Latest news with #IntershippingServicesHubPrivateLtd
Economic Times
3 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
3 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
4 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 )
