Business

EC unveils ‘maximum impact’ sanctions against Russia war effort on Ukraine

Financial sector, energy sector, transport sector, technology sector, and visa policy sanctions represent EC’s five pillar response towards Russia.

Published

4 years ago

February 28, 2022

Admin

The European Council (EC) on Friday (25 February) introduced sanctions against Russia due to its war effort on Ukraine.

The orders affecting Russia’s financial sector, energy sector, transport sector, export controls and ban of export financing, and visa policy are designed to have “maximum impact” on the Russian economy and political elite, said EC President Ursula von der Leyen.

Financial sector sanctions

Russia’s access to the most important capital markets will be cut off with the latest financial sanctions, according to President von der Leyen.

“We are now targeting 70% of the Russian banking market, but also key state-owned companies, including the field of defence,” she said.

“These sanctions will increase Russia’s borrowing costs, raise inflation and gradually erode Russia’s industrial base. We are also targeting the Russian elite by curbing their deposits so that they cannot hide their money anymore in safe havens in Europe.”

Energy sector sanctions

The energy sector, a key economic area, which especially benefits the Russian state will be affected by energy sector sanctions. The export ban is expected to restrict upgrade of Russian oil refineries, which contributed Russia export revenues of EUR 24 billion in 2019.

Transport sector sanctions

The third sanction will involve a ban of the sale of all aircrafts, spare parts and equipment to Russian airlines to degrade the key sector of Russia’s economy and the country’s connectivity.

“Three quarters of Russia’s current commercial air fleet were built in the European Union, the US and Canada. And therefore, they are massively depending on that,” explained President von der Leyen.

Technology sector sanctions

Limitation of Russia’s access to crucial technology will hit Russia’s access to important technologies such as semiconductors or cutting-edge technologies will affect the country’s progress of building a prosperous future.

Visa policy sanctions

Diplomats and related groups, and business people will no longer have privileged access to the European Union.

“As always, these measures are closely coordinated with our partners and allies. These are, of course, the United States, the United Kingdom, Canada and Norway, but now also joined by South Korea, Japan or, for example, Australia. Our unity is our strength. The Kremlin knows this. And it has tried its best to divide us, but it has utterly failed. It has achieved exactly the opposite. We are more than ever united and we are determined,” states President von der Leyen.

“To conclude, let me stress that these events, indeed, mark the beginning of a new era. We must be very clear in our analysis: Putin is trying to subjugate a friendly European country. And he is trying to redraw the maps of Europe by force. He must, and he will, fail.”

Photo credit: European Union
Published: 28 February, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

Admin

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026