U.S. pulls trigger on Russian sanctions, crude tankers blacklisted
It took a while but it finally happened: The U.S. Treasury Department has begun sanctioning tankers transporting Russian crude oil valued above the West’s price cap.
Since Dec. 5, 2022, the Group of Seven nations, members of the European Union and Australia have barred their countries’ marine service providers from working with tankers carrying Russian crude priced above $60 per barrel. Tankers carrying crude above the cap that use G-7, EU or Australian services have been threatened with sanctions.
The price cap was designed to allow Russian crude to continue to flow to world markets while simultaneously forcing Russian crude to be sold at a discount, curtailing profits to the Kremlin.
Maersk grows air cargo network
Maersk opened a new freight hub near Los Angeles International Airport (LAX) as it looks to grow its air cargo network in North America, according to an Oct. 3 release.
The 130,000-square-foot air facility triples its West Coast capacity, allowing for “more supply chain integration opportunities and better scaling to care for seasonal peaks as well as market driven volume spikes for breakout product launches,” according to the release.
Trade could be impacted following Isreal-Palestine conflict
The conflict between Israel and Palestine could impact the movement of goods to and from Israel, according to Hossein Norouz Fashkhami, a freelance business consultant and who specializes in the Middle East, in a recent blog post.
“In light of recent developments in the Middle East, including the outbreak of war in Israel and its vulnerability to missile attacks and the incursion of opposing militias, the security of transporting goods through the port of Haifa has become uncertain,” Fashkhami wrote. “The transit of containers, especially hazardous materials, and the arrival of commercial vessels greatly emphasize the importance of security on this route. Such insecurity or potential terrorist attacks could lead to a shift in the transportation of goods.”