Western governments warned in an advisory Thursday that the growing "shadow trade" of Russian crude oil at sanctions-prohibited prices could lead to widespread de-risking of the global maritime industry, which would then struggle to find "reputable" sources of financing. Australia, the EU and the Group-of Seven-industrialized nations published the advisory, which addresses "industry stakeholders," in conjunction with the U.S. designation of Emirati shipper Lumber Marine SA and Turkey-based Ice Pearl Navigation Corp. for allegedly transporting Russia-sourced crude oil priced above the Western-imposed $60-per-barrel cap. Banks that issue letters of credit and other instruments of trade finance should view the advisory...
The Price Cap Coalition issued an advisory to provide recommendations concerning specific best practices in the maritime oil industry for preventing and disrupting sanctioned trading of Russian crude oil and petroleum products.
The U.S. Treasury Department announced that the Office of Foreign Assets Control designated two entities and identified two vessels as blocked property for transporting Russian crude oil sold above the value set by the Price Cap Coalition.