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Economic Sanctions News

06 Mar 2024

Russia Oil Fleet Shifts Away from Liberia, Marshall Island Flags Amid US Sanctions Crackdown

© evannovostro / Adobe Stock

Dozens of oil tankers used by Russia have stopped sailing under the Liberian and Marshall Islands flags in recent weeks after the United States ramped up sanctions enforcement on ships linked to those registries, according to shipping data and interviews with industry and government officials.The shift reflects the close relationship between the U.S. and the flag administration companies of Liberia and the Marshall Islands, which are headquartered not in their home countries, but in Virginia, just miles from Washington D.C. and within the jurisdiction of U.S.

10 Aug 2023

Cuban Oil Tankers Becoming Regular Visitors to Mexican Ports

Cuba has begun using its own tankers to ramp up crude imports from Mexico, which in the second quarter surpassed Russia as a key oil provider to the fuel-thirsty island, according to vessel monitoring data.Following days-long lines to fill drivers' tanks and power blackouts, the communist-run nation saddled with harsh U.S. economic sanctions has broadened its sources of oil imports in a move to ease fuel scarcity, replenish stocks and reduce dependence on its traditional and largest supplier, Venezuela. Washington has also sanctioned Venezuela's oil industry since 2019 over election-fraud claims.Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba.

23 Feb 2023

Top Threats for the Marine Industry in 2023

Fire and explosion onboard ships remains the number one concern. Copyright Artem/AdobeStock

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

27 Dec 2022

Racing to the Bottom: Seabed Warfare Brings Threats, Opportunities

Image courtesy Voyis

In the early morning hours of September 26, 2022, seismologists located throughout northern Europe detected two disturbances originating in the Baltic Sea that were consistent with underwater explosions. Within hours, an aerial image captured by a passing Danish F-16 showed an expanse of frothy seawater, suggesting that the Nord Stream 1 and Nord Stream 2 gas pipelines had experienced a catastrophic event. Within days, an investigation by the Swedish Security Service concluded that both pipelines had sustained extensive damage due to an act of gross sabotage.

01 Apr 2022

Bunker Suppliers Stop Serving Russian Vessels in the Med

© Alex Stemmers / Adobe Stock

Marine fuel sellers have stopped serving vessels flying the Russian flag at major European hubs including Spain and Malta in another blow to Moscow's exports, five industry sources with knowledge of the matter told Reuters.Losing access to refueling points in the Mediterranean Sea poses major logistical problems for Russian oil tankers going from Baltic ports to Asia and also creates safety concerns over potentially being stuck at sea with flammable cargoes, shipping sources say.Russia…

14 Mar 2022

Maritime AI Firm Launches Russia Sanctions Compliance Tool

© vvicca / Adobe Stock

A predictive intelligence company applying AI global maritime trade has launched a solution to minimize risk exposure in maritime trade as it relates to ongoing sanctions against Russia.In response to the recent Russian invasion into Ukraine, heavy economic sanctions were imposed days prior to the invasion and have since escalated rapidly. Amongst the most prominent organizations affected are Sverbank and VTB, two of the largest Russian financial institutions, state-owned Sovcomflot, Russia’s largest maritime and freight shipping company, and the Russian Maritime Register of Shipping.

08 Mar 2022

UK to Phase Out Russian Oil Imports By End of 2022

© Nikolay / Adobe Stock

Britain will phase out imports of Russian oil and oil products by the end of 2022, Prime Minister Boris Johnson said on Tuesday, joining other nations including the United States in reducing their energy dependency on Russia.In response to President Vladimir Putin's decision to invade of Ukraine, Britain and others are seeking ways to deprive Moscow of income and cut their own use of Russian energy exports by becoming more self-sufficient."In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout th

25 Feb 2022

Viking Supply Ships' AHTS Quartet Deal with Russian Client Hangs in Balance

Swedish offshore vessel operator Viking Supply Ships said Friday its contract for four anchor handling tug supply (AHTS) vessels announced earlier this month could be postponed or canceled due to the Russian invasion in Ukraine. Viking Supply Ships had earlier this month said it had secured a multi-season contract for its four ice-classed anchor handling tug supply (AHTS) vessels, without sharing details on who the client was.On Friday Viking Supply Ships said: "Due to the Russian attack on Ukraine the EU and several other countries have imposed several new sanctions on Russia, and Viking would like to give further details of the contractual status.

25 Feb 2022

Turkey Can't Stop Russian Warships Accessing Black Sea, Says Foreign Minister

©skiminok/AdobeStock

Turkey cannot stop Russian warships accessing the Black Sea via its straits, as Ukraine has requested, due to a clause in an international pact that allows vessels to return to their home base, the Turkish foreign minister said on Friday.Ukraine has appealed to Turkey to block Russian warships from passing through the Dardanelles and Bosphorus straits which lead to the Black Sea, after Moscow on Thursday launched a full-blown assault on Ukraine from land, air, and sea. Russian forces landed at Ukraine's Black and Azov Sea ports as part of the invasion.

11 Feb 2022

Austria Resists Including Nord Stream 2 in EU Package of Russia Sanctions

Credit: Nord Stream 2

Austria is sticking with its opposition to including the Nord Stream 2 gas pipeline in a package of sanctions against Moscow that the European Union is preparing in the event Russia invades Ukraine, Foreign Minister Alexander Schallenberg said on Friday.Austrian oil company OMV is one of Russian gas giant Gazprom's partners in the pipeline project connecting Russia to Germany, which has been completed but is not yet operational as it is awaiting German and EU regulatory approval. Austria owns 31.5% of OMV and backs the project.U.S.

14 Sep 2021

Iranian Tanker Seen in Syria Discharging Gasoil for Lebanon

TankerTrackers.com has visual confirmation that an Iranian tanker is discharging gasoil in Syria's Baniyas port which is destined for neighboring Lebanon, the online oil shipment tracking service said on Tuesday."Unable to deliver directly by sea to Lebanon due to sanctions, the vessel went instead to Baniyas, Syria, for land transfer," the firm said on Twitter, referring to U.S. economic sanctions on the government in Tehran. Syria is also under U.S. sanctions, so has nothing to lose from receiving the oil.It will require 1,310 trucks to transport the cargo to Lebanon, it added, estimating the cargo at 33,000 metric tons of gasoil.Sayyed Hassan Nasrallah…

02 Aug 2021

US Says It Seized Tanker Used to Evade North Korea Sanctions

The U.S. Justice Department (DoJ) on Friday announced the seizure of a 2,734-ton tanker it said was owned and operated by a Singaporean national and used to make shipments of petroleum products to North Korea in violation of international sanctions.A DoJ statement said the M/T Courageous was seized by Cambodian authorities in March 2020 in accordance with a U.S. warrant, having been used to transfer oil products to North Korean vessels and to make direct shipments to the North Korean port of Nampo."Criminal charges of conspiracy to evade economic sanctions on the DPRK and money laundering conspiracy are pending against the alleged owner and operator of the Courageous…

01 Jun 2021

US Records Show Iran Oil Cargo Landed One Month After Ship Seizure

A cargo of 1.033 million barrels of Iranian crude oil landed on U.S. shores in March, data from the U.S. Energy Information Administration (EIA) showed, the second shipment of Iranian oil to be imported into the United States since 1991.The cargo was registered in EIA data released late last week for the month following the seizure by U.S. authorities of the Liberian-flagged tanker Achilleas, which was transporting Iranian crude.The EIA gave no other details on the Iranian cargo, and the agency could not be reached for comment outside of U.S. office hours. Monday is a holiday in the United States.The United States last recorded Iranian crude and petroleum imports of 3…

30 Apr 2021

Mexican Yard Services US-sanctioned Tankers that Carry Venezuelan Oil

Three Cuban-flagged tankers that are under U.S. sanctions for transporting Venezuelan oil to the Communist-run island have been serviced in the port of Veracruz on Mexico's Gulf coast, according to vessel tracking data and industry sources.The maintenance work on the vessels—one of which was serviced as recently as this month—is a potential breach of sanctions on Venezuela, two lawyers who specialize in U.S. sanctions said.However, the United States has in the past not brought enforcement actions against shipyards for doing work on blacklisted vessels from those countries, according to U.S. Treasury Department data.Under U.S. law, companies and individuals are prohibited from materially assisting sanctioned entities.

10 Feb 2021

US Sells Illicit Iranian Fuel, Another Seized Cargo on the Way

The United States has sold more than a million barrels of Iranian fuel seized under its sanctions program last year, a Department of Justice official said, as another ship with intercepted Iranian crude oil sails to a U.S. port.The seizures are part of Washington's tough economic sanctions on Tehran imposed over its nuclear program and the U.S. designation of a number of Iranian groups as terrorists, continuing decades of rancor between the two nations. Iran rejects U.S. accusations of wrongdoing.In a new approach last year, the administration of former U.S. President Donald Trump used civil forfeiture procedures to seize some 1.2 million barrels of gasoline it said were being sent from Iran to Venezuela aboard four tankers.The shipments…

04 Jan 2021

US Calls for Iran to Release South Korean-flagged Tanker

The U.S. State Department called on Iran on Monday to immediately release a South Korean-flagged tanker that it seized in the Gulf and accused Tehran of threatening freedom of navigation as a way to extract relief from economic sanctions.“The (Iranian) regime continues to threaten navigational rights and freedoms in the Persian Gulf as part of a clear attempt to extort the international community into relieving the pressure of sanctions. We join the Republic of Korea’s call for Iran to immediately release the tanker,” said a State Department spokesperson on condition that they not be identified.(Reporting By Arshad Mohammed and Daphne Psaledakis; Editing by Chizu Nomiyama)

10 Dec 2020

East Med Dispute: Erdogan Unmoved by EU Sanctions Threat

Turkish President Tayyip Erdogan (File Photo: Turkish Presidency)

Turkish President Tayyip Erdogan accused the European Union on Wednesday of never acting honestly towards his country and said Ankara was not concerned by any economic sanctions the bloc might impose on it.EU foreign ministers said on Monday Turkey had failed to help end a row with Greece and Cyprus over potential gas resources in the eastern Mediterranean, but they left a decision on sanctions for a summit of EU leaders that starts on Thursday.NATO ally Turkey has been at odds with EU members Greece and Cyprus over the extent of their continental shelves in the east Mediterranean.

20 Oct 2020

US Blacklists Chinese Entities, Individuals Over Iran Shipping Ties

© VanderWolf Images / Adobe Stock

The United States on Monday said it blacklisted two Chinese men and six Chinese entities for having dealt with Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) and, in some cases, helping it to evade U.S. sanctions.The U.S. State Department named the entities as Reach Holding Group (Shanghai) Company Ltd.; Reach Shipping Lines; Delight Shipping Co., Ltd.; Gracious Shipping Co. Ltd.; Noble Shipping Co. Ltd.; and Supreme Shipping Co. Ltd.In a statement, it also said it had targeted Eric Chen…

15 Oct 2020

Seismic Surveys in East Med: 'Ankara Toying with Brussels'

The European Union's latest strategy to defuse tensions with Turkey is unraveling, two weeks after it was sealed, raising the risk of conflict in the Eastern Mediterranean, diplomats, officials and experts said.Despite an EU summit deal in the early hours of Oct. 2 aimed at persuading Ankara to stop exploring for natural gas in waters disputed by Greece and Cyprus, Turkey said on Wednesday it was restarting operations of a survey ship.Turkey had withdrawn the vessel last month, just before the EU summit, at which economic sanctions were discussed, only to redeploy it on Monday. Three European diplomats said this gave the impression that Ankara was toying with Brussels.The EU leaders left themselves exposed because they failed to come up with a solution to the gas dispute…

18 Sep 2020

US, Guyana to Launch Joint Maritime Patrols Near Venezuela

U.S. Secretary of State Mike Pompeo with Guyanese President Irfaan Ali (Photo: Secretary Pompeo / Twitter)

The United States and Guyana will begin joint maritime patrols aimed at drug interdiction near the South American country’s disputed border with crisis-stricken Venezuela, the U.S. secretary of state and Guyana’s new president said on Friday.The agreement comes as U.S. oil major Exxon Mobil Corp, as part of a consortium with Hess Corp and China’s CNOOC Ltd, ramps up crude output from Guyana’s massive offshore Stabroek block, a large portion of which is in waters claimed by Venezuela.“Greater security…

07 Jun 2020

US Weighs Blacklisting More Oil Tankers Over Venezuela

© momentscatcher / Adobe Stock

The United States is considering imposing sanctions on dozens of additional foreign oil tankers for trading with Venezuela, U.S. officials told Reuters on Friday, the latest effort to sever what Washington sees as a lifeline for President Nicolas Maduro.Some sanctions could be announced in the near term while others could be imposed over a longer period if the trading activity persists in violation of U.S. restrictions, one of the officials said on condition of anonymity.Earlier on Friday…

17 Mar 2020

COVID-19 and Supply Chain Implications for Ocean Shipping

© hanohiki / Adobe Stock

Only 10 days ago, reports indicated that China cargoes were returning to pre-coronavirus levels, and there appeared to be light at the end of the tunnel. Today, however, a barrage of new headlines has underscored the impact on the rapidly changing global supply chain, including in the United States. In addition to the aggressive spread of the novel coronavirus (COVID-19), new economic developments indicate a decreased trend in global manufacturing. Changes in local economies negatively impacting employees reflect corresponding changes in consumer buying patterns.

14 Oct 2019

Iran Urges Diplomacy, but Decries Tanker Incident

Iran on Monday urged regional powers to use diplomacy to reduce tensions including Yemen's war, but cautioned that an Iranian tanker damaged in the Red Sea last week had been hit by rockets and there would have to be consequences.Addressing a news conference, President Hassan Rouhani reiterated policy towards the Trump administration, ruling out bilateral talks unless Washington returns to a landmark nuclear deal and lifts crippling U.S. economic sanctions.Tensions in the Gulf have risen to new highs since May 2018, when the administration of President Donald Trump withdrew from the 2015 accord with Tehran that put limits on its nuclear programme in exchange for the easing of sanctions.

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