Russian oil tanker hit by US sanctions ‘on its way to Malaysia’
The Russian-registered oil tanker Linda is believed to be heading for Malaysia. (Vesselfinder pic)
KUALA LUMPUR: A Russian-flagged crude oil tanker targeted by US sanctions is heading to Malaysia, shipping data showed on Monday, amid growing international scrutiny on businesses linked to Moscow following its invasion of Ukraine.
The tanker Linda, named in a US Treasury document detailing sanctions against Russia, was in the Indian Ocean and was expected to arrive at Sungai Linggi port on Malaysia’s west coast on March 5, according to data from ship tracking website MarineTraffic.com.
It was not immediately clear whether or not authorities in Malaysia plan to allow the ship to dock. Its marine department and foreign ministry did not immediately respond to requests for comment.
According to the US, the Linda is owned by PSB Leasing, a unit of Russian lender Promsvyazbank, which has also been hit by international sanctions.
French authorities on Saturday seized another ship, Baltic Leader, that they said was owned by PSB Leasing.
Promsvyazbank has denied that its subsidiary owned the vessel, saying it was bought by a different entity before the sanctions were imposed.
KUALA LUMPUR: A Russian-flagged crude oil tanker targeted by US sanctions is heading to Malaysia, shipping data showed on Monday, amid growing international scrutiny on businesses linked to Moscow following its invasion of Ukraine.
The tanker Linda, named in a US Treasury document detailing sanctions against Russia, was in the Indian Ocean and was expected to arrive at Sungai Linggi port on Malaysia’s west coast on March 5, according to data from ship tracking website MarineTraffic.com.
It was not immediately clear whether or not authorities in Malaysia plan to allow the ship to dock. Its marine department and foreign ministry did not immediately respond to requests for comment.
According to the US, the Linda is owned by PSB Leasing, a unit of Russian lender Promsvyazbank, which has also been hit by international sanctions.
French authorities on Saturday seized another ship, Baltic Leader, that they said was owned by PSB Leasing.
Promsvyazbank has denied that its subsidiary owned the vessel, saying it was bought by a different entity before the sanctions were imposed.
Welcome to the International Financial system... wakakakka..
ReplyDeleteI'm not sure which Malaysian Bank is handling the payment arrangement for this cargo. In any case, it involves Bank Negara.
Since the cargo is Oil, it is almost certainly priced in US Dollars. If it is priced in Euros or Japanese Yen or UK Sterling, the outcome is still the same, since all have agreed to the same sanctions against Russia.
Unless the Bank wants to risk its US Dollar correspondent account, usually in New York, this transaction cannot proceed. For most commercial banks, their international trade business will collapse if that happened.
Similarly , Bank Negara cannot put at risk its US Dollar correspondent account with the USA Federal Reserve. THAT will put at risk the livelihood of millions of Malaysians.
So, regardless Ismail Sabri or his advisor Chandra Muzaffar may want to give the Yankees a middle finger, Malaysia WILL comply with the Russia sanctions.
Big Bully's sanction? ...why don't you tell that to Russia which is deploying Bombs, missiles , tanks, bombers to invade Ukraine and kill.
ReplyDeleteBut all day we are reading all this Left Wing crap justifying why Russia is legitimate and right to invade and kill Ukraine.
#standwithUkraine
ReplyDeleteMalaysia must join the international community to support the sanctions designed to deliver the message to Russia that its invasion of Ukraine is out of line.
https://abcnews.go.com/Politics/us-allies-bar-russian-central-bank-accessing-reserves/story?id=83155896
ReplyDeleteHere's what Russia faces when the Yankees, British, Europeans and Japanese act in unison.
Theoretically, Putin's Russian Central Bank has a HUUGE $ 643 Billion foreign reserve to fight foreign sanctions. But he forgot they are all in USD, Euro, Pounds and Yen.
They are all getting blocked. They have not been seized, but Frozen. Russia's Central Bank cannot move them.
Maybe Putin will be licking Winnie The Pooh's Dick soon for help.
Slowly, Russia is being squeezed until it cannot breathe.
The Yankees are doing a "Saddam" on Russia.
Solution is Easy, Stop the Invasion of Ukraine and withdraw.
Malaysia's trade value (total goods imports/exports/ services) was $ 1.2 trillion in 2021....
ReplyDeleteKey exports - Oil, Palm Oil , Rubber, Manufactured Products are traded in US Dollars. Even if not US Dollars, it is in Euros or Yen or GBP.
Running afoul of the "non-UN" sanctions puts at risk the livelihoods of Millions of Malaysians.
Is Ismail Sabri and his advisors, no doubt many of them Russia-leaning willing to risk that ?
Wakakakaka…
ReplyDeleteNow u r showing yr f*cked understanding of international oil/LNG trade trandactions.
Amongst the Russian bank sanctioned under banned SWIFT, Raiffeisenbank is spared bcoz it handles largest volume of oil/LNG transactions with European buyers.
In Europe, Italian and French banks have the largest Russian exposure with a little more than $25 billion each at the end of September, followed by Austrian banks with $17.5 billion, data by the Bank of International Settlements show. By comparison, U.S. banks' exposure is $14.7 billion. The ban on Russia SWIFT transactions would cripple all these banks - 伤敌一千, 自损八百! A stupid & desperate act in the long run.
SWIFT does not make payments, it delivers messages securely from one place to another. it is a messaging system. SWIFT is the secure message carrier from A to B, B to A. Other comms like tested telex (very ancient) or fax do still exist.
With this and twisting SWIFT ban, the system had lost its neutrality. Alternatives replacement would emerge, making SWIFT less relevant in international monetary transaction!