The Japan Bank for International Cooperation (JBIC) has suspended funding for Russian gas producer Novatek’s major Arctic LNG project, adding yet further strain to a development that has been hard hit by western sanctions. In late 2021, the Arctic LNG 2 project secured a bumper financing package worth €9.5bn from a group comprised of Chinese…| Global Trade Review (GTR)
Banks have detected almost US$1bn worth of transactions suspected to have facilitated exports from the US to Russia in possible violation of sanctions, the US financial crime enforcement agency says. Since Russia’s February 2022 invasion of Ukraine, US exporters of sensitive goods have received payments directly from Russia or through intermediary companies in other countries…| Global Trade Review (GTR)
Major western powers will allow banks and insurers to back trade in Russian oil below US$60 per barrel, but industry insiders warn such transactions likely lie beyond the risk appetite of trade finance lenders. Under the regime, businesses in the G7, European Union and Australia are prohibited from providing services supporting seaborne Russian oil exports,…| Global Trade Review (GTR)
Researchers have identified eight shipments of Russian crude that were covered by UK insurers despite allegedly being sold above the US$60 price cap, as authorities pledge to crack down on sanctions circumvention by rogue oil traders. The claims follow an investigation by the Centre for Research on Energy and Clean Air (CREA), a non-profit organisation…| Global Trade Review (GTR)
The US is seeking to disrupt the non-western market for Russian oil and gas, promising a “steady drumbeat” of sanctions enforcement actions, a government official said this week. US sanctions on Russian oil have generally focused on weakening the Kremlin’s export revenues while keeping supply steady, stabilising prices. The oil price cap, in place across…| Global Trade Review (GTR)
