Articles by Upmanyu Trivedi and Archie Hunter

UK Targets Russian Oil Trading ‘Lynchpins’ With Sanctions

The UK announced fresh sanctions targeting alleged “lynchpins” that enable the trade of Russian oil, along with 20 “shadow fleet” vessels. The financial curbs on oil trading firms, 2Rivers DMCC and 2Rivers Pte Ltd. will clamp down on Russia’s oil …

Vitol, SK Settle California Fuel Rigging Probe for $50 Million

California’s attorney general said it reached a $50 million settlement with commodity traders Vitol and SK Energy Americas Inc. after it alleged the firms acted together to manipulate local gasoline markets. It’s the latest instance in which commodity traders have …

Trafigura Staff Tried to Hide Nickel ‘Red Flags,’ Gupta Says in Court Document

Staff at Trafigura Group worked with alleged fraudster Prateek Gupta to ensure that their dealings would not raise the suspicion of key lender Citigroup Inc., according to messages made public in the court battle between the two sides. The revelation …

4 Billion Pieces of Paper Keep Global Trade Afloat but Fraud Fuels Push to Digitize

They are relatively easy to fake. Frequently get lost. And can add huge amounts of time to any journey. Yet paper documents still rule in the $25 trillion global cargo trade with four billion of them in circulation at any …

Another Metals Trading House Says It Has Been Hit by a Nickel Fraud

Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble. The latest example, detailed in lawsuits in London and Singapore, is separate from the $600 million alleged fraud …

Commodity Trader Trafigura Faces $577 Million Loss After Uncovering Nickel Fraud

Commodity trader Trafigura Group is facing more than half a billion dollars in losses after discovering metal cargoes it bought didn’t contain the nickel they were supposed to. nickel fraud Trafigura has spent the past two months uncovering what it …

‘Shadow Fleet’ of Tankers Transporting Russian Oil Swells to 600 Ships: Trafigura

The “shadow fleet” of ships that transport Russian oil around the world has expanded to around 600 tankers, according to trading giant Trafigura. About 400 crude oil vessels, or 20% of the global fleet, have “switched” from mainstream trades to …

Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses

Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the Ukrainian port city of Mykolayiv …

Russian Commodities Traders Relocate to Dubai as Switzerland Tightens Sanctions

Traders of Russian commodities are rushing to set up businesses in Dubai as Switzerland makes it increasingly challenging for them to deal with Moscow. Switzerland has for decades been home to middlemen helping to match Russian producers with buyers all …