Major Buyers of Russian Oil Struggle with Bank Guarantees
The global oil market was thrown into chaos on Thursday after Russia invaded Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take crude from one of the world's largest producers.At least three major buyers of Russian oil have been unable to open letters of credit from Western banks to cover purchases on Thursday, four trading sources said, citing market uncertainty after the Russian invasion.Russia produces every 10th barrel in the world and oil prices jumped to above $105 per barrel on Thursday, their highest since 2014, due to fears of disruptions.In the Black Sea, a Turkish-owned ship was hit by a bomb off the coast of Ukraine's port city Odessa…
Greece Seizes Explosives From Cargo Ship
According to reports, Greek law enforcement officials confiscated 680 tons of explosives on Sunday night from a vessel off the western coast of Greece. Greek Coast Guard officials escorted the cargo ship, Baltic Sky, to the commercial port of Platigialio, where it is being investigated. The Comoros-flagged ship, owned by Alpha Shipping, was carrying ammonia dynamite, an explosive widely used in mining, as well as 8,000 detonators and fuses when it was seized. Various media outlets have confirmed that Greek shipping authorities are casting doubts on the legality of the ship’s activities. It is reported that the vessel disregarded regulations by not reporting its cargo to proper authorities.
