09 Oct, 23

U.S. Investigates Major Oil Trader For Breaching Sanctions On Russia

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The U.S. Justice Department is investigating whether Murtaza Lakhani, founder and CEO at oil trader Mercantile & Maritime Group, traded Russian oil in violation of the G7 price cap and Western sanctions against Russia, The Wall Street Journal reported on Monday, quoting sources with knowledge of the matter. Under the sanctions enforced by the U.S., the EU, Australia, the UK, and other Western allies, Russian crude should be traded at $60 per barrel or less if the crude shipments to third countries are to use Western insurance and financing.…

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