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

A Moscow court has reportedly ordered the transfer of assets belonging to Russian marine fuel supplier Transbunker to state ownership.

This comes following a lawsuit alleging the company was illegally controlled through offshore corporate structures, according to The Moscow Times. 

The ruling grants the Russian Prosecutor General’s Office’s claims in full and takes immediate effect. Prosecutors argued that Transbunker, one of Russia’s largest marine fuel suppliers, was subject to restrictions on foreign ownership because the companies within the group qualify as strategic enterprises. 

The case targets Transbunker founders Iosif Sandler and Sergei Pugachev, both Cypriot citizens, along with Transbunker Management CEO Yelena Zavyalova. 

Prosecutors alleged the founders concealed control of the group through offshore entities in jurisdictions including Cyprus and the British Virgin Islands, while transferring profits abroad. Authorities claim RUB 19.3 billion (USD 247 million) has been moved out of Russia since 2020.

Founded in 1991, Transbunker has developed a nationwide marine fuel supply network serving Russian ports in the Baltic, Black Sea and Far East. The group owns fuel terminals in Novorossiysk, Vanino, Sakhalin and the Leningrad region, among other assets.

Photo credit: Egor Filin on Unsplash
Published: 8 July, 2026

Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from between 21 July to 5 August for 11 subsidiaries of Xihe Holdings. 

Annual general meetings for Xin Dun Shipping are to be held on 21 July at the following time:

• For the company and creditors: 4pm

Annual general meetings for Xin Ya Shipping are to be held on 24 July at the following time:

• For the company and creditors: 3pm

Annual general meetings for Xin Chun Shipping are to be held on 21 July at the following times:

• For the company: 2pm
• For the creditors: 3pm

Annual general meetings for Nan Sia Maritime are to be held on 24 July at the following time:

• For the company and creditors: 2pm

Annual general meetings for Nan Hai Maritime are to be held on 23 July at the following time:

• For the company and creditors: 3pm

Annual general meetings for Hua Xin Shipping are to be held on 4 August at the following time:

• For the company and creditors: 3pm

Annual general meetings for Hua Kang Shipping are to be held on 23 July at the following time:

• For the company and creditors: 2pm

Annual general meetings for Hua Gang Shipping are to be held on 4 August at the following time:

• For the company and creditors: 2pm

Annual general meetings for Hua An Shipping are to be held on 22 July at the following time:

• For the company and creditors: 4pm

Annual general meetings for Dong Fang Shipping are to be held on 22 July at the following times:

• For the company: 2pm
• For the creditors: 3pm

Annual general meeting for Nan Ya Maritime is to be held on 5 August at the following time:

• For the company: 2pm

The agenda for all the meetings are:

• To receive an update on the liquidation.
• To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Photo credit: Benjamin Child
Published: 7 July, 2026