arctic Route

Photo: U.S. Naval Istitute

Often heralded as new shipping lane, Arctic shipments fall. Western sanctions on Russia are restricting the Arctic shipping route along its north coast to domestic cargoes and energy exports with many foreign firms staying away after test voyages on a fabled short-cut between Europe and Asia


EU Annulls Sanctions on 40 Shipping Firms

The European Union's second highest court on Thursday annulled EU sanctions on an Iranian bank and 40 shipping companies hit with asset freezes as part of pressure on Tehran over its nuclear programme.   But they will remain under sanctions for now after the General Court gave the EU time


Iranian Fuel Oil Exports Trade Skirts Sanctions

Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the U.S.-allied United Arab Emirates, trading sources told Reuters.   The U.S. and EU sanctions that came into force in 2012 prohibit the import


UK Court Rejects Iran Tanker Firm's Attempt to Avert Sanctions

A legal attempt by Iran's main oil tanker firm NITC to stop the European Union from reimposing sanctions on it over its disputed nuclear program has failed in a London court, setting back Tehran's efforts to ease trade restrictions. Iran is engaged in nuclear talks with world powers as it tries






 
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