Sanctions News

Oil prices fell about 4% to a one-week low on Tuesday as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation.Brent crude futures were down $3.83, or 4.2%, to $88.34 a barrel by 11:44 a.m. EDT, while U.S. West Texas Intermediate crude futures fell $3.34, or 3.9%, to $81.67.Both benchmarks hit their lowest levels since August 17.The shift from military conflict to economic pressure in the U.S.-Israeli war with Iran has reduced some of the oil market's anxiety…

Planned new U.S. sanctions on Iran and the UAE's halt on Tehran trade could severely disrupt Indian exports of rice, tea and pharmaceuticals to Iran, which have been largely routed through Dubai's port in recent years, Indian exporters said on Monday.India has been among Iran's five largest trading partners, though bilateral trade has fallen by more than 90% from its 2018/19 highs of $17 billion, with exports now limited mostly to goods exempted on humanitarian grounds.Indian exporters fear U.S.

Iran said it had blacklisted 45 tankers that had broken its rules for crossing the Strait of Hormuz, and would take action against any vessels transferring loads with them, escalating its threats over the key waterway six months into the war.The named vessels could be fined, detained and have their cargoes confiscated, according to an X post late on Sunday from the Persian Gulf Strait Authority, a new body set up by Iran to manage the strait.The warning was issued within days of the U.S. threatening Iran with "the toughest sanctions in history", and Iran saying its response to any new U.S.

Oil prices were steady on Friday and were on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in sight for disruptions to Middle East oil flows.Brent crude futures rose 20 cents, or 0.21%, to $93.98 a barrel by 1307 GMT. U.S. West Texas Intermediate crude was up 7 cents, or 0.08%, at $86.90.The Brent benchmark has gained more than 6.1% while WTI has risen 5.3% this week, with both touching their highest since July 24 in the previous session."The U.S.

Dubai-based GMS has won U.S. government approval to scrap two sanctions-hit oil tankers it acquired, months after securing agreements to recycle four sanctions-hit container ships, the ship recycler told Reuters.The use ‌of so-called shadow fleet tankers has surged in recent years, with hundreds of tankers transporting Iranian or Russian oil with limited scrutiny, insurance or safety checks.Major shipowners have called for faster scrapping of such vessels, warning they pose significant environmental and safety risks.'DESTINED FOR RESPONSIBLE RECYCLING'GMS…

Gasoline at $38 a gallon sold from cramped apartments. Diesel hawked on Instagram by a celebrity model to a reggaeton soundtrack. Six decades after Fidel Castro’s revolution, all of a sudden, capitalist cracks are appearing in Cuba’s communist energy sector.Under Washington’s crippling oil embargo against Cuba, an exception that allows U.S. firms to export fuel to private Cuban businesses has kickstarted a chaotic black market and pried the lid off an energy sector tightly controlled…

A sanctions-hit tanker is leaking oil off the coast of Oman and the spill has spread in recent days, increasing concern about possible environmental damage to coastal areas, according to an analysis of satellite imagery and shipping specialists.The Caroline Bezengi took Russian oil on board at the Black Sea port of Novorossiysk before leaving for its most recent voyage, ship tracking data shows.It first reported difficulties on June 8 off the southern Yemeni port of Mukalla, two maritime security sources ⁠said…

The United States on Wednesday issued another round of Iran-related sanctions, taking aim at Iran's efforts to "monetize the Strait of Hormuz" with designations of 10 entities and eight more tankers, the U.S. Treasury Department said.Six of the entities targeted for sanctions were based in China, it said.The sanctions followed a vow by U.S. President Donald Trump earlier on Wednesday to hit Iran hard, according to an interview with Fox News, after the U.S. military said it had intercepted multiple ballistic missiles launched by Iran toward American forces in the Middle East.

Britain imposed fresh sanctions on Russia on Tuesday, targeting Yandex Bank, a network linked to Russian military intelligence and dozens of vessels accused of shipping Russian oil and gas to third countries as part of Moscow’s "shadow fleet."The package, covering 70 new designations, also covered insurer Rosgosstrakh, Evofinance Mosnarbank and Wildberries Bank, and are part of British efforts to step up pressure on the financial and logistics networks it says are helping the Kremlin in its war in Ukraine."These sanctions target the vessels, the money and the actors propping up Russia’s war ec

The captain of a Russian shadow fleet vessel intercepted by British commandos was charged with contravening sanctions, Britain's National Crime Agency said on Monday.Ajay Pant, an Indian national, was charged with "directly or indirectly supplying or delivering by ship prohibited oil/oil products from Russia to a third country...," the agency said.Pant is set to appear at the Southampton Magistrates' Court on Tuesday, the agency added.British commandos on Sunday boarded and intercepted Smyrtos, a sanctioned Russian oil tanker sailing under a Cameroonian flag, in the English Channel.

The United States issued sanctions against Cuban state oil company Union Cuba Petroleo (CUPET), the Treasury Department website showed on Thursday, adding more obstacles for the island's government to import much-needed fuel.Washington has imposed sanctions on an array of Cuban entities and people, including the island nation's president, as it seeks to intensify pressure on Cuba's communist leaders.The sanctions follow the U.S. declaration of a national emergency this year that would impose tariffs on any country that supplies oil to the island…

India's ship safety certifier is taking a tougher stance on vessels involved in evading international trade sanctions, by cancelling the certification of more than 200 tankers and other ships since 2023, the head of the agency told Reuters.The Indian Register of Shipping (IRClass) is among the world's leading ship certifiers and removal from its list is likely to complicate a vessel's ability to secure insurance and potentially access ports.Since 2023, Mumbai-based IRClass has de-classed 235 ships from its registry…

Dubai-based GMS has won U.S. government approval to scrap four container ships that were under Iran-related sanctions, potentially paving the way for Washington to reduce the shadow fleet of such vessels, the leading ship recycler's CEO said.Hundreds of ships with no known insurance or compliance with environmental safety standards have not only helped Iran and Russia circumvent sanctions, but also posed a threat of oil spills and fuel leaks in busy sea lanes.An approved mechanism for scrapping such vessels offers an incentive to take them out of circulation…

Britain will allow imports of diesel and jet fuel refined abroad from Russian crude under a sanctions carve-out, watering down restrictions to help ensure supply at home as prices soar due to the conflict in the Middle East.While Britain's support for Ukraine remains steadfast, junior treasury minister Dan Tomlinson said, he added that the national interest had to come first and therefore a loosening of certain sanctions on some Russian products for now made sense."We have to make sure that we protect the security of supply for really important foundational goods in our economy…

The Trump administration on Tuesday imposed sanctions on an Iranian foreign currency exchange house and what it said were front companies overseeing transactions on behalf of Iranian banks as the U.S. maintains pressure on Tehran.The move came after Iran said its latest peace proposal to the United States over the U.S.-Israeli led war that started February 28 involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations…

Shipping giants CMA CGM and Hapag-Lloyd said on Sunday they had suspended all bookings to and from Cuba until further notice, with both citing a U.S. executive order issued on May 1, in the latest blow to the crisis-wracked island's economy.The temporary suspension of new orders by two of the world’s largest shipping companies could jeopardize as much as 60% of Cuba's shipping traffic by volume, two sources with direct knowledge of the situation said - a fresh hit to a country already nearing collapse amid a U.S. oil blockade that has throttled the island's fuel supply.“Following the U.S.

The U.S. government on Monday announced sanctions against three people and nine companies, including four based in Hong Kong and four in the United Arab Emirates, for aiding Iran's shipment of oil to China. The ninth company is based in Oman.The U.S. Treasury move follows sanctions announced on Friday on individuals and companies aiding Iranian purchases of weapons and components used to make drones and ballistic missiles.It comes days before U.S. President Donald Trump's planned meeting with Xi Jinping…

The United States is set to remove sanctions against Eritrea, according to an internal U.S. government document seen by Reuters, a decision analysts linked to the African state's strategic location on the Red Sea shipping route.The U.S. move is aimed at improving ties with Eritrea, which has a long Red Sea coastline opposite Saudi Arabia, while also sending a message to neighbouring Ethiopia not to go to war with its longtime Horn of Africa foe, analysts said.The war in Iran and closure of the Strait of Hormuz…

U.N. Security Council members will begin talks on Tuesday on a U.S.- and Bahrain‑backed draft resolution that could lead to sanctions against Iran, and potentially authorise force, if Tehran fails to halt attacks and threats to commercial shipping in the Strait of Hormuz, three Western diplomats said.Fresh exchanges of fire on Monday underscored the stakes as the U.S. and Iran struggle for control of the narrow waterway, a vital artery for global energy and trade, shaking a fragile four-week-old truce and reinforcing rival maritime blockades.The U.S.

Russia has added four LNG carriers to its fleet, LSEG ship-tracking data and the Russian ship register showed on Wednesday, which could help the country to increase its market share ahead of an EU ban on Russian gas imports.The European Union in January gave its final approval to a ban on Russian gas imports by late 2027.The bloc has also imposed sanctions on Russia in response to its war on Ukraine. The sanctions have limited Russia's access to the vessels it needs to gain a…

Reliance Industries has rejected two Iranian oil cargoes as they failed to meet its compliance requirements, the Indian refiner said on Friday, just days before the expiry of a U.S. waiver that has lifted sanctions on Iranian oil exports.Last month, Washington issued 30-day waivers on U.S. sanctions allowing the purchase of Russian and Iranian oil at sea in an attempt to ease prices which soared after U.S.-Israeli strikes on Iran.Treasury Secretary Scott Bessent on Wednesday said the U.S.

A cargo of liquefied natural gas from Russia's Portovaya plant on the Baltic Sea that is under U.S. sanctions is on its way to India, LSEG shipping data showed on Wednesday.If it reaches its destination, it would be the first such delivery to India since U.S. President Donald Trump last year said Prime Minister Narendra Modi had assured him India would stop buying Russian energy.India has never publicly confirmed any such pledge and has said its buying decisions are guided by price, supply security and consumer interests.

The U.S. will not renew a 30-day waiver of sanctions on Iranian oil at sea that expires this week, and quietly let a similar waiver on sanctions on Russian oil expire over the weekend, two administration officials told Reuters on Tuesday, as the U.S. imposes a blockade on shipments from Iranian ports.Tuesday's move signals that "Treasury is going full force on Economic Fury" on Iran, an apparent reference to Operation Epic Fury, the U.S.-led military campaign against the country…