Haiku the News

#sanctions compli

pts: 0

^^ less ^^

Words condemn the war;
Still, Russian oil keeps flowing
Through the ledger’s dusk.

	author:	Scilla Alecci	institution:	International Consortium of Investigative Journalists (ICIJ)	¿porque no los dos?
	tl;dr	Confidential ICBC records reportedly show that Gunvor continued trading with sanctioned Russian energy companies after publicly promising to reduce its Russian business. Those transactions accounted for 0.69% of its first-quarter 2024 revenue, approximately $234 million. The article says the trades likely complied with sanctions, but questions their consistency with Gunvor’s assurances. ICBC London retained Gunvor despite internal concerns. Gunvor says its limited Russian trading was lawful, disclosed to authorities and lenders, and consistent with its public statements.
	deeper:	The reporting cites internal records, provides transaction figures, includes Gunvor’s detailed response, and distinguishes reputational concerns from illegal conduct. Its accountability focus does not establish a clear left-right alignment. However, phrases such as “public posturing” encourage a judgment of hypocrisy. Continued trading does not necessarily contradict a pledge to “largely” reduce it, particularly at the reported revenue share. More detail on the earlier sales pledge and applicable sanctions permissions would strengthen an otherwise substantial investigation.
media:

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