The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday (7 July) revoked a licence that had temporarily authorised transactions involving crude oil, petrochemical products and petroleum products of Iranian origin.

Under the new licence, the purchase of Iranian crude oil, petrochemical products and petroleum products is prohibited with immediate effect.

The latest licence replaces an authorisation issued on 22 June, which had been scheduled to remain in force until 21 August. The previous authorisation permitted the bunkering of vessels engaged in the approved transactions.

Parties that entered into contracts for Iranian oil during the period in which the authorisation was in effect have until 17 July to wind down Iran-related transactions.

Photo credit: Zbynek Burival on Unsplash
Published: 8 July, 2026

British Armed Forces on Sunday (14 June) boarded a sanctioned oil tanker, suspected of being part of the Russian shadow fleet, in the English Channel, according to the Ministry of Defence. 

In the first UK-led operation of its kind, the vessel SMYRTOS was boarded by Royal Marine Commandos and law enforcement officers from the National Crime Agency.

The UK’s Prime Minister agreed in March that British Armed Forces and law enforcement officers were able to board shadow fleet vessels, in accordance with international law.

The SMYRTOS will be provisionally moved to an anchorage off the South Coast of England and will be monitored for any environmental or safety concerns.

UK’s Prime Minister Keir Starmer, said: “This operation delivers yet another blow to Russia and reminds those fueling Putin’s war in Ukraine that they cannot hide.

“I want to pay tribute to all those involved, including our Armed Forces and law enforcement officers who keep this country safe 24 hours a day, 365 days a year.”

The operation builds on recent support provided by the UK to its allies to interdict shadow fleet vessels, which included RAF and Royal Navy capabilities supporting US and French operations. The operation was conducted in close coordination with the French.

The UK has sanctioned almost 600 Russian shadow fleet vessels to date.

Photo credit: Ministry of Defence
Published: 16 June, 2026

Several notices in the Government Gazette were published by the Director of LNG Alpha Shipping Pte Ltd and related companies on Wednesday (20 May), regarding some resolutions that were passed in relation to the winding up of the companies. 

The other companies are LNG Delta Shipping Pte Ltd, LNG Beta Shipping Pte Ltd and LNG Gamma Shipping Pte Ltd.

The following resolutions were duly passed during an Extraordinary General Meeting for the companies:

AS SPECIAL RESOLUTIONS

Resolved:

1. That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018, and that Mr Lum Chi Lup Benny of 190 Middle Road, #17-05 Fortune Centre, Singapore 188979, be and is hereby appointed as Liquidator for the purpose of such winding-up.
2. That the Liquidator be and is hereby authorised (when and as soon as the debts and liabilities of the Company have been paid and satisfied or duly provided for) to distribute the assets in specie or kind among the contributories of the Company in accordance with their respective rights and interests.
3. That the Liquidator of the Company be and is hereby authorised to exercise any of the powers given by Sections 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018.

AS ORDINARY RESOLUTIONS

Resolved:

1. That the Liquidator, Mr Lum Chi Lup Benny be remunerated for the work of winding-up the Company on his normal scale of fees and that the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.
2. That pursuant to Section 195(2) of the Insolvency, Restructuring and Dissolution Act 2018, the books, accounts and documents of the Company and those of the Liquidator shall be retained for a period of 5 years after the dissolution of the Company and, at the expiration of that period, the documents may be destroyed.

In 2024, it was reported that all four Singapore-based LNG shipping companies were sanctioned by the US for their links to the Russian LNG producer Novatek. They are all majority-owned by New Transhipment FZE, a Novatek subsidiary based in the United Arab Emirates.

Photo credit: Benjamin Child
Published: 21 May, 2026