Latest news with #AbhinavKamal
Economic Times
2 days ago
- Business
- Economic Times
EU sanctions Indian arm of UAE-based shipping company
New Delhi: Intershipping Services Hub Private Ltd, the Indian branch of the United Arab Emirates (UAE)-based entity, has been sanctioned by the European Union (EU). Captain Abhinav Kamal, the Indian-origin captain of crude oil tanker Argent also faces sanctions, the first and the only Indian to be sanctioned by the EU in connection with the Russia-Ukraine conflict, according to sector watchers. The company is under fire for providing cover to ships engaged in trade with Russian sanctions are not extraterritorial and only apply to EU citizens, territory and companies. The Indian government too maintains it does not subscribe to any unilateral sanction measures."This means the assets that Intershipping Services LLC holds in Europe will be frozen and European citizens and companies cannot make money available to it, hence cannot do business," an EU official told ET on condition of anonymity. Since the sanctions do not apply to any non-EU entities doing business with Intershipping Services Hub, the company can court non-EU suitors, said the people cited earlier. However, Kamal may find the going tough since the global maritime industry has vast linkages with the EU, they said. Now, Kamal cannot board or provide services to any of these EU associated vessels. The bloc has accused Kamal of providing material, technical or financial support to the operations of a vessel that transports Russia-linked crude oil or petroleum products.
Time of India
2 days ago
- Business
- Time of India
EU sanctions Indian arm of UAE-based shipping company
Intershipping Services Hub Private Ltd , the Indian branch of the United Arab Emirates (UAE)-based entity, has been sanctioned by the European Union (EU). Captain Abhinav Kamal , the Indian-origin captain of crude oil tanker Argent also faces sanctions, the first and the only Indian to be sanctioned by the EU in connection with the Russia-Ukraine conflict , according to sector watchers. The company is under fire for providing cover to ships engaged in trade with Russian entities . The sanctions are not extraterritorial and only apply to EU citizens, territory and companies. The Indian government too maintains it does not subscribe to any unilateral sanction measures. "This means the assets that Intershipping Services LLC holds in Europe will be frozen and European citizens and companies cannot make money available to it, hence cannot do business," an EU official told ET on condition of anonymity. Since the sanctions do not apply to any non-EU entities doing business with Intershipping Services Hub, the company can court non-EU suitors, said the people cited earlier. However, Kamal may find the going tough since the global maritime industry has vast linkages with the EU, they said. Now, Kamal cannot board or provide services to any of these EU associated vessels. The bloc has accused Kamal of providing material, technical or financial support to the operations of a vessel that transports Russia-linked crude oil or petroleum products.
Time of India
2 days ago
- Business
- Time of India
EU sanctions on Russia oil: Indian arm of UAE-based shipping company takes a hit; Indian-origin captain of crude oil tanker faces sanctions
The scope of these sanctions is limited to EU territories, citizens, and organisations. India on its part continues to reject unilateral sanctions imposed by other nations. (AI image) EU's sanctions on Russia oil have hit an Indian branch of a UAE-based firm. Intershipping Services Hub Private Ltd, an Indian subsidiary of a UAE-based company, has been hit with sanctions from the European Union. The EU has also imposed sanctions on Captain Abhinav Kamal, who commands the crude oil tanker Argent, according to an ET report. The European Union has levelled allegations against Kamal for giving material, technical and monetary assistance to operations involving vessels that transport crude oil or petroleum products connected to Russia. According to industry observers, Kamal is the only Indian national to face EU sanctions related to the Russia-Ukraine conflict. The firm faces accusations of sheltering vessels involved in Russian trade operations. Also Read | US sanctions warnings unheeded: Indian firm exports explosive compound to Russia; HMX widely used in missile & torpedo warheads Scope of EU Sanctions The scope of these sanctions is limited to EU territories, citizens, and organisations. India on its part continues to reject unilateral sanctions imposed by other nations. "This means the assets that Intershipping Services LLC holds in Europe will be frozen and European citizens and companies cannot make money available to it, hence cannot do business," an EU official told ET. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo Non-EU entities can still engage in business with Intershipping Services Hub as they remain unaffected by the sanctions, individuals familiar with the matter told the financial daily. However, Kamal may face significant challenges because of the extensive connections between the global maritime sector and the European Union, they indicated. The restrictions prevent Kamal from accessing or offering services to vessels with EU associations. Also Read | '10% is the new zero tariff': Trump seals trade deals with many countries - what do they mean for India? How EU Sanctions Are Hitting Meanwhile, the European Union's recent sanctions against Russian oil have started affecting operations at an Indian refinery. Following the EU's targeted sanctions, both oil firms and shipping companies are now avoiding business dealings with Nayara Energy Ltd. Industry sources told Bloomberg that shipping operators have shown reluctance to work with Nayara, both for product exports and crude oil imports. The Indian refinery has a significant Russian ownership, with Rosneft PJSC holding a 49.13% ownership stake. Bloomberg's vessel tracking data showed that a ship named Talara abandoned its planned stop and left Vadinar port last Sunday. Industry sources indicate the vessel was meant to collect a diesel cargo from Nayara. The collection was subsequently cancelled after last week's sanctions were announced, leaving the shipment stranded at the port. Also Read | Russia oil sanctions: How EU ban on Russian-origin oil imports will hit India's fuel exporters - what the legal text says Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Business
- Time of India
EU sanctions Indian arm of UAE-based shipping company
New Delhi: Intershipping Services Hub Private Ltd , the Indian branch of the United Arab Emirates (UAE)-based entity, has been sanctioned by the European Union (EU). Captain Abhinav Kamal, the Indian-origin captain of crude oil tanker Argent also faces sanctions, the first and the only Indian to be sanctioned by the EU in connection with the Russia-Ukraine conflict , according to sector watchers. The company is under fire for providing cover to ships engaged in trade with Russian entities . The sanctions are not extraterritorial and only apply to EU citizens, territory and companies. The Indian government too maintains it does not subscribe to any unilateral sanction measures. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Design Thinking Finance Product Management Degree healthcare CXO others Data Analytics Digital Marketing Management Leadership Technology Data Science Healthcare MBA PGDM Operations Management Others Project Management Public Policy Artificial Intelligence Data Science MCA Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details "This means the assets that Intershipping Services LLC holds in Europe will be frozen and European citizens and companies cannot make money available to it, hence cannot do business," an EU official told ET on condition of anonymity. Since the sanctions do not apply to any non-EU entities doing business with Intershipping Services Hub, the company can court non-EU suitors, said the people cited earlier. However, Kamal may find the going tough since the global maritime industry has vast linkages with the EU, they said. Now, Kamal cannot board or provide services to any of these EU associated vessels. The bloc has accused Kamal of providing material, technical or financial support to the operations of a vessel that transports Russia-linked crude oil or petroleum products. Live Events Economic Times WhatsApp channel )
