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Russian luxury market thrives despite sanctions through shadow networks, FT reports
Russian shoppers continue to access luxury Western brands despite sanctions imposed after the full-scale invasion of Ukraine, The Financial Times reported on Dec. 26. An industry of personal buyers, resellers, and cross-border smugglers has emerged, allowing affluent Russians to circumvent restrictions. The European Union has limited legal sales of luxury goods to Russia to items […]
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UK targets 30 tankers in its largest sanctions package against Russia's 'shadow fleet'
The United Kingdom sanctioned 30 oil tankers of Russia's "shadow fleet" that carried billions of dollars worth of oil and oil products last year, the government said on Nov. 25. "Oil revenues are a crucial source of funding for the Kremlin’s illegal war in Ukraine," the Foreign Office said in a statement. The latest sanctions […]
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US targets China-Russia sanctions evasion scheme with new measures
The U.S. Treasury Department has targeted actors involved in a sanctions evasion scheme facilitating cross-border payments for sensitive goods between China and Russia as part of a new package of sanctions, according to a Jan. 15 announcement. The U.S. Treasury imposed new sanctions on a total of over 150 entities and individuals, including companies in […]
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Sanctions delay to Russian zinc mine results in supply miscalculations, Reuters reports
Western sanctions on Russia's Ozernoye zinc mine have left the company struggling to replace key equipment needed to boost production, three sources familiar with the situation told Reuters. This shortage is expected to impact global zinc supply forecasts for 2025, with projections likely overstated. Without Ozernoye’s significant contribution, the ongoing shortage of zinc concentrate—an essential […]
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US weighs sanctions on Russia's shadow fleet, Chinese banks supporting war effort, Reuters says
Washington is considering more sanctions on "shadow fleet" tankers and has not ruled out targeting Chinese banks if they are found to be involved in Russia’s war effort, U.S. Treasury Secretary Janet Yellen told Reuters in an interview on Dec. 13. The U.S. is weighing additional measures against entities facilitating sanctions evasion in oil trade […]
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Indian banks block Russian oil payments after new US sanctions
Indian banks has begun blocking payments for Russian oil imports following the latest round of U.S. sanctions against Russia's oil industry, according to a report from Energy Intelligence, an energy information company. The U.S. on Jan. 10 announced large-scale sanctions against major Russian oil companies and nearly 200 vessels of Moscow's "shadow fleet." Following the […]
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German FM warns of Russian 'shadow fleet' amid undersea cable incidents, calls for sanctions
German Foreign Minister Annalena Baerbock has raised concerns about Russia’s so-called "shadow fleet" following recent damage to undersea cables across Europe. "Almost every month, ships are currently damaging important undersea cables in the Baltic Sea," Baerbock told Germany’s Funke media group on Dec. 28. She described suspicious activities by ship crews, including dropping anchors and […]
