US Sanctions Maritime Companies, Vessels for Shipping Oil Above Russian Price Cap
The U.S. on Thursday imposed sanctions on maritime companies and vessels for shipping Russian oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine.The U.S. Treasury Department in a statement said it slapped sanctions on three United Arab Emirates-based companies and three vessels owned by them in the action, accusing the vessels of engaging in the export of Russian crude oil priced above the $60 a barrel cap.
US Sanctions Two Tanker Owners for Carrying Russian Oil Above Price Cap
The U.S. on Thursday imposed the first sanctions on owners of tankers carrying Russian oil above the G7 price cap of $60 a barrel, one based in Turkey and one in the United Arab Emirates, in an effort to close loopholes on the mechanism designed to punish Moscow for the war in Ukraine.The U.S., other G7 countries and Australia imposed the cap last year, seeking to reduce Russia's revenues from seaborne oil exports as part of sanctions for its invasion of Ukraine.The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. Caps also were imposed on Russian fuel exports.U.S.
Singapore Companies Should Manage Own Risks in Russian Oil Trade, Minister Says
Companies in Singapore will have to consider and manage any potential impact on their business activities, transactions, and customer relationships when dealing with Russian crude oil and refined products, a government official said on Friday.Russia's oil trade faces multiple restrictions imposed by the West and Moscow in the wake of the Ukraine war.The European Union has imposed bans on Russian crude and oil products imports while the Group of Seven nations, EU and Australia agreed to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced abo
EU Eyes Ban on All Shipping, Financing Services for Russian Oil
The European Commission has proposed to ban in a month's time all shipping, brokerage, insurance and financing services offered by EU companies for the transport of Russian oil worldwide, an EU source told Reuters on Wednesday.The measure is part of a proposed embargo on Russian oil that is meant to cripple Russia's oil industry. Read full storyProvided the proposal gets the approval of EU governments, all insurance, finance, and shipping services for Russian oil transport would be banned in a month's time…
WISTA Singapore Launches Asia Conference
Women leaders from all over the world will gather in Singapore to attend the forthcoming WISTA Singapore Asia Conference taking place on May 10, 2018. The theme of the conference is “#UnlockingAsia – Opportunities and Threats” and topics such as “Ports & Terminals”, “Cyber Security” and “One Belt One Road Initiative” will be explored by experts in these areas in various panel discussions. Hosted by WISTA Singapore, a National Chapter of WISTA International and the first to be founded in Asia in 1998…
MPA Honors Patrick Phoon
Ocean transportation firm, “K” Line Pte Ltd, and Patrick Phoon, Deputy Managing Director of Evergreen Shipping Agency, received the International Maritime Centre (Corporate) Award and the International Maritime Centre (Individual) Award respectively. The Maritime and Port Authority of Singapore (MPA) has honoured ten industry partners who have made outstanding contributions to Singapore's development as a premier global hub port and a leading international maritime centre at the Singapore International Maritime Awards (IMA) 2017. Kawasaki Kisen Kaisha, Ltd (“K” Line) started out as a representative office in 1973. Since then, “K” Line’s business activities have grown to include ship operations, ship management and ship agency.
SSA: Marine Insurance, Finance Are Areas to Develop
Singapore has to further develop and strengthen the pillars of marine insurance and shipping finance if it is to be fully regarded as an influential International Maritime Centre, according to Singapore Shipping Association President Patrick Phoon. Addressing a Gala Dinner to celebrate the SSA’s 29th Anniversary, Phoon said work was underway to achieve these goals. He told the gathering of over 2,000 guests at the Sands Grand Ballroom, “Some of you may be aware that over the past year, the SSA Council had commissioned consultants to assist in producing reports in these two areas.
