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)
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)
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)
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)