Since Russia’s invasion of Ukraine, the aggressive pursuit of trade restrictions by western governments has significantly added to sanctions pressures facing financial institutions, commodity traders and shipping companies. At the same time, illicit actors are showing greater sophistication in their attempts to evade those controls. In this inaugural GTR sanctions roundtable held in October, a…| Global Trade Review (GTR)
Russia appears to be preparing for an increase in exports from its US-sanctioned Arctic LNG 2 project, prompting warnings of an uptick in the use of high-risk “shadow” tankers. Article LNG 2, a US$20bn facility located in the Gydan Peninsula in northern Russia and developed by Russian energy company Novatek, has been subject to US sanctions…| Global Trade Review (GTR)
The number of Russian crude oil tankers passing Germany’s hazardous Baltic coast has risen 70% since the start of 2021, yet many are ageing vessels and lack sufficient insurance, research has found. EU sanctions introduced after Russia’s invasion of Ukraine largely prevent member states importing Russian crude oil by pipeline. The Kremlin has found willing…| Global Trade Review (GTR)
The UK’s financial sanctions enforcement body has urged companies and banks involved in the seaborne oil trade to closely scrutinise shipping documents, warning of potential attempts to evade the US$60 cap on Russian oil. In an advisory issued on November 21, the Office of Financial Sanctions Implementation (OFSI) said it has “identified instances” of companies ...| Global Trade Review (GTR)
