World News
Lawyer Recommends 'Full Stop' to Payments to Rosneft- and Lukoil-Related Entities After Sanctions
Bunker and shipping companies still working with entities related to Russian oil firms Rosneft and Lukoil should consider an immediate full stop to payments to the firms after new US sanctions, according to law firm Simms Showers LLP.
The US announced new sanctions on Russian state oil firm Rosneft and private company Lukoil on Wednesday in response to the ongoing war in Ukraine.
Companies have until November 21 to 'wind down' any existing trade with the companies or related entities.
But an immediate halt to payments may be advisable, Steve Simms of Simms Showers told Ship & Bunker on Thursday.
"We are continuing to watch but recommending that until there are more specifics there be a full stop on any payments to any Rosneft and/or Lukoil-related entities – at least – until it's certain that any are consistent with the wind-down (and even then with full stop at 12:01 a.m. New York/EST 21st November)," Simms said.
While most of the bunker company will not be working directly with Rosneft or Lukoil since the full invasion of Ukraine in 2022, both companies still own and partially own a range of companies in Europe and elsewhere that may be trading more actively in the West.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 446.50 | 3.00 | 669.00 | 3.50 |
| Rotterdam | 419.50 | 0.50 | 634.00 | 7.00 |
| Houston | 434.50 | 6.00 | 640.00 | 10.50 |
| Fujairah | 440.00 | 2.50 | 729.50 | 3.00 |
| Global 20 Ports Average | 485.00 | 1.50 | 738.50 | 6.50 |
| Global 4 Ports Average | 435.00 | 3.00 | 668.00 | 6.00 |
| Global Average Bunker Price | 528.00 | 0.50 | 776.00 | 3.00 |
Popular Now More
-
Oct 1757 delegations voted to delay, 49 countries opposed the motion and 21 abstained. -
Oct 22Monjasa will provide fuel over five areas of operation, with the contract running for a year with the option to extend it by two additional years. -
Oct 23Louise Tricoire has stepped down as SVP for aviation and marine fuels at French energy firm TotalEnergies.