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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


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


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.  


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.


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


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


Oil falls below $110 as Ukraine worries ease

Putin orders troops in military exercise back to base. U.S., EU warn Russia could face sanctions over Crimea; U.S. crude inventory likely rose 1 mln bbls last week. Oil fell more than $1 on Tuesday to below $110 a barrel after President Vladimir Putin recalled troops to base from military exercises in western Russia near its borders with Ukraine. April Brent crude was down $1.47 at $109.73 a barrel by 0900 GMT. It closed the previous session at its highest since Dec. 27.


Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly by Moscow-backed rebels in eastern Ukraine, of Malaysian Airlines flight MH17 with the loss of 193 Dutch lives, a growing Dutch chorus has called for the country to use its trade power to hit Russia in the wallet. Dozens of Russian firms have chosen to incorporate in the Netherlands to save money on tax


Kuwait In Trouble With Iraqi Authorities

Iraqi authorities told Kuwait on Friday it was "playing with fire" in seizing five vessels loaded with goods shipped from Iraq in violation of United Nations sanctions. An Iraqi Culture and Information Ministry spokesman, said the seizure was a foolish act that again confirmed Kuwait was acting as an Israeli-U.S. police force in the Gulf. "The Kuwaiti regime's repeated hindering of commercial navigation in the Gulf reveals that the Kuwaiti rulers..


Russia Sanctions Could Slow Norwegian Arctic Exploration

Western sanctions against Russia may slow down exploration for oil and gas on both the Norwegian and Russian side of the Arctic Barents Sea, lobby group Norwegian Oil & Gas told Reuters on Wednesday. "We have many members working on both sides of the border


Iran's Persian Promise Noted on DW Monday

Energy refinery: File photo

In recent years, oil & gas production in Iran has been largely defined by the impact of international sanctions. Here the prospects for the country with a large share of the world's oil reserves are reviewed by Douglas-Westwood in their 'DW Monday' focus.


Japan Imposes Asset Freeze on N.Korean Shipping Firm

Japan on Friday froze the assets of the operator of a North Korean ship seized for smuggling arms, the Foreign Ministry said, just as Tokyo is engaged in talks with Pyongyang to return Japanese citizens kidnapped by North Korean agents decades ago.


Putin Says Many European Leaders Want to End Sanctions Standoff

Vladimir Putin with Francois Hollande (Photo courtesy Putins personal website)

Russian President Vladimir Putin on Thursday said he believed many European leaders were eager to end the standoff over sanctions with Russia. "I think that many in Europe including the politicians, my colleagues, ... (want) to get out as soon as possible of a situation


Dry Bulk Carrier Segment Revival Seen by Analyst

Frontispiece of report: Image courtesy of Newport Shipping

Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009, according to Newport Shipping’s 'Dry Bulk Market Outlook 2014 Q2'.


Newport Shipping Upbeat on Dry Bulk Segment

newport shipping logo.png

Freight rates are set to rise across all dry bulk carrier segments as the global economic recovery gains momentum, ending the sector’s most bearish run since the start of the economic crisis in 2008/2009. According to the latest edition of Newport Shipping’s Dry Bulk Market Outlook


Russian Grain Exporter to Sell Ukraine Terminal

Yug Rusi, a Russian grain exporter and sunflower oil producer, is seeking to sell its terminal at Ukraine's Kherson port, two traders told Reuters. The privately held company, whose name means South of Russia, declined to comment. One source said that the terminal is a small one that can


Russian Oil Minister Says to Help Iran Sell Oil

Russia will help Iran to arrange shipments of its oil to markets, Russian Energy Minister Alexander Novak said on Tuesday. "Based on Iran's proposal, we will participate in arranging shipments of crude oil, including to the Russian market


US Blacklists North Korean Shipping Firms

The United States on Wednesday blacklisted two North Korean shipping firms, Chongchongang Shipping and Ocean Maritime Management, following a similar move by the United Nations. The United Nations on Monday said Ocean Maritime Management operated a ship detained a year ago near the Panama Canal


UN Places Sanctions against North Korean Shippers

The United Nations Security Council has imposed sanctions on the North Korean shippers that operate the vessel Chong Chon Gang, seized by Panama in July 2013 for attempting to smuggle weapons from Cuba to North Korea. According to the UN, the shipping company


Russia, China May Develop Floating Nuclear Power Plants

Russia and the world's top energy user China may jointly develop six floating nuclear power plants (NPPs), Russia's nuclear export body said on Tuesday, a further joint energy project since the signing of a $400 billion gas supply deal. Rusatom Overseas


UN Throws the Book at North Korea Ship Operator

North Korean Merchant Ship: Photo CCL

A U.N. Security Council committee on Monday blacklisted the operator of a North Korean ship, which was seized near the Panama Canal last year for smuggling Soviet-era arms, and raised concerns about Cuba's military cooperation with Pyongyang.


Private Buyers in Iran Look to Boost Grain Market

One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return to their traditional role as major food commodity importers. Iran was never barred from buying food under sanctions imposed by the


Europe Sleep Walking into an Energy Crisis: Analyst

Energy pipelines: File photo

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers whether such sanctions could have sufficient teeth. Russia is the world’s largest exporter of natural gas and second


Nigerian Piracy Threatens UK Interests: New Report

Maritime Security Guard: Image courtesy of SAMI

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.3bn of trade with the region is put at risk by being moved through the high maritime crime






 
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