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Economic Sanctions

Canada Slaps Sanctions on Russia Energy Firms

Canada slaps sanctions on Gazprom, other Russia energy firms   Canada is imposing economic sanctions against Russian energy firms such as natural gas producer Gazprom OAO in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Monday.   A government statement did not give details of the sanctions. Other firms targeted are Gazprom Neft OAO, Surgutneftegaz OAO and Transnefteprodukt OAO.     (Reporting by David Ljunggren; Editing by Richard Chang)


Norway Supports Statoil, Rosneft JV

Photo pixabay.com

  Norwegian authorities have given the Stavanger-based energy giant Statoil the go-ahead on joint projects with Rosneft, a Russian oil titan that was the target of Western sanctions in 2014. Statoil and Rosneft previously agreed on four projects to explore and produce oil on the Russian continental shelf in the Barents Sea and in the Sea of Okhotsk close to the Arctic Circle. Additionally, there are two joint cooperation projects onshore.


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


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


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


Trucks Carrying Turkish Exports Blocked at Russian Border

Around 1,250 trucks carrying Turkish exports have been blocked from entering Russia and are stranded at border posts awaiting clearance, a senior shipping industry representative told Reuters on Monday.   Six days after NATO-member Turkey shot down a Russian fighter jet in the first known incident of its kind since the Cold War, calls for calm have gone largely unheeded. Ankara refuses to back down and Russia responds with sanctions.  


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 to Deepen Novorossiysk for Larger Ships

Photo: PJSC NCSP

 The Russian government plans to spend between $400 to $500 million to expand and deepen the harbor of the Novorossiysk seaport to handle larger vessels, reports Moscow News.   Construction, in order to make it more competitive with Ukrainian ports also on the Black Sea,  is set to begin in the first quarter of next year with completion scheduled for 2020.   Russian government expects that the project will boost container volume at Novorossiysk by 10 to 15 percent


Iran Hurries India to Finish Chabahar Port

Map courtesy: Hindustantimes

 India has come “under pressure” from Iran to complete the Chabahar Port project, with the lifting of Iranian trade sanctions, reports Hindu Business Line.   Acting strategically to China’s repeated attempts to wean away India from Chabahar Port upgradation, India is taking steps to firm up its bilateral negotiations and alliance with Iran.    According to highly placed sources


Iran Seeks $2.5B to Modernize its Oil Tankers

(Photo: Greg Trauthwein)

Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions. Reuters reported last month that two Chinese firms were pushing for


Maersk Opens Direct Cork-Cuba Service

Photo: Maersk Line

 Danish shipping giant Maersk — the world’s largest container carrier — began its first ever connection between northern European ports and Cuba last Friday, promising the fastest freight transit times between Europe and the Cuban port of Mariel.   


Iranian Ships to Make Trips to Europe, Americas

Pic: Islamic Republic of Iran Shipping Lines

 Iran all set launch a shipping line to Europe, North and South American countries, as sanctions against Iran’s shipping industry has been recently lifted.   The Islamic Republic of Iran Shipping Lines (IRISL) has resumed its routes to various destinations across Europe


Libya Asks UN Council to Blacklist Ship Carrying Eastern Oil

Libya has asked the United Nations Security Council to blacklist an Indian-flagged ship that is on its way to Malta carrying crude oil shipped by the rival eastern Libya government, Libya's U.N. envoy said on Tuesday. Libyan Ambassador Ibrahim Dabbashi told Reuters he had written to the


UN Blacklists India-flagged Ship Carrying Eastern Libya Oil

The United Nations Security Council Libya sanctions committee blacklisted on Wednesday an Indian-flagged tanker carrying crude oil shipped by the rival eastern Libya government, said diplomats, which would prevent it from entering any ports.  


Indian Firms Plan to Sign Oil Deals with Rosneft

India plans to sign energy deals with Russian oil major Rosneft next week to buy stakes in Siberian fields, two sources privy to the deal said, as New Delhi accelerates a push to secure overseas energy assets.   India, the world's third biggest oil importer


Iran Shipping Lines resumes N Europe Service

With the call by the AZARGOUN in Hamburg on 17 March 2016, IRISL – Islamic Republic of Iran Shipping Lines – is reopening its regular liner service “European Container Line” (ECL) between Northern Europe and ports in the Persian Gulf following its closure in mid-2010 on


UN North Korea Sanctions on 4 Black-listed Ships Lifted

Image: Korean Central News Agency

 According to a Reuters report, the UN Security Council agreed to a Chinese request to remove sanctions on four ships that had been blacklisted for ties to Pyongyang after China secured assurances the vessels would not use North Korean crews.  


Ship Insurers Plug Hole in Iran Oil Cover Left by US Sanctions

File photo: MOL

Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative.  


Novatek CEO: Sanctions Hurt Yamal LNG, Upbeat on Plans

International sanctions have undermined the ability of Russia's Yamal LNG project to raise necessary funds but it will be launched as scheduled, Leonid Mikhelson, head of the plant's main shareholder, said in a televised interview on Tuesday.  


Philippines Releases North Korean Ship

Image:Philippine Coast Guard

 Reuter reports that  the Philippines has released a North Korean freighter it had seized. The North Korean freighter was covered by harsher United Nations' sanctions against Pyongyang over its nuclear program.   The 6,830 deadweight tonne (dwt) cargo ship M/V Jin Teng was one of


Iranian Ships Start Calling at Antwerp port

Antwerp port

The Iranian shipping company Islamic Republic of Iran Shipping Lines (IRISL) called at the port of Antwerp with one of its ships this week, for the first time since economic sanctions were lifted. The honour of being the “first” Iranian ship in Antwerp’s waters fell to the


Europort to Partner IRANIMEX

Logo Iranimex, powered by Europort,

Leading maritime exhibition offers gateway to maritime and offshore opportunities in Iran   Europort has become the official and exclusive international partner of IRANIMEX, the leading maritime & offshore exhibition in Iran. The agreement brings together the brand behind the maritime


China's Q1 Trade with N.Korea up Despite Sanctions

China's trade with North Korea rose in the first quarter in spite of tough new international sanctions this year targeting Pyongyang's banned nuclear program, including curbs on coal imports.   Imports from the isolated country, consisting mainly of coal and clothes, rose 10


Iran's Crude Oil Exports Show Rise in April

Iran has boosted its crude oil exports so far in April to around 1.75 million barrels per day, according to an industry source and shipping data, as OPEC's No. 3 producer works to recover market share following the lifting of sanctions.  


Iran Struggles to Find Enough Ships for Oil Exports

Photo: National Iranian Tanker Company

Iran faces a struggle to increase oil exports because many of its tankers are tied up storing crude, some are not seaworthy, and foreign shipowners remain reluctant to carry its cargoes.   Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in






 
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