Sanctions News

Britain imposed fresh sanctions on Russia on Tuesday, targeting Yandex Bank, a network linked to Russian military intelligence and dozens of vessels accused of shipping Russian oil and gas to third countries as part of Moscow’s "shadow fleet."The package, covering 70 new designations, also covered insurer Rosgosstrakh, Evofinance Mosnarbank and Wildberries Bank, and are part of British efforts to step up pressure on the financial and logistics networks it says are helping the Kremlin in its war in Ukraine."These sanctions target the vessels, the money and the actors propping up Russia’s war ec

The captain of a Russian shadow fleet vessel intercepted by British commandos was charged with contravening sanctions, Britain's National Crime Agency said on Monday.Ajay Pant, an Indian national, was charged with "directly or indirectly supplying or delivering by ship prohibited oil/oil products from Russia to a third country...," the agency said.Pant is set to appear at the Southampton Magistrates' Court on Tuesday, the agency added.British commandos on Sunday boarded and intercepted Smyrtos, a sanctioned Russian oil tanker sailing under a Cameroonian flag, in the English Channel.

The United States issued sanctions against Cuban state oil company Union Cuba Petroleo (CUPET), the Treasury Department website showed on Thursday, adding more obstacles for the island's government to import much-needed fuel.Washington has imposed sanctions on an array of Cuban entities and people, including the island nation's president, as it seeks to intensify pressure on Cuba's communist leaders.The sanctions follow the U.S. declaration of a national emergency this year that would impose tariffs on any country that supplies oil to the island…

India's ship safety certifier is taking a tougher stance on vessels involved in evading international trade sanctions, by cancelling the certification of more than 200 tankers and other ships since 2023, the head of the agency told Reuters.The Indian Register of Shipping (IRClass) is among the world's leading ship certifiers and removal from its list is likely to complicate a vessel's ability to secure insurance and potentially access ports.Since 2023, Mumbai-based IRClass has de-classed 235 ships from its registry…

Dubai-based GMS has won U.S. government approval to scrap four container ships that were under Iran-related sanctions, potentially paving the way for Washington to reduce the shadow fleet of such vessels, the leading ship recycler's CEO said.Hundreds of ships with no known insurance or compliance with environmental safety standards have not only helped Iran and Russia circumvent sanctions, but also posed a threat of oil spills and fuel leaks in busy sea lanes.An approved mechanism for scrapping such vessels offers an incentive to take them out of circulation…

Britain will allow imports of diesel and jet fuel refined abroad from Russian crude under a sanctions carve-out, watering down restrictions to help ensure supply at home as prices soar due to the conflict in the Middle East.While Britain's support for Ukraine remains steadfast, junior treasury minister Dan Tomlinson said, he added that the national interest had to come first and therefore a loosening of certain sanctions on some Russian products for now made sense."We have to make sure that we protect the security of supply for really important foundational goods in our economy…

The Trump administration on Tuesday imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks as the U.S. maintains pressure on Tehran.The move came after Iran said its latest peace proposal to the United States over the U.S.-Israeli led war that started February 28 involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations…

Shipping giants CMA CGM and Hapag-Lloyd said on Sunday they had suspended all bookings to and from Cuba until further notice, with both citing a U.S. executive order issued on May 1, in the latest blow to the crisis-wracked island's economy.The temporary suspension of new orders by two of the world’s largest shipping companies could jeopardize as much as 60% of Cuba's shipping traffic by volume, two sources with direct knowledge of the situation said - a fresh hit to a country already nearing collapse amid a U.S. oil blockade that has throttled the island's fuel supply.“Following the U.S.

The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.The U.S. Treasury move follows sanctions announced on Friday on individuals and companies aiding Iranian purchases of weapons and components used to make drones and ballistic missiles.It comes days before U.S. President Donald Trump's planned meeting with Xi Jinping…

The United States is set to remove sanctions against Eritrea, according to an internal U.S. government document seen by Reuters, a decision analysts linked to the African state's strategic location on the Red Sea shipping route.The U.S. move is aimed at improving ties with Eritrea, which has a long Red Sea coastline opposite Saudi Arabia, while also sending a message to neighbouring Ethiopia not to go to war with its longtime Horn of Africa foe, analysts said.The war in Iran and closure of the Strait of Hormuz…

U.N. Security Council members will begin talks on Tuesday on a U.S.- and Bahrain‑backed draft resolution that could lead to sanctions against Iran, and potentially authorise force, if Tehran fails to halt attacks and threats to commercial shipping in the Strait of Hormuz, three Western diplomats said.Fresh exchanges of fire on Monday underscored the stakes as the U.S. and Iran struggle for control of the narrow waterway, a vital artery for global energy and trade, shaking a fragile four-week-old truce and reinforcing rival maritime blockades.The U.S.

Russia has added four LNG carriers to its fleet, LSEG ship-tracking data and the Russian ship register showed on Wednesday, which could help the country to increase its market share ahead of an EU ban on Russian gas imports.The European Union in January gave its final approval to a ban on Russian gas imports by late 2027.The bloc has also imposed sanctions on Russia in response to its war on Ukraine. The sanctions have limited Russia's access to the vessels it needs to gain a…

Reliance Industries has rejected two Iranian oil cargoes as they failed to meet its compliance requirements, the Indian refiner said on Friday, just days before the expiry of a U.S. waiver that has lifted sanctions on Iranian oil exports.Last month, Washington issued 30-day waivers on U.S. sanctions allowing the purchase of Russian and Iranian oil at sea in an attempt to ease prices which soared after U.S.-Israeli strikes on Iran.Treasury Secretary Scott Bessent on Wednesday said the U.S.

A cargo of liquefied natural gas from Russia's Portovaya plant on the Baltic Sea that is under U.S. sanctions is on its way to India, LSEG shipping data showed on Wednesday.If it reaches its destination, it would be the first such delivery to India since U.S. President Donald Trump last year said Prime Minister Narendra Modi had assured him India would stop buying Russian energy.India has never publicly confirmed any such pledge and has said its buying decisions are guided by price, supply security and consumer interests.

The U.S. will not renew a 30-day waiver of sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend, two administration officials told Reuters on Tuesday, as the U.S. imposes a blockade on shipments from Iranian ports.Tuesday's move signals that "Treasury is going full force on Economic Fury" on Iran, an apparent reference to Operation Epic Fury, the U.S.-led military campaign against the country…

India has bought its first cargo of Iranian liquefied petroleum gas in years after the U.S. temporarily removed sanctions on Tehran's oil and refined fuels, LSG trade flows and three industry sources said.India had shunned energy purchases from Iran in 2019 under pressure from Western sanctions. The tanker was initially bound for China, according to LSEG data.Sanctioned tanker Aurora carrying Iranian LPG is expected to shortly reach the west coast port of Mangalore, the sources…

The U.S. may soon remove sanctions from Iranian oil that is stranded on tankers to help lift global supplies and reduce prices, U.S. Treasury Secretary Scott Bessent said on Thursday."In the coming days, we may unsanction the Iranian oil that's on the water. It's about 140 million barrels," Bessent told Fox Business Network's "Mornings with Maria" program."So, depending on how you count it, that's 10 days to two weeks of supply," he added.Bessent said the addition of sanctioned Iranian oil into global supplies would help keep oil prices down for the next 10 to 14 days.

Maritime companies face rising sanctions and compliance complexity as regulators increasingly expect risks to be detected before violations occur, according to a new report published by Marcura.The report “The Fragmentation Problem in Maritime Compliance” points to divergence between US, EU and other sanctions regimes. Secondary sanctions have expanded, and a growing shadow fleet continues to obscure ownership, insurance and trading histories. Together, these factors increase…

Venezuela can now pay for gas received from Eni with oil thanks to a recent easing of U.S. sanctions, unlocking a situation that had left the Latin American country with a large debt to the Italian firm, Eni's CEO said on Thursday."That's really a big upside. Before we were stuck for almost one year. That created a build up in our outstanding," Chief Executive Claudio Descalzi said during a post‑results call.Descalzi, who confirmed that Venezuela owes the Italian group around $3 billion…

The U.S. Treasury Department on Wednesday imposed sanctions on more than 30 individuals, entities and "shadow fleet" vessels it said enabled Iran's illicit petroleum sales, ballistic missiles and weapons production.Treasury's Office of Foreign Assets Control also targeted multiple networks that enable Iran's Islamic Revolutionary Guard Corps and Ministry of Defense and Armed Forces Logistics to secure the precursor materials and machinery required for ballistic missile and other weapons production…

U.S. diesel exports to Europe hit an all‑time high in January after the continent strengthened its ban on imports of Russian-derived fuel, and as discounted Russian diesel displaced U.S. fuel in Brazil, data showed and analysts said.The developments show how Western sanctions, aimed at punishing Russia over its invasion of Ukraine, are reshaping markets, allowing U.S. producers to capture premium markets in Europe while forcing Russia to seek customers much farther from home.Notably…

India has seized three U.S.-sanctioned tanker ships linked to Iran this month and stepped up surveillance in its maritime zone to curb illicit trade, a source with direct knowledge of the matter said on Monday.India aims to prevent its waters from being used for ship-to-ship transfers that obscure the origin of oil cargoes, the source added.The seizures and heightened surveillance follow an improvement in U.S.-India relations. Washington earlier this month announced it will cut import tariffs on Indian goods to 18% from 50%…

The U.S. Department of Defense conducted a maritime interdiction and boarding of the vessel Veronica III, which tried to defy President Donald Trump’s quarantine, the department said on Sunday."Overnight, U.S. forces conducted a right-of-visit, maritime interdiction and boarding of the Veronica III without incident in the INDOPACOM area of responsibility," it said in a post on X."We tracked it from the Caribbean to the Indian Ocean, closed the distance, and shut it down," it added.(Reuters - Reporting by Preetika Parashuraman in Bengaluru; editing by Philippa Fletcher)