US financial crime authorities have warned that Iranian entities are using front companies in Hong Kong and the UAE to ship sanctioned oil to China and launder the proceeds through the international financial system. In an advisory issued on June 6, the Financial Crimes Enforcement Network (FinCEN) says Iran exports around 1.6 million barrels of ...| Global Trade Review (GTR)
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)
Aggressive US sanctions against vessels transporting Russian oil are expected to have a substantial impact on trade flows, with Russia’s remaining shadow fleet unlikely to be large enough to fulfil demand, researchers believe. The outgoing Biden Administration announced on January 10 it had imposed sanctions on more than 150 individual vessels, as well as numerous ...| Global Trade Review (GTR)
