Latest news with #Litasco
Zawya
3 days ago
- Business
- Zawya
Lukoil's Asia chief joins Turkish firm BGN to lead oil trading from Dubai
SINGAPORE - Estella Shi, managing director of Lukoil Asia Pacific, is to join Turkish energy trader BGN from June, trading sources with knowledge of her move told Reuters. Shi, a veteran oil trader with nearly three decades of experience, confirmed that she will make the move to become chief commercial officer at BGN, leading its trading operation from its Dubai office. Shi has worked in several companies during her career, including a trading subsidiary of Chinese shipping giant COSCO, China Aviation Oil, Chevron and European trading house Mercuria before becoming the head of Lukoil Asia Pacific in 2020. According to its LinkedIn account, Lukoil Asia Pacific is a subsidiary of Litasco Middle East DMCC. Shi, a Singapore national who has long been based in the Asian trading hub, is one of a small number of women executives in the Asian oil trading community. BGN, a privately-owned energy trading group with more than 80 years of history, is known for trading liquefied petroleum gas and chemicals. In addition to Dubai, BGN has offices in Houston, London, Geneva, Rotterdam and Singapore, operating a supply chain network and distribution centres in Europe, the U.S., the Middle East and Africa, its website said. BGN trades 50 million metric tons of commodities annually with a "double-digit billion-dollar" turnover, according to its website. Shi's former colleague at Litasco Middle East, Wael Amer, also recently joined BGN as its chief operating officer in Dubai, trading sources said. Amer confirmed his move and said he joined BGN in January. BGN did not immediately respond to a request for comment. Litasco Middle East did not respond to Reuters attempts to contact the company for comment by phone and email.
Daily Maverick
21-05-2025
- Business
- Daily Maverick
EU countries adopt four sets of new Russia sanctions
The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the Group of Seven nations (G7) price cap on Russian crude in place since late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. However, the crackdown has started to bite and the EU will push for a lower price cap this week during a meeting of G7 finance ministers in Canada. Oil and gas exports are one of Russia's main sources of revenue, which finance its war in Ukraine. The four new sets of measures will hit over 130 entities and individuals. As part of the 17th package, the EU will list 75 new entities including major Russian oil firm Surgutneftegaz, a shipping insurance company and four shadow fleet management firms involved in the UAE, Turkey and Hong Kong, EU sources said. EU diplomats briefly weighed imposing sanctions on the Dubai branch of Litasco, the trading arm of Russia's No. 2 oil producer Lukoil, but it was deleted from the list owing to Hungarian opposition and a weak legal basis, EU sources said. However, they did list Litasco's Dubai shipping arm Eiger Shipping DMCC. Another 189 vessels, of which 183 are oil tankers, have been added to the list, taking the total number of listed vessels to 324. The EU has been in dialogue with countries that provide tanker registrations in an effort to cut off Moscow's use of so-called flags of convenience, referring to those registered to countries other than their actual owner. In the latest round, the flags used included African countries such as Sierra Leone, Gabon and Comoros, Caribbean and Pacific islands, India, Azerbaijan and the landlocked European state of San Marino, the sources added. The package also tightens measures around the sale of dual-use items, which are products or technology that can be repurposed by Russia's military, and lists entities which support Russia's military industrial complex in China, Belarus and Israel.
Yahoo
20-05-2025
- Business
- Yahoo
Factbox-What's in the EU's new Russia sanctions
By Julia Payne BRUSSELS (Reuters) -The European Union adopted on Tuesday its 17th package of sanctions against Russia over its full-scale invasion of Ukraine in 2022. The package hits 75 entities with full-fledged sanctions that include asset freezes and financing bans, bringing the total listing to over 2,400 entities and individuals. EU countries also adopted three other sets of measures to tackle chemical weapons, human rights abuses and hybrid threats. Here are the key details: SHADOW FLEET, OIL * 189 shadow fleet vessels added to list, including 183 oil tankers. The vessels help Moscow keep its crude exports flowing, circumventing Western sanctions. * EU now lists 342 Russian shadow fleet vessels, including tankers and vessels moving military equipment * New listings include major Russia oil company Surgutneftegaz and Russian shipping firm Insurance Joint Stock Company 'VSK' * Eiger Shipping DMCC, the Dubai shipping arm of Russian oil trader Litasco. Litasco is the trading arm of Russia's No. 2 oil producer Lukoil * Four companies involved in managing Russia's shadow fleet: two in the United Arab Emirates, one in Turkey and one in Hong Kong MILITARY INDUSTRIAL COMPLEX * EU lists six companies in China: three for providing high-tech machine tools and three for supplying critical components, including for drones * One company in Belarus that exports military equipment to Russia and an Israeli firm involved in sanctions circumvention and supplying products for Russia's military * One Russian gold mining entity Petropavlovsk * 31 entities will face stricter export restrictions on dual-use goods and technology, with 13 from outside Russia and the EU: six in Turkey, three in Vietnam, two in UAE, one in Uzbekistan and one in Serbia HYBRID THREATS REGIME * EU adds 27 entities and individuals to its hybrid threat sanctions framework for facilitating violence in the EU, Ukraine and Africa * These include a Turkish media entity and an individual for involvement in German demonstrations * A British web-hosting entity involved in cyberattacks and two Moldovan nationals * Individuals linked to activities in Africa including a Russian news agency and an NGO in Central African Republic * Sets up new legal basis for future sanctions relating to fleets that aim to hit infrastructure (undersea cables, airports and servers), financial enablers and propaganda outlets CHEMICALS AND HUMAN RIGHTS REGIMES * Three listings in Russia for production of riot control gas used in the battlefield * 28 listings for human rights, including individuals involved in politically motivated trials * The human rights listing includes 20 judges and prosecutors involved in the cases against Russian opposition leader Alexei Navalny who died last year
Yahoo
20-05-2025
- Business
- Yahoo
EU countries adopt four sets of new Russia sanctions
By Julia Payne BRUSSELS (Reuters) -The EU adopted four sets of sanctions against Russia over the war in Ukraine on Tuesday, including a 17th package targeting Moscow's shadow fleet, and measures related to chemical weapons, human rights and hybrid threats, the European Commission said on Tuesday. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the Group of Seven nations (G7) price cap on Russian crude in place since late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. However, the crackdown has started to bite and the EU will push for a lower price cap this week during a meeting of G7 finance ministers in Canada. Oil and gas exports are one of Russia's main sources of revenue, which finance its war in Ukraine. The four new sets of measures will hit over 130 entities and individuals. As part of the 17th package, the EU will list 75 new entities including major Russian oil firm Surgutneftegaz, a shipping insurance company and four shadow fleet management firms involved in the UAE, Turkey and Hong Kong, EU sources said. EU diplomats briefly weighed imposing sanctions on the Dubai branch of Litasco, the trading arm of Russia's No. 2 oil producer Lukoil, but it was deleted from the list owing to Hungarian opposition and a weak legal basis, EU sources said. However, they did list Litasco's Dubai shipping arm Eiger Shipping DMCC. Another 189 vessels, of which 183 are oil tankers, have been added to the list, taking the total number of listed vessels to 324. The EU has been in dialogue with countries that provide tanker registrations in an effort to cut off Moscow's use of so-called flags of convenience, referring to those registered to countries other than their actual owner. In the latest round, the flags used included African countries such as Sierra Leone, Gabon and Comoros, Caribbean and Pacific islands, India, Azerbaijan and the landlocked European state of San Marino, the sources added. The package also tightens measures around the sale of dual-use items, which are products or technology that can be repurposed by Russia's military, and lists entities which support Russia's military industrial complex in China, Belarus and Israel.
GMA Network
20-05-2025
- Business
- GMA Network
EU countries adopt four sets of new Russia sanctions
German Chancellor Friedrich Merz, French President Emmanuel Macron, Ukranian President Voloydmyr Zelensky, British Prime Minister Keir Starmer and Polish Prime Minister Donald Tusk walk in the grounds of Mariynsky Palace, in Kyiv, Ukraine, May 10, 2025. (Ludovic Marin/Pool via REUTERS/File Photo) BRUSSELS —The EU adopted four sets of sanctions against Russia over the war in Ukraine on Tuesday, including a 17th package targeting Moscow's shadow fleet, and measures related to chemical weapons, human rights and hybrid threats, the European Commission said on Tuesday. The EU and its Western allies have been progressively cracking down on Russia's shadow fleet of tankers and related actors, which work to circumvent the Group of Seven nations (G7) price cap on Russian crude in place since late 2022. The cap was designed to allow Russian oil to be sold to third countries using Western insurance services provided the price was no more than $60 a barrel. However, the crackdown has started to bite and the EU will push for a lower price cap this week during a meeting of G7 finance ministers in Canada. Oil and gas exports are one of Russia's main sources of revenue, which finance its war in Ukraine. The four new sets of measures will hit over 130 entities and individuals. As part of the 17th package, the EU will list 75 new entities including major Russian oil firm Surgutneftegaz, a shipping insurance company and four shadow fleet management firms involved in the UAE, Turkey and Hong Kong, EU sources said. EU diplomats briefly weighed imposing sanctions on the Dubai branch of Litasco, the trading arm of Russia's No. 2 oil producer Lukoil, but it was deleted from the list owing to Hungarian opposition and a weak legal basis, EU sources said. However, they did list Litasco's Dubai shipping arm Eiger Shipping DMCC. Another 189 vessels, of which 183 are oil tankers, have been added to the list, taking the total number of listed vessels to 324. The EU has been in dialogue with countries that provide tanker registrations in an effort to cut off Moscow's use of so-called flags of convenience, referring to those registered to countries other than their actual owner. In the latest round, the flags used included African countries such as Sierra Leone, Gabon and Comoros, Caribbean and Pacific islands, India, Azerbaijan and the landlocked European state of San Marino, the sources added. The package also tightens measures around the sale of dual-use items, which are products or technology that can be repurposed by Russia's military, and lists entities which support Russia's military industrial complex in China, Belarus and Israel.—Reuters
