The European Commission has finalised reforms requiring all vessels to provide proof of insurance when passing through EU waters, part of a crackdown on a growing fleet of high-risk, ageing tankers. The so-called shadow fleet, a vast number of vessels used to ship fuel without the involvement of western banks and insurers, has grown considerably…| Global Trade Review (GTR)
The US has tightened sanctions on Russian energy trade transactions, removing an exemption introduced in 2022 designed to keep fuel prices stable, although legal experts doubt the reforms will have a widespread effect on banks. When the Office of Foreign Assets Control (OFAC) introduced sweeping sanctions on Russian entities in early 2022, it allowed an…| Global Trade Review (GTR)
US authorities have taken enforcement action against three overseas shipping companies accused of facilitating shipments of petroleum products to ports controlled by Yemen’s Houthi rebel group. The US government announced on March 4 that the Houthis had been designated as a foreign terrorist organisation, and said companies would no longer be permitted to offload refined…| Global Trade Review (GTR)
US authorities have imposed sanctions on two oil traders in Hong Kong and the UAE, as well as several shipping companies across Asia, for allegedly brokering and transporting Iranian-origin fuel. The Office of Foreign Assets Control (Ofac) and Department of State announced this week it was cracking down on “oil brokers”, which operate outside Iran ...| Global Trade Review (GTR)
