DIRS.INFO The most relevant business & tech news

☆ US Imposes Sanctions for Violations of Russia Oil Price Cap
▼ + stars: | 2024-02-08 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - The U.S. Treasury Department said on Thursday it had put sanctions on three entities based in the United Arab Emirates (UAE) and one registered in Liberia for violating a cap placed on the price of Russian oil by a coalition of Western nations. The Treasury also said it had taken steps to bar the import of certain categories of diamonds mined in Russia, another step designed to deprive Moscow of foreign revenues following the 2022 invasion of Ukraine. In a statement, the Treasury Department said it had imposed sanctions on three UAE-based entities - Zeenit Supply and Trading DMCC, Talassa Shipping DMCC and Oil Tankers SCF Mgmt FZCO - as well as on Liberia-registered NS Leader Shipping Incorporated. The price cap imposed by the Group of Seven countries, the European Union and Australia bans the use of Western maritime services such as insurance, flagging and transportation when tankers carry Russian oil priced at or above $60 a barrel. War in Israel and Gaza View All 194 Images(Reporting by Daphne Psaledakis, Ismail Shakil and Arshad Mohammed; editing by David Ljunggren)

Persons: Daphne Psaledakis, Ismail Shakil, Arshad Mohammed, David Ljunggren Organizations: WASHINGTON, U.S . Treasury, United Arab Emirates, Treasury, Treasury Department, Talassa Shipping, Oil, Mgmt, NS, Shipping Incorporated, Group, European Union Locations: UAE, Liberia, Western, Russia, Moscow, Ukraine, Australia, Israel, Gaza

Russia has increasingly had to turn to a so-called "ghost fleet" of aging tankers to ship oil and avoid the cap. Panama, the Republic of the Marshall Islands, and Liberia have allowed some of those ships to carry their flags, according to Lloyd's List Intelligence and oil analysts. Lloyd's List Intelligence has said nearly 40% of the about 535 dark-fleet tankers have registered ownership via companies incorporated in the Marshall Islands. It also seeks to give leverage to countries buying oil outside the price-cap coalition to get discounted oil from Russia. The group is asking Liberia and the Marshall Islands to increase awareness among those in the trade that its flag should not be used for tankers transporting oil priced above the cap.

Persons: Dado Ruvic, Lindsey Whyte, John Berrigan, Brian Nelson, Timothy Gardner, Simon Webb, Rosalba O'Brien Organizations: REUTERS, Rights, Marshall, Intelligence, Britain's Treasury, U.S . Treasury, Reuters, EU, Thomson Locations: WASHINGTON, U.S, Liberia, Marshall Islands, Panama, Moscow, Ukraine, Russia, China, India, Republic, Marshall, Washington, British

☆ U.S. targets maritime companies, vessels for shipping oil above Russian price cap
▼ + stars: | 2023-11-16 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +2 min

The seized Russian-flagged oil tanker Pegas is seen anchored off the shore of Karystos, on the Island of Evia, Greece, April 19, 2022. REUTERS/Vassilis Triandafyllou/File Photo Acquire Licensing RightsWASHINGTON, Nov 16 (Reuters) - The United States on Thursday imposed sanctions on maritime companies and vessels for shipping oil sold above the G7's price cap, as Washington seeks to close loopholes in the mechanism designed to punish Moscow for its war in Ukraine. It said the vessels used U.S.-person services while transporting the Russian-origin crude oil. The cap bans Western companies from providing maritime services, including insurance, finance and shipping, for Russian seaborne oil exports sold above $60 a barrel, while seeking to keep oil flowing to markets. “Shipping companies and vessels participating in the Russian oil trade while using Price Cap Coalition service providers should fully understand that we will hold them accountable for compliance,” Deputy Treasury Secretary Wally Adeyemo said in the statement.

Persons: Vassilis, Wally Adeyemo, Daphne Psaledakis, Laura Sanicola, Ismail Shakil, Susan Heavey, Chizu Organizations: REUTERS, Rights, The U.S . Treasury Department, United, “ Shipping, Coalition, Ukraine, Thomson Locations: Russian, Karystos, Evia, Greece, United States, Washington, Moscow, Ukraine, The U.S, United Arab Emirates, U.S, Australia, Price

☆ Treasury Department's hunt for Russian oil sanction violators on the seas is intensifying
▼ + stars: | 2023-11-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

"Management of all the Sovcomflot ships was transferred to Sun Ship Management in March/April 2022 when their offices in Europe were closed. 30 ship owners targeted in new Treasury probeThis is just one example of the murkiness within the Russian oil trade. There are grey areas in the U.S. government's Russian oil guidelines, though the efforts can ultimately lead maritime investigators to the truth. In the U.S. Treasury's "Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil," ship owners are under a Tier 2 category. This document could provide a "safe harbor" for ship owners who are relying on that customer's "attestation" to comply with sanctions.

Persons: Wally Adeyemo, Matthew Wright, Wright, it's, hasn't, They're, shipowners, Andy Lipow, Lipow, Brent Organizations: Windward, U.S . Department, Foreign Assets Control, Treasury, Shipping, Coalition, Ukraine, United, Kazan Shipping Incorporated's, Progress Shipping Company, CNBC, Sovcomflot, Management, Sun Ship Management, Maritime Services, Ship, Lipow Oil Associates, U.S . Treasury, European Union, AIS Locations: Morocco, Price, United Arab Emirates, Kazan, Kazan Shipping Incorporated's Kazan, UAE, Europe, U.S, Asia, Ukraine, Hong Kong, China, India

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - The U.S. Treasury Department has sent notices to 30 ship management companies requesting information for more than 100 vessels it suspects of transporting Russian crude oil above the Western oil price cap, according to a source who has seen the documents. It bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. The price cap has caused a shift in global markets as China and India purchase Russian oil, much of which had traditionally gone to Europe and other markets. A rally in global oil prices this year has meant much of Russian oil has traded above the cap. Reporting by Timothy Gardner; Editing by Richard Valdmanis and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Timothy Gardner, Richard Valdmanis, Grant McCool Organizations: REUTERS, Rights, U.S . Treasury Department, Foreign, Control, Treasury Department, European Union, Thomson Locations: Russia, United States, Washington, Moscow, Ukraine, Australia, China, India, Europe, Western

The other tier comprises mainstream vessels that use Western services for legal oil shipments, including from Russia under the terms of the price cap. In the short term, available ghost vessels could be in particular demand, making chartering them more expensive. Even so, some analysts say removing the price cap could be the way to really punish Russia. But he said that was very unlikely because the price cap at least allows Russian oil to flow, thereby moderating international prices. "The Biden administration is already reeling from higher oil prices compounded by the unrest in Gaza, potentially spreading to a wider Middle Eastern conflict.

Persons: Alexandre Meneghini, Ioannis Papadimitriou, Mike Salthouse, FGE, Vortexa’s Papadimitriou, Richard Bronze, Adi Imsirovic, Biden, Natalie Grover, Robert Harvey, Julia Payne, Andrea Shalal, Barbara Lewis Organizations: REUTERS, Reuters, Maersk, EU, White House, United Arab, Shell, BP, Exxon Mobil, Exxon, U.S, . Treasury, Treasury, Novy Port, Surrey Clean Energy, Thomson Locations: Liberia, Russia, Matanzas, Matanzas , Cuba, Ukraine, United States, Euronav, Turkey, United Arab Emirates, U.S, India, Novy, Gaza, London, Brussels, Washington

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

☆ 5 key vessels playing a big role in Titan submersible search efforts
▼ + stars: | 2023-06-22 | by ( Brad Lendon | ) edition.cnn.com time to read: +2 min

• Motor Vessel Horizon Arctic: The Canadian 307-foot anchor handling vessel has a hangar for remotely operated vehicles (ROVs) with a launch and recovery system. The remotely operated vehicle, or ROV, Victor 6000. (The Titanic wreck is at almost 13,000 feet.) One other key piece of equipment in any rescue could be the US Navy’s Flyaway Deep Ocean Salvage System (FADOSS). A US official said Wednesday the Navy was trying to find and contract a ship that could carry the FADOSS.

Persons: •, John Cabot, Sean Leet, Stephane Lesbats, Victor, Shannon Stapleton Organizations: CNN — Marine, Atlantic, US, Coast Guard, Canadian Coast Guard, Horizon Maritime Services, Victor, French Oceanographic, Canadian Navy, Fleet, Reuters, Salvage, Wednesday, Navy Locations: Canadian, Glace Bay, Glace, New York, Magellan, Guernsey, British

The minivan-sized submersible Titan, operated by U.S.-based OceanGate Expeditions, began its descent at 8 a.m. (1200 GMT) on Sunday. The Titan set off with 96 hours of air, according to the company, meaning its oxygen tanks would likely be depleted some time on Thursday morning. "When you're in the middle of a search-and-rescue case, you always have hope," Coast Guard Captain Jamie Frederick said at a press conference on Wednesday. Titanic expert Tim Maltin said it would be "almost impossible to effect a sub-to-sub rescue" on the seabed. The robot could also help hook the sub to a surface ship capable of lifting it, the operator said.

Persons: Jamie Frederick, Frederick, Atalante, Victor, Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, Sean Leet, Leet, Tim Maltin, OceanGate's, Steve Gorman, Joseph Ax, Tim McLaughlin, Rami Ayyub, Tyler Clifford, Louise Dalmasso, Daniel Trotta, Brad Brooks, Ariba Shahid, Paul Thomasch, Nick Zieminski, Sandra Maler, Raju Gopalakrishnan Organizations: Co, U.S, Expeditions, Atlantic, U.S . Coast Guard, Coast Guard, Guard, U.S . Navy, Stockton Rush, Horizon Maritime Services, Thomson Locations: Canada, France, U.S, Cape Cod , Massachusetts, St, John's, Newfoundland, French

Extreme backwardation implied traders expected the balance to remain tight, with a further drawdown of already depleted inventories, and more upward pressure on oil prices. In late November, after consultations with traders, the U.S. Treasury published regulations signalling a relatively relaxed approach to enforcement (“Guidance on implementation of price cap policy”, OFAC, Nov. 22). Following last-minute discussions, on Dec. 2 the cap was set at $60, with a commitment to review it by mid- January 2023 and every two months thereafter (“G7 agrees oil price cap”, European Commission, Dec. 3). SETTING THE PRICE CAP LEVELIn setting a price cap for Russia’s crude and products, U.S. and EU officials have been confronted by a menu of policy options and other considerations. Related columns:- Investors dumped Brent in anticipation of relaxed oil price cap (Reuters, Dec. 5)- Global recession a bigger risk to Russia’s oil revenue than price cap (Reuters, Nov. 11)- Recession would make tough oil sanctions on Russia more likely (Reuters, July 14)- Oil market confronts U.S. and EU policymakers with unpalatable choices (Reuters, June 29)John Kemp is a Reuters market analyst.

LONDON, Dec 5 (Reuters) - The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude. The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February. PRICE SURGEMajor Western oil companies typically stop using tankers when they are about 15 years old, and many would be scrapped. More tankers are now being used for voyages taking weeks, shipping Russian oil from the Baltic and Black Sea to Asia, whereas Russian oil was mainly sold in Europe previously and the voyages only took a few days. Ship broker Braemar also said that some of the vessels involved in shipping Iranian and Venezuelan oil were shifting to transporting Russian oil.

☆ U.S. urges caution on low-quoted Russian oil prices as EU debates price cap
▼ + stars: | 2022-12-01 | by ( David Lawder | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 30 (Reuters) - The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. The U.S. official cited concerns over using prices that represent a subset of Russian oil sales. A price cap of $65 a barrel on Russian crude would represent a meaningful price reduction from recent prices, citing an estimated average of $78 per barrel since March 2022. The cap was conceived as a way to limit Moscow's oil revenues while keeping Russian crude on the global market to avoid a massive spike in oil prices. The price cap will be enforced by denying insurance, shipping and other maritime services provided by G7 democracies and Australia to shipments priced above the cap.

☆ India can buy as much Russian oil as it wants, Yellen says. The caveat: it can't use Western insurance, finance and maritime services.
▼ + stars: | 2022-11-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

India can buy as much Russian oil as it likes, US Treasury Secretary Yellen told Reuters. Indian oil companies can purchase oil at any price they want, as long as they don't use Western services like insurance, finance, and maritime services which are bound by the price cap, Yellen said, per Reuters. Indian foreign minister Subrahmanyam Jaishankar said last week his country will continue buying discounted Russian oil as the relationship has worked to India's benefit. Despite India's proclivities towards Russian oil, Yellen appeared to be confident that Indian wouldn't find many substitutes for Western insurance, finance and maritime services. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China.

☆ Russian oil output to fall 1.4 mln bpd next year as EU ban takes effect - IEA
▼ + stars: | 2022-11-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Companies S-Energy Co Ltd FollowLONDON, Nov 15 (Reuters) - Russian oil output is set to fall 1.4 million barrels per day(bpd) next year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday. "The approaching EU embargoes on Russian crude and oil product imports and a ban on maritime services will add further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets," the IEA said. The EU will ban Russian crude imports from Dec. 5 and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world's top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. But the agency did increase slightly its forecast for Chinese demand growth for next year by 100,000 bpd to 15.7 million bpd.

☆ Oil reverses gains, falls on China COVID surge, firmer dollar
▼ + stars: | 2022-11-14 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Summary Brent, WTI prices ease after Friday's gainsMajor China cities report record number of COVID-19 casesU.S. Fed not "softening" fight against inflation - Gov. "USD strength appears to be weighing on oil and the broader commodities complex this afternoon," said Warren Patterson, head of commodities strategy at ING. But COVID cases climbed in China over the weekend, with Beijing and other big cities reporting record infections on Monday. China's demand for oil from world's top exporter, Saudi Arabia, also remained weak as several refiners have asked to lift less crude in December. A firm dollar after comments from U.S. Federal Reserve Governor Christopher Waller also weighed on oil.

SINGAPORE, Nov 14 (Reuters) - Oil prices rose on Monday, extending gains from the previous session, after China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer. Contracts for Brent crude and U.S. West Texas Intermediate edged up nearly 1% earlier in the session but later pared some gains. U.S. West Texas Intermediate crude futures were also up 23 cents, or 0.3%, at $89.19 a barrel after closing Friday's session 2.9% higher. "Moreover, it will take some time from the release of the policy to its implementation, so China's full liberalisation may have to wait until the first quarter of next year, which means that the rebound of oil prices last Friday is unsustainable." China's demand for oil from world's top exporter, Saudi Arabia, also remained weak as several refiners have asked to lift less crude in December.

☆ Oil prices extend gains on China demand hopes
▼ + stars: | 2022-11-14 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 14 (Reuters) - Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer. Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday. U.S. West Texas Intermediate crude futures were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday's session 2.9% higher. Commodities prices rallied on Friday after China's National Health Commission adjusted its COVID prevention and control measures. China's demand for oil from world's top exporter Saudi Arabia remained weak as several refiners have asked to lift less crude in December.

☆ Exclusive: India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-14 | by ( David Lawder | ) www.reuters.com time to read: +3 min

"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen said. Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a Dec. 5 deadline. Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China. India's finance and energy ministries were not available for comment on Yellen's remarks, but other officials have said they were wary of the untested price cap mechanism. "I do not think we will follow the price cap mechanism, and we have communicated that to the countries.

☆ EXCLUSIVE India can buy as much Russian oil as it wants, outside price cap, Yellen says
▼ + stars: | 2022-11-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Here are the known and unknowns so far:WHO'S IN THE PRICE CAP COALITION? Britain said Thursday it could ban countries from using its services to transport Russian oil purchased for a price exceeding the cap. WHAT WILL THE PRICE CAP LEVEL BE? Moscow could end up cutting production as a result, which would apply upward pressure on global oil prices. Worries about potential sanctions, even if unfounded, can cause traders to avoid deals, another factor that can boost oil prices.

☆ U.S. Treasury Issues New Guidance on Russian Oil-Price Cap in Bid to Calm Markets
▼ + stars: | 2022-11-01 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

WASHINGTON—The Treasury Department said that ships loaded with Russian oil before Dec. 5 won’t be subjected to U.S.-led price cap on Russian oil, as Washington attempts to reassure anxious oil markets about its plan for new sanctions. Beginning on Dec. 5, the U.S. and its allies will ban companies in their countries from providing maritime services to shipments of Russian oil unless the oil is sold below a set price.

Search resuls for: "Maritime Services"

21 mentions found