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Banks and trading companies are increasingly engaging in “self-sanctioning” against Russian entities in the shipping and commodities sector to avoid trouble with regulators and public displeasure, industry experts say. The US has blacklisted Sovcomflot, which owns a fleet of over 100 tankers, and several individual vessels. Sanctions against other companies and banks push the number ...
The US, European Union and UK are seeking to halt imports of Russian oil and gas, with financiers and traders urged to seek out new sourcing markets while upping support for renewables. US President Joe Biden has announced a total ban on oil, liquified natural gas (LNG) and coal imports from Russia, while the European ...
An influential international financial crime body has added the United Arab Emirates (UAE) to its greylist of high-risk jurisdictions, though the country’s authorities tout significant improvements in the fight against illicit finance. The Financial Action Task Force (FATF) – a standard-setting organisation focused on illicit financial flows – announced last week that the Middle Eastern ...
Export credit agencies (ECAs) and trade credit insurers have hurriedly axed coverage for Russia and Belarus as the deepening conflict and western sanctions interrupt trade and major projects. At least 10 ECAs have stopped or limited coverage for the two countries since late February, when Russian President Vladimir Putin launched an invasion of Ukraine. Many ...
The number of UK businesses that export has declined in the year since the United Kingdom officially separated from the European Union, according to new data from Coriolis Technologies and the Institute of Export and International Trade (IoE&IT), which find that global supply chain disruption and the impact of the pandemic are also pressuring exporters. ...