Sanctions News

The United States on Thursday issued new sanctions targeting Venezuela, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.The action came as the U.S. executes a large-scale military buildup in the southern Caribbean and as U.S. President Donald Trump campaigns for Maduro's ouster. On Wednesday, Trump said the U.S. had seized a sanctioned oil tanker off the coast of Venezuela.The U.S.

Discussions on the need to tighten sanctions on Russia, including the possibility of a blanket ban on providing maritime services, should not be at the expense of legitimate businesses in the industry, key EU shipping nations Cyprus and Malta said.The Group of Seven countries and the European Union are in talks to replace a price cap on Russian oil exports with a full maritime services ban in an attempt to reduce the oil revenue that helps finance Russia's war in Ukraine, Reuters exclusively reported on Dec.

Discounts for Russian flagship Urals crude in Indian ports have tripled since August against dated Brent as U.S. sanctions drive key buyers away from Moscow-supplied oil, three sources involved in the trade said.The United States last month imposed its toughest sanctions yet on Russia’s energy sector, targeting oil majors Lukoil and Rosneft. Friday marks the deadline for companies to wind down all dealings with the two producers.Urals crude has been a mainstay feedstock for Indian refiners since 2023, when Moscow redirected flows to Asia after the European Union banned Russian energy.

U.S. sanctions are dismantling what remains of Lukoil's Litasco, once Russia's biggest oil trader and a rival to top Swiss houses and oil majors, five sources told Reuters.The measures, which also target state-owned Rosneft, took effect on Friday as Washington seeks to choke off Moscow’s ability to fund its war in Ukraine. They have thrown Lukoil’s global operations into limbo, from oilfields in the Middle East to fuel pumps and refineries across Europe.Cut off from the global financial system…

Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S. oil major Chevron is studying options to buy some global assets of Lukoil, sources have said. U.S.

In this moment of heightened trade tensions, the International Chamber of Shipping co-hosted a second Global Maritime Trade Summit in Hong Kong to explore geopolitics and trade realignment, building resilient supply chains, and financing a dynamic and robust maritime economy. The summit was co-hosted by the Transport and Logistics Bureau of the Government of Hong Kong, SAR and the Hong Kong Shipowners Association.The theme of this year’s summit was Building Resilience, Driving Growth and Investment.“The maritime industry is at a pivotal moment.

Around 1.4 million barrels per day of Russian oil, or almost a third of the country's seaborne exporting potential, remain in tankers as unloading slows due to U.S. sanctions against Rosneft and Lukoil, JPMorgan said on Thursday.The U.S.

Oil prices rose on Tuesday on the impact of the latest U.S. sanctions on Russian oil and optimism that the U.S. government shutdown could end soon, although oversupply concerns limited gains.Brent crude futures were up $1.14, or 1.78%, to $65.2 a barrel at 11:50 a.m. ET (1650 GMT). U.S. West Texas Intermediate crude was at $61.16 a barrel, up $1.03 cents, or 1.03%.Investors continue to assess the fallout from the U.S. sanctions on Russia, and their impact on both crude oil and refined fuel markets.Lukoil declared force majeure at an Iraqi oilfield it operates…

Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S. President Donald Trump's push to end the war in Ukraine.Four sources with…

Two tankers carrying around 1.5 million barrels of Russian Urals crude have dropped anchor at sea on either end of the Suez Canal, in an apparent sign of the difficulty Moscow is having selling oil after Western sanctions were tightened last month.The vessels Sikar and Monte 1 were both loaded with oil from Russia’s Baltic port of Primorsk in early October and have remained anchored near the canal for over a week, according to tracking data from LSEG and OilX.The United States and European Union have tightened sanctions against Russia’s oil sector…

Russian oil major Lukoil is struggling to keep operations running at its sprawling foreign businesses as Western sanctions disrupt oil loadings in Iraq, pump stations in Finland and trading in Switzerland, sources said.The United States and the United Kingdom last month imposed sanctions on Russia's second-largest oil company, complicating how it carries out its normal operations.The U.S. Treasury Department issued a licence giving companies until November 21. to wind down any…

The United States will in the coming days ask a U.N. Security Council committee to impose sanctions on seven ships suspected of violating U.N. sanctions on North Korea, a State Department official said on Monday.The seven vessels have illegally exported North Korean coal and iron ore to China, which traditionally earns Pyongyang between $200 million and $400 million a year, said the U.S. official, speaking on condition of anonymity."These nominations are not just bureaucratic exercises. They're about ensuring accountability for U.N.

Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.

A sanctioned liquefied natural gas (LNG) tanker made a ship-to-ship (STS) transfer off the coast of Malaysia after picking up a cargo from a Russian export terminal also under Western restrictions, according to two analytics firms.The operation appears to be the first known STS transfer of sanctioned Russian LNG, despite Western efforts to curb Moscow's energy revenues over its war in Ukraine.The LNG tanker Perle, which was sanctioned by the United States in January, had been…

A liquefied natural gas tanker has left Russia's Arctic LNG 2 after loading a cargo there, according to data compiled by LSEG and analytics firm Kpler, as the project continues output despite Western sanctions over Moscow's war in Ukraine.The Christophe De Margerie tanker arrived at Arctic LNG 2 on October 17 and departed loaded on October 20, according to Kpler data. Shipping database Equasis lists the tanker's registered owner as Zelitiko Shipping, and its ship or commercial manager as Gas Carriers SCF Management…

The European Union's diplomatic arm, the EEAS, is urging member states to back a maritime declaration that would allow EU nations working with flag states to arrange inspections on Russia's "shadow fleet" of oil tankers, an EEAS document shows.Beefing up inspection rights is the latest EU proposal aimed at curbing Russian oil and gas revenue being used by Moscow to finance the Ukraine war. EU foreign ministers are due to meet on Monday to discuss new measures against Russia, among other topics.In early October…

China's sanctions on U.S.-linked units of shipbuilder Hanwha Ocean threaten to impact ambitious plans for shipbuilding cooperation between Seoul and Washington by disrupting supplies of Chinese equipment and materials, officials in Seoul said on Friday.Beijing announced the sanctions on Tuesday as the U.S. and China began charging additional port fees on each other's vessels, in the latest exchange in a protracted trade war ahead of a planned meeting of the two countries' leaders.South…

Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 44 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under Britain's Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.The two companies were considered strategically significant to the Kremlin…

Britain targeted Russia's two largest oil companies, Lukoil and Rosneft, and 51 shadow fleet tankers on Wednesday in what it described as a new bid to tighten energy sanctions and choke off Kremlin revenues.Lukoil and Rosneft were designated under the Britain’s Russia sanctions laws for what London described as their role in supporting the Russian government. They are subject to an asset freeze, director disqualification, transport restrictions, and a ban on British trust services.The two companies were considered strategically significant to the Kremlin…

The United States on Friday threatened to use visa restrictions and sanctions to retaliate against nations that vote in favor of a plan put forward by a United Nations agency to reduce planet-warming greenhouse gas emissions from ocean shipping.U.N. member nations are scheduled to vote next week on the International Maritime Organization's Net-Zero Framework proposal to reduce global carbon dioxide gas emissions from the international shipping sector, which handles around 80% of world trade and accounts for close to 3% of global greenhouse gases.Large container carriers…

The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.The move follows China's decision to tighten controls on rare earth exports…

A tanker carrying liquefied natural gas from Russia's Arctic LNG 2 project has discharged it at a Chinese port, according to data from analytics firms Kpler and Vortexa, continuing supplies despite Western sanctions against the project.The La Perouse tanker berthed at the Beihai LNG Terminal in China's southwestern region of Guangxi on October 9, after picking up a cargo from Arctic LNG 2 in late August.It left Beihai terminal on October 10. Shipping database Equasis lists the tanker's registered owner as Enson Shipping Inc…

Tanker freight rates for shipping Urals crude from Russia’s western ports to India rose further in late September and early October, tracking a sharp increase in loadings last month, industry sources said.Indian refiners continue to buy Russian oil despite punitive U.S. tariffs on goods imported from India after it defied a demand for it to stop the Russian imports.Crude exports from Russia’s western ports of Primorsk, Ust-Luga and Novorossiisk rose by 500,000 barrels per day in September from August to a record 2.5 million bpd…