The UK government has outlined how it expects commodities houses, trade finance banks and insurers to comply with an imminent G7 price cap on Russian oil aimed at hitting Vladimir Putin’s war chest while avoiding further price hikes. The November 14 guidance from the Office of Financial Sanctions Implementation (OFSI) on how it will enforce ...| Global Trade Review (GTR)
The UK’s top crime and sanctions enforcement agencies have warned banks to be on the lookout for efforts by a Russian oil trading network to access trade finance. The National Crime Agency (NCA) and the Office of Financial Sanctions Implementation (OFSI) say in a “red alert” published on July 2 that sanctioned entities are using ...| Global Trade Review (GTR)
Trafigura has renewed its energy-focused North America borrowing base credit facility, closing at just over US$4.2bn after oversubscription from bank participants. Trafigura Trading LLC, a Houston-headquartered subsidiary of the commodity trading giant, announced it had closed the two-year facility this week, initially launching at US$3.75bn in April. It renews a 2023 facility that closed at ...| Global Trade Review (GTR)
Mercuria has grown its European revolving credit facilities (RCFs) to US$3.5bn, which the commodity trading giant says will aid its growth plans and expansion in the LNG and metals markets. The facilities comprise one-year and three-year multicurrency RCFs as well as a one-year off-balance sheet instruments facility, with extension options. They were launched at US$2.75bn ...| Global Trade Review (GTR)
