The Ursa Major, a Russian cargo ship under US sanctions, sank in the Mediterranean Sea following an engine room explosion. Fourteen crew members were rescued and brought to Spain, while two remain missing. The vessel, owned by Oboronlogistika, was reportedly en route to Vladivostok carrying heavy cargo. Its proximity to another sanctioned Russian ship, the Sparta, and its owner’s involvement in transporting cargo to Tartous, Syria, raise further questions.
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Under pressure from the U.S., UAE banks are significantly restricting transactions involving Russian companies, creating major disruptions to Russian trade. This tightening of financial restrictions impacts over fifty UAE banks, including Gazprombank, causing delays and outright refusals of payments. The increased scrutiny and processing times, escalating since November, severely hamper Russian businesses’ ability to conduct international trade, particularly for goods like electronics and industrial equipment. This trend mirrors similar difficulties reported in other countries, threatening to severely limit Russia’s access to crucial financial channels.
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The United States imposed sanctions on Gazprombank, the last major Russian bank not previously sanctioned, citing its role in facilitating Russia’s military operations, including equipment purchases and soldier payments. These sanctions target Gazprombank and six subsidiaries, significantly limiting its access to global finance. While the US previously avoided sanctioning the bank to maintain European gas supplies, this decision reflects a shift in energy dynamics and aims to further degrade Russia’s war machine. The sanctions also target over 50 other Russian banks and 15 officials, and warn against participation in Russia’s alternative financial messaging system.
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New U.S. sanctions targeting Gazprombank, Russia’s third-largest bank, are under consideration. The sanctions, expected by the end of November, would prohibit Gazprombank from transactions with American banks, impacting its role in gas settlements with Europe and its management of substantial Russian foreign currency reserves. This action follows previous, less stringent Western sanctions that have allowed Gazprombank to retain access to SWIFT and major currencies, despite its connections to Kremlin insiders. The move has been communicated to G7 partners.
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The recent news of an Israeli national, Gal Haimovich, pleading guilty to shipping US-made avionics to Russia, in violation of sanctions, has left me grappling with a mix of shock and disappointment. It’s a stark reminder that the temptation of money knows no borders, and individuals can often succumb to greed at the expense of international relations and security.
What strikes me the most about this case is the fact that Gal Haimovich was not just a random individual, but the CEO of a freight forwarding company. He was not a scapegoat or a fall guy, but the mastermind behind this illegal operation.… Continue reading
As I delve into the news that the United States has seized Venezuela President Nicolas Maduro’s airplane in the Dominican Republic and flown it to Florida, I find myself contemplating the underlying implications of this bold move. The officials involved have cited violations of US sanctions and other criminal issues as the basis for the seizure, highlighting the frosty relationship that has long existed between the US and Venezuela. This act marks a significant escalation in the ongoing scrutiny of what the US perceives as corrupt practices within the Venezuelan government.
The fact that the seized aircraft is often likened to Venezuela’s Air Force One brings to light the gravity of the situation.… Continue reading
The recent reports of Chinese banks halting transactions with Russia en masse have sparked a wave of discussion and speculation. The move highlights the increasing caution among Chinese financial institutions to avoid secondary sanctions from the United States. This decision comes amidst the growing impact of U.S. sanctions on Russia and raises questions about the extent of China’s alignment with Western sanctions.
Chinese banks are faced with a dilemma, caught between the risk of losing U.S. customers and corporations that heavily rely on dollar transactions and the potential fallout from processing Russian transactions. The sheer size of China’s customer base intertwined with U.S.… Continue reading
It’s truly disheartening to see the current stance that Israeli Prime Minister Benjamin Netanyahu has taken in regard to rejecting any potential US sanctions on specific army units. The fact that Netanyahu is willing to flat out refuse any repercussions for army units involved in gross human rights violations is not only alarming but also sets a dangerous precedent.
The Leahy Law, established in 1997 by then-Senator Patrick Leahy, aims to prevent US funding or training from being utilized by foreign military units involved in severe human rights abuses. The fact that the Netzah Yehuda battalion, an ultra-orthodox Haredi unit, has come under scrutiny for allegations of unaddressed human rights violations should be cause for concern, not outright denial.… Continue reading
The recent move by the United States to reimpose sanctions on Venezuela after an opposition candidate was barred from the presidential election has sparked a lot of debate and scrutiny. As I reflect on this situation, I can’t help but feel a sense of confusion and frustration. It seems like there are double standards at play when it comes to international politics and the way countries are treated based on their actions.
One key point that stands out to me is the inconsistency in the US response to situations like these. On one hand, we see Pakistan throwing a popular presidential candidate in jail for revealing evidence of a coup, yet the US does nothing.… Continue reading
John Q. Hosedrinker