The homepage was last updated May 2022.

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  • Logistics & Geopolitics

  • World Container Index Down 0,9 % Week 19, But Remains 33,7 % Higher than a Year Ago.

    The average composite index of the World Container Index , assessed by analyst firm Drewry for year-to-date, is $8,768 per 40ft container, which is $5,439 higher than the five-year average of $3,329 per 40ft container. Drewry expects spot rates to remain stable in the coming weeks. (12/05/2022). Source: hellenicshippingnews.com

  • US S&P 500 stock index indicates the direction of the economy. (Click for bigger image)(18/05/2022).

    See more figures...


  • Renault is selling its business in Russia, including a controlling stake in Lada, becoming the latest carmaker to exit the country over its assault on Ukraine.

    The French company said it had agreed to sell Renault Russia to the city of Moscow and its stake of nearly 68% in Lada parent Avtovaz to a state-owned industry research center. Renault is keeping open the option of returning to Russia — the deal gives the company various windows to buy back its interest in Avtovaz over the next six years, the company added. Renault have 45,000 employees in Russia. Avtovaz's Lada brand represented nearly 21% of the Russian market in 2021. Lada — an icon of Soviet-era self-reliance — could, in theory, stand to benefit from the absence of foreign competition. But it is heavily dependent on imported parts. (16/05/2022). Source : Renault Group Press Reliase 16. May 2022

  • The G7 group might impose tariffs on Russian oil as an alternative to an embargo, says representatives of the US Treasury Department.

    At a meeting of G7 finance ministers, they will propose that the EU introduce tariffs on Russian oil as a faster alternative to a direct oil embargo. The tariffs will be designed to keep Russian oil on the market, but limit the amount of revenue that can come to Moscow from exports. A direct EU embargo could significantly raise oil prices. This, in turn, may offset the impact of the embargo on Russian revenues, even if exports are reduced. In addition, funds from such duties could be channeled to Ukraine's Reconstruction Fund, forcing Russia to pay for the destruction it has brought to Ukraine. (18/05/2022). Source: ubn.news (Ukraine Business News).

US Inflation in Services, Housing, Food, New Vehicles Goes WHOOSH as Dollar’s Purchasing Power Goes to Heck (11/05/2022).

INFLATION is really the devaluation of the fiat $ dollar, because we no longer have the gold standard or anything else to support the dollar.

The overall Consumer Price Index (CPI-U) spiked by 8.3% in April compared to a year ago, the second worst since 1981, slightly less red-hot then the 8.5% spike in March, according to data released by the Bureau of Labor Statistics today. On a month-to-month basis, CPI jumped by 0.3%.

The headline measure of the drop in purchasing power of the dollar, the Consumer Price Index (CPI), released today, confirmed that inflation is spreading deeper into the economy and is tearing into services.

CPI inflation tracks the loss of the purchasing power of the consumer’s dollar, including the purchasing power of labor. It’s not a sign of growth or wealth or anything. In April, the purchasing power of $100 in January 2000 dropped to $58.39, and this is why these kinds of price increases ruin the mood of American consumers.

For more details : wolfstreet.com

China Orders Government, State Firms to Dump Foreign PCs. Campaign could kick out at least 50 million foreign-made PCs. (09/05/2022).

China is ordering state firms to replace their foreign-branded PCs, servers and phones with domestic alternatives within two years, marking one of Beijing’s most aggressive efforts so far to eradicate key overseas technology from within its most sensitive organs.
The decision advances China’s decade-long campaign to replace imported technology with local alternatives, a sweeping effort to reduce its dependence on geopolitical rivals such as the U.S. and western countries. Western future sanction regimes are also in mind.

Read more : Bloomberg.com

 

The US dollar is the mightiest of all world currencies but is its position under threat? (04/05/2022)

For close to 80 years, the US dollar has reigned supreme as the world’s premier reserve currency. It’s a state of affairs that gives the US what former french president, Valery Giscard d'Estaing famously termed its “exorbitant privilege” in world affairs. Most financial transactions, international debt and global trade invoices are denominated in dollars and close to 60 per cent of global foreign exchange reserves were held in dollars as of 2021. "Unlike other countries, the United States can meet their international obligations by printing money," explained Luca Fantacci, an economic historian at the University of Milan (Università degli Studi di Milano). "Meaning that they have no budget constraints in making expenditures, loans or even grants abroad". Read more : Euronews.com

  • Pope says NATO may have caused Russia’s invasion of Ukraine. Francis says NATO was ‘barking’ at Russia’s door.

    Pope Francis said that NATO “barking” at Russia’s door may have led to Vladimir Putin’s invasion of Ukraine — and said he has offered to meet the Russian president in Moscow. In an interview with the Italian newspaper Corriere della Sera, Francis reflected on Russia’s lethal aggression toward its neighbor and said while he might not go as far as saying NATO’s presence in nearby countries “provoked” Moscow, it “perhaps facilitated” the invasion. Since the invasion of Ukraine, Francis has repeatedly criticized the invasion, while avoiding naming Putin explicitly, in line with the Vatican’s foreign policy of keeping the door open for possible dialogue. (03/05/2022). Source : www.corriere.it

  • The number of businesses closed in Ukraine decreased from 32% to 17%.

    As of the end of April, the number of enterprises that had entirely ceased operations fell to 17% from 32% at the beginning of the full-scale war, as stated in the monthly macroeconomic and monetary review of the National Bank of Ukraine (NBU). At the same time, small and medium-sized businesses are recovering more slowly than larger ones. According to the NBU, most enterprises operating in agriculture, transport and processing resumed operations at the end of April. The most challenging situation is observed in the construction and mining industry, where trade congestion remains well below the pre-war level. (09/05/2022). Source : ubn.news (Ukraine Business News).

  • Germany currently receives a quarter less gas transported through Ukraine after the Ukrainian authorities closed the pipeline because the key compressor station was in Russia’s hands.

    The German government has rejected speculation that it may activate the Nord Stream 2 gas pipeline from Russia to Germany to compensate for gas flow reduction through Ukraine, stated the press secretary of the German Ministry of Energy, Annika Eingorn. “Nord Stream 2 died after Russia attacked Ukraine, and no one is thinking of switching back to it,” she said. She also noted that most of Russia’s gas comes to Germany through the Nord Stream 1 gas pipeline. However, Germany has pledged to stop importing Russian gas no later than 2024. (12/05/2022). Source : https://ubn.news/ (Ukraine Business News).

  • One of Germany's biggest energy firms Uniper, ready to meet Russian pay demand

    Under the Russian decree, European importers must pay euros or dollars into an account at a Russian Bank. Uniper will pay into Gazprombank, the Swiss-based trading arm of Gazprom, and then convert this into roubles in a second account in Russia. The European Commission said last week that if buyers of Russian gas could complete payments in euros and get confirmation of this, before any conversion into roubles took place, that would not breach sanctions. Europe gets about 40% of its natural gas from Russia, but it is much higher for some countries and sudden supply cuts could have a huge economic impact. (28/04/2022). Source : bbc.com

  • Cargonet opens for freight trains from Narvik in Norway to New Dehli, India !

    CargoNet will from May 01 on weekly basis, send northern Norwegian exports to Helsinki in Finland, and from there further out into the world, by train. The port of Narvik is behind the new freight route on the Ofot Line. (The Ofot Line was build in 1902 to transport ironore from Kiruna in Sweden to Narvik).
    From Helsinki railways run across the European continent and east into Asia. We hope that the interest will be large enough to expand. We hope to open up a new "local market" for fresh fish as well. Goods to Finland have previously gone on the roads with trailers. (29/04/2022). Source : mtlogistikk.no

  • India has asked state energy firms to consider buying Russian oil assets from BP and Exxon Mobile Corp. due to sanctions on Russia.

    Rosneft
    The call on Indian companies to explore buying the stake in Rosneft came after BP CEO Bernard Looney met Indian oil minister Hardeep Singh Puri in March. BP has announced it is abandoning its 19.75% stake in Rosneft.

    Sakhalin 1
    India Oil ministry also asked Oil and Natural Gas Corp (OVL) to consider buying a 30% stake held by Exxon Mobile Corp, in the Sakhalin 1 project in Russia's Far East. Exxon is the operator of the project. OVL already holds a 20% stake in the project. Exxon said on March 1 it would exit about $4 billion in assets and discontinue all its Russia operations, including Sakhalin 1. Exxon said on its Russian unit Exxon Neftegas Ltd has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers.

    Vankorneft
    OVL also holds 26% stake in Vankorneft, owner of the Venkor field in the West Siberian Basin. Separately, a consortium of Oil India, IOC, and BPRL, the exploration arm of state refiner Bharat Petroleum Corp, holds a 23.9% stake in Vankorneft and a 29.9% stake in Taas-Yuryakh in east Siberia.
    India is the world's third biggest oil importer and consumer, India imports about 85% of its 5 million barrels per day (bpd) of oil needs. (29/04/2022). Source: Reuters.com

  • Israel adds China's yuan to its reserve currency. The Central Bank of Israel announced one of the biggest changes to its national reserve currency in more than a decade.

    Starting this year, the mix of currencies in Israel’s reserves ($206 Billion) will expand from the trio of the US dollar, euro, and British pound to include the Canadian and Australian dollars, as well as the Japanese yen and Chinese yuan. The pound and yen will account for 5 percent of the reserves, and the currencies of Canada and Australia will each have 3.5 percent, according to Bloomberg. The reshuffle means the euro’s share will fall from 30% to 20%, and the dollar will account for 61%, down from 66.5%. The share of the British pound will double to 5%, returning to a level last seen in 2011. (21/04/2022). Source : Bloomberg.com

  • India prepares to clear re-imported Russia bound stuck containers, to let them enter back to the country, without delay.

    Around 3,000 such containers reportedly remain stranded in those ports failing to sail for Russia. Amid the situation, many exporters have been trying to bring back these boxes while some are trying to sell the containers to other destinations or send them by road. However, exporters, whose billions of dollars worth goods remained stuck, are now facing huge charges as the ship operators are demanding demurrage and detention charges before the containers are re-loaded to the vessels towards India.
    Many other Russian allies are sending containers to Moscow through the Chinese port of Quindao and from Turkish ports by road. Some exporters are also reportedly using Iran’s Chahbahar port via road from Azerbaijan to the Commonwealth of Independent States (CIS) countries. (25/04/2022). Source : container-news.com

  • The European Union fails to agree on the Russian energy embargo. The member states of the EU did not decide on a full ban or an increase in tariffs on imports of Russian oil and gas.

    This according to the High Representative of the European Union, Josep Borrell. "...Stopping oil and gas imports or a punitive tariff would be important to pressure Putin and put him at the negotiating table. But now we in the EU do not have a single position on this issue...". Borrell said the issue would be discussed at the next EU summit in late May and that he did not expect any decision on the matter before then. According to Borrell, all EU countries are working to reduce their dependence on Russian oil and gas, adding that he believes the bloc will eventually be able to reduce its Russian energy reliance. (25/04/2022). Source : ubn.news. (Ukraine Business News).

  • Vietnam unveils plans for US $ 1.5 billion-worth container shipping fleet, to replace global shipping companies, exposed to western sanctions rules.

    With learning from the disruptions caused due to Russian invasion of Ukraine, the Vietnam Logistics Business Association (VLA) has moved to acquire its own fleet to run businesses on Asian shipping routes to China, Korea, Japan, Malaysia, India, Singapore and the Middle East. The move is taken after Vietnam Maritime Administration said the closure of services by major European shipping lines to and from Russia can create opportunities for Vietnamese ship owners to increase their market share in the days to come. At the same time, the VLA sought cooperation from enterprises involved in mechanics, iron and steel, textiles, footwear, furniture, seafood and general food goods so that the cargo volume for the local fleet is ensured. The association will be using about 25 ships, 1,800 TEU to 2,500 TEU vessels, since this type of ship can directly dock at Hai Phong port due to its low draft, below 9.5 meters. (14/04/2022). Source : container-news.com

  • Ukrainian Railways (UZ) has transported more than 500,000 tons of grain, In April, of which 138,000 tons have been sent for export through border crossings.

    Since the beginning of April, UZ has loaded 3.92 million tons of cargo. The rail links between Ukraine and Russia have been blown up by the Armed Forces of Ukraine to prevent their use by Russians, but the railways have continued operating within Ukraine and between Ukraine and Poland, Hungary, and Slovakia. After some of the Black Sea ports became unavailable for grain export, rail became an export route to Europe. Several rail sections in North and South became unusable.
    UZ possesses a combined total track length of over 23,000 km, making it the 13th largest in the world. 1,700 stations and halts. UZ is a state-owned monopoly. (15/04/2022). Source : ubn.news.

    UPDATE:
    Ukrainian and Polish joint logistics company to increase exports by rail in the face of Russia's blockade of Black Sea ports. (24/04/2022). Source : ubn.news.

  • Ukraine, Russia and Belarus were key to Europe’s supply of wooden pallets. The war and sanctions upended this market, The European Pallet Association (EPAL) says.

    EPAL have warned that wooden pallets may soon become harder to find in Europe due to the war in Ukraine. That’s because Europe, in normal times, massively imports its wooden pallets and the materials to make them from three countries: Ukraine, Russia and Belarus. The war in Ukraine, combined with retaliatory Western sanctions against Russia and its ally Belarus, effectively eliminated that entire source of supply. The result is a sudden rise in pallet prices and the risk of running out of pallets.
    If an organization want to have an efficient supply chain, commerce or military, you keep your products on pallets as far down the supply chain as you can, because as soon as you have to remove them from the pallet, your efficiency drops. (17/04/2022). Source : euronews.com

  • Reversing Globalization Could Cause Pain and loss of profit for companies.

    Russia’s invasion of Ukraine has fast forwarded a shift away from the decades long trend of economic integration and globalization, and that will create both challenges and opportunities for businesses and investors. Economists say the forging of global supply chains and low-cost manufacturing was a deflationary trend, while breaking globalization apart will be inflationary. (11/04/2022). Source : cnbc.com

  • After Russia Now NATO To Enter Asia-Pacifc To Target China, Stoltenberg says in NATO meeting on March 07.

    In Brussels, NATO and its Asia-Pacific allies Australia, Japan, New Zealand, and South-Korea discussed international support for Ukraine. "...After Russia, now NATO is set to enter the Asia-Pacifc with the aim of targeting China. In view of Beijing’s expanding power and coercion, as well as its refusal to criticize Russia’s special military operation in Ukraine, NATO has declared that it will commence intervening in the Asia-Pacific area both practically and politically. And it makes it even more important that we stand together to protect our values..." NATO`s Secretary-General Jens Stoltenberg said this during the session of NATO Ministers of Foreign Affairs on April 7. (11/04/2022).

  • The overall US Consumer Price Index (CPI-U) spiked by 1.2% in March from February, and by 8.5% from a year ago, the worst since 1981, according to data released by the Bureau of Labor Statistics today.

    Inflation is spiking, and the Fed is still repressing short-term interest rates to near 0%, and it still holds $8.9 trillion in assets on its balance sheet as a result of years of money printing, including $4.8 trillion that it printed over the past two years. High inflation is not a sign of anything positive, but a sign of the loss of the purchasing power of the consumer’s dollar, including the purchasing power of labor. In March 2022, the purchasing power of $100 in January 2000 dropped to a new record low of $58.80. (12/04/2022). Source : wolfstreet.com

  • Goldman Sachs and IMF warns the dollar is at risk of losing its dominance, and could end up a lesser player like the UK pound in the early 1900s and was supplanted by the dollar in the middle of the 20th century.

    The move by the US and its allies to freeze Russia's central bank out of much of its foreign currency reserves has raised concerns that countries could start moving away from using the dollar, due to worries about the power the currency grants the US. US has a relatively small share of global trade compared to the dominance of the dollar in global payments. IMF said increased use of other currencies in world trade would cause national central banks to diversify the foreign reserves that they hold, at the expense of the US Dollar.
    (03/04/2022). Source: yahoo.com

  • Lebanon as a State, and its Central Bank, has gone bankrupt, according to Deputy Prime Minister, Saadeh Al-Shami.

    He said the losses will be distributed among the State, the Banque du Liban (Central Bank), banks and depositors. Hence bank withdrawals cannot be open to all people. Since late 2019, Lebanon has been grappling with a severe economic crisis, including a massive currency depreciation as well as fuel and medical shortages.The Lebanese currency has lost 90 per cent of its value. Cash withdrawals in foreign currency in Lebanon have been strictly limited since 2019, due to the ongoing economic crisis. (07/04/2022). Source : middleeastmonitor.com

    UPDATE :
    SRI LANKA which is experiencing its worst economic downturn since its 1948 independence has declared default and is now looking for emergency IMF bailout. The island nation with 22 million people is experiencing regular blackouts, severe food and fuel shortages, and record inflation, and will stop paying interest and capital on its massive foreign debt. The Sri Lankan rupee has lost more than 35% of its value versus the US dollar. Sri Lanka had asked India and China for debt relief, but both countries instead provided larger credit lines to buy goods from them. (16/04/2022). Source: france24.com

  • The military junta in Myanmar demands local people that their Dollar and Euro to be exchanged into the local currency, kyat.

    "Myanmar's economy has been hit hard by the aftermath of the coup in 2021 and by Covid-19. Around 1.6 million jobs have been lost," the World Bank said earlier this year. The bank pointed out that the junta - controlled economy is now down around 30 per cent. The military regime has been hit hard by Western sanctions, which have contributed to a decline in foreign investment and many have shut down operations. Due to currency shortages and $ 10 billion in foreign debt and the purchase of oil, gas and weapons, people are forced to exchange their dollars and euros, otherwise they will be prosecuted. (07/04/2022). Source: irrawaddy.com

  • High shipping rates could increase inflation by 1.5%. Effects are quite persistent, peaking after a year and lasting up to 18 months. (IMF).

    This according to an analysis by the International Monetary Fund (IMF). "Studying data from 143 countries over the past 30 years, we find that shipping costs are an important driver of inflation around the world, when freight rates double, inflation picks up by about 0.7 percentage point," the report said. The study also shows that higher shipping costs hit prices of imported goods at the dock within two months, and quickly pass through to producer prices — many of whom rely on imported inputs to manufacture their goods. "But the impact on the prices consumers pay at the cash register builds up more gradually, hitting its peak after 12 months. (29/03/2022). Source: www.imf.org

  • What paying for gas in rubles means for "unfriendly" foreign buyers. President Putin`s decree signed March 31, set the deadline to switch, for April 1.

    Do foreign companies have to buy rubles? Not necessarily. They can transfer the Euro or Dollar to a Russian Bank. (Such as Gazprombank). The Russian Bank will convert them to Ruble and that Ruble will be used for Gas Payment to Gazprom. No Euro or Dollar will reside in any account in a foreign country. So they cannot be confiscated as has been done with Russian Foreign assets. This way it does not violate existing contracts, as buyers will continue to make payments in their currency of choice. New contracts or spot contract Russia can insist payment in ruble. («Petro-Ruble»). Source : President Putin`s decree 31/03/2022.

    UPDATE:
    UK is the only country to have imposed sanctions on Russia’s Gazprombank and can`t get any Russian gas, says Dmitry Peskov, the press secretary of President Putin.
    The new Payment system will start at the end of April. (06/04/2022).

    Other Russian exports can follow: Crude oil, coal, metal, rare earth minerals, precious stones, precious gas, timber, fertilizer, cooking oil and grain.

  • "If you think things are crazy now, just you wait until the imperial crosshairs move to Beijing".

    No mercy for anyone who challenges the US world hegemony and petro dollar system. They are going to be destroyed ? (Like Irak, Libya, Iran, Venezuela...).
    Source : caitlinjohnstone.com
    (31/03/2022).

    Editor`s notice :
    The controversy surrounding the political status of Taiwan, may be the next world conflict, ultimo year 2022.
    "you are either with us, or against us". Former US president George W.Bush.

    UPDATE : 02/04/2022 :
    US Threatens India "...With Consequences For Propping Up Ruble Trade Undermining Dollar Based Financial System...", said US deputy Daleep Singh in New dehli on March 31. Singh is an American economic advisor who is a Deputy National Security Advisor for International Economics in the Biden administration. He is one of the architects of the sanctions that the US implemented on Russia after Russia invaded Ukraine in 2022. Source : www.opindia.com

  • Suez Canal Authority’s (SCA) once again ups prices noticeably.

    Even though there have just been price increases on the Suez Canal, carriers will once again have to pay up as there will be new price surges taking effect on May 1. All the way up to 20 percent extra. "Shipping companies are doing well financially", the explanation goes from (SCA), just announced price surges take effect. The raised prices will vary according to individual ship types, but the surcharges, as SCA calls them in a statement, will be up to as much as 20 percent. (23/03/2022).

  • The Ukraine war is part of the Global war between the USA and the new multipolar world with a center in Eurasia ?

    The world community steers clear of taking sides between the US and Russia. The Islamabad Declaration issued on March 23, after the 45th meeting of the foreign ministers of the 57 member Organisation of Islamic Conference refused to endorse sanctions against Russia and instead counselled cessation of hostilities in Ukraine, and a “surge in diplomacy” — almost ditto China and India’s stance. Not a single country in the African continent and West Asian, Central Asia, South and Southeast Asian region has imposed sanctions against Russia. (24/03/2022). Source: indianpunchline.com

  • German shipping companies want clarity on sanctions against Russia.

    The German shipping association VDR (Verband Deutscher Reeder), is in line with its Scandinavian counterparts and calls for clearer sanctions against Russia as a result of the war in Ukraine. VDR like the corresponding federations in Norway and Denmark, wants maximum clarity and minimal opportunity for interpretation when its members have to implement political decisions on sanctions as a result of Russia's war against Ukraine. (30/03/2022). Source : www.reederverband.de

  • Russia could shut 30% of its crude oil output from April if it doesn’t find buyers.

    Russia could be forced to cut crude production by nearly a third starting next month, as traders are reportedly reluctant to buy oil from the country amid Western sanctions, the International Energy Agency (IEA) warned on March 16. IEA estimate that from April, 3 mb/d [million barrels per day] of Russian oil output could be shut. Only Saudi Arabia and the The United Arab Emirates hold substantial spare capacity that could immediately help to offset a Russian shortfall, the Agency says. Sanctions against Russia are expected to “appreciably depress global economic growth.”. Source : ieg.org (16/03/2022).

  • Russia's producer Surgutneftegaz Allows Oil Sales to China Without Credit Guarantees, known as letters of credit (LC).

    The change in terms is allowing Surgutneftegaz to continue to ship ESPO Blend crude from the port of Kozmino (Picture) in Russia's Far East to China, the world's top oil importer. Russian ESPO crude exports, at 754,000 barrels per day in April, provide China's biggest source of spot crude. A letter of credit (LC) would allow 30 days for payment.
    Kozmino is an oil port southeast of Vladivostok, close to Russia's borders with China and North Korea, on the coast of the Sea of Japan. Port of Kozmino is the Russia's third-most important oil outlet. Source: Reuters & infobrics.org (18/03/2022).

  • EU Gas shortage: ECONNECT Energy can deliver a mobile LNG terminal in 6 - 12 months.

    A Norwegian company can ensure that Russian gas can be replaced by LNG shipped to Europe. ECONNECT Energy has developed a mobile and flexible LNG terminal (IQuay) that is attached to the LNG ship's side. The construction time for the first IQuay unit of 21x21 meters and 200 tons was six months. In addition to LNG transfer, the IQuay technology can be applied to a wide range of vessels and terminals for the loading and unloading of ammonia, hydrogen, CO2 or any other fluid. (20/03/2022). Source: econnectenergy.com

  • Japanese firms have no plans to abandon Russian energy project. Mitsui and Mitsubishi will stick with Sakhalin 2 to keep China away from the gas project.

    The Sakhalin-2 project, that is focused on producing and shipping liquified natural gas (LNG), 60% of which is destined for the Japanese market. This reprecent nearly 100% of the Japanese import of LNG. Sakhalin-2 produces 11.5 million tons of LNG annually which is mainly exported to major markets in Asia. The majority stake in the enterprise belongs to Russia’s energy giant Gazprom. Shell, the world’s largest LNG trader, holds 27,5 % Mitsui’s share totals 12,5%, while Mitsubishi Corporation owns 10%. On February 28, UK-based Shell announced plans to pull out its stake in the Sakhalin-2. Source: NIKKEI Asia. (14/03/2022).

  • The ‘Cowboy Cocktail’: How Wyoming (USA) became one of the world’s top tax havens for oligarchs and criminals among others.

    Wyoming, South Dakota, Alaska, Delaware and Nevada were named in October 2021, by the European Parliament as home of “financial and corporate secrecy”. Millionaires and billionaires from around the world abandoned international financial centers, such as traditional tax havens in Europe and the Caribbean, for law firms in Wyoming, allowing the world’s wealthy to move and spend money in extraordinary secrecy, protected by some of the strongest privacy laws in the country and, in some cases, without even the cursory oversight performed by regulators in other states. Source : icij.org (14/03/2022).

    UPDATE : US law firm Baker McKenzie, now says it’s leaving Russia.(15/03/2022).

  • Concerns of “dark ships” evading Russian sanctions. A ship typically goes dark by switching off their Automatic Identification System (AIS).

    Ships going dark is the biggest challenge in sanctions compliance, meaning they cannot be detectable by public monitoring systems, despite all ships of 300 tons or greater on international journeys being required to broadcast their location. Iranian, North Korean, Venezuelan, and other sanctioned trades, are often seen with such tactics. For example ship-to-ship transfers between two vessels or transfer of oil from a Russian-flagged tanker carrying crude oil to another tanker flagged outside Russia." Source: Pole Star Maritime Intelligence (16/03/2022).

  • Russian oil companies have difficulties selling their products on the market.

    The Russian oil companies Zarubezhneft and Surgutneftegaz tender for the sale of oil products on the spot market was unsuccessful, as none of the buyers responded to the offer. Zarubezhneft put up six batches of Ural-Oil. Surgutneftegaz put up eight batches for sale at Transneft's Baltic ports Primorsk and Ust-Luga (Picture) at the beginning of March, but no buyers came to the tender, reported Bloomberg. (12/03/2022).
    UPDATE :
    Indian Oil Corp (IOC), the country's top refiner, bought three million barrels of Russian Urals from the dutch trader Vitol for May delivery. Reuters. (14/03/2022).

  • India, Russia in search of alternative payment system avoiding SWIFT and shipping access for trade.

    India being a Russian large trade partner is trying to continue bilateral export-import activities amid various types of sanctions on Moscow imposed by western nations. The crisis deepened as India has a very small fleet totaling 0.8% of world tonnage. Amid the situation, the freight rates from India are surging. India has annual trade of US$8 billion with Russia of which import is around US$5.5 billion with its import governed by oil and diamonds, while top exports are pharmaceuticals and machinery. India and Russia are in talks over the launch of an alternative payment system avoiding SWIFT, where the banks of the two countries will transact Rupee and Rouble based on their day’s exchange rates. (12/03/2022).

  • Major freight forwarders suspend Russia and Belarus services, cutting off the country’s access to global trade lanes.

    Transport suspension to and from Russia and Belarus will further add to the supply chain disruption and complexity for customers. Analyst firm Freightos said the disruptions in services and in transportation connections to Russia, along with rising oil prices, threaten to further drive up shipping costs for companies world-wide. Some airfreight carriers are already introducing war-risk surcharges to cover rising operating costs. Asia-Europe freight rail services, is also been affected. 10,000 containers travel by rail from Asia to Europe each week. Some of this cargo will be transfered from rail to ocean. (14/03/2022).

7. mar, 2022

Disconnecting Russia From SWIFT Will Cause Short-Term Pain But Long-Term Gain ?

Western financial institutes lose credibility for Eastern clients following Russia ban. Surely other financial centres to the East will benefit.....

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