18th July 2026 – 24th July 2026
LOCAL NEWS
No local news reported.
INTERNATIONAL NEWS
1. 21st package of sanctions: EU hits Russian energy, financial services and crypto hard
On 23 July, the European Council adopted the 21st package of restrictive measures against Russia in response to its war of aggression against Ukraine. The package targets key sectors of the Russian economy with the aim of further limiting Russia's ability to finance the war. It also includes the largest set of new sanctions listings in the past four years, covering 218 individuals and entities (48 individuals and 170 entities). Those listed are subject to asset freezes, travel bans (for individuals) and restrictions on transactions and the provision of funds.
The package significantly expands EU sanctions on Russia's financial and banking sector, targeting institutions that support and finance Russia's war economy. The EU has frozen the assets of 94 Russian banks and major financial institutions and imposed restrictions on dealings with them. It has also extended transaction bans to 33 additional Russian financial institutions, sanctioned one Kyrgyz bank and three other non-Russian banks accused of helping Russia bypass sanctions, and targeted the A7 cross-border payment network. In addition, 14 cryptocurrency service providers based outside Russia have been sanctioned for facilitating sanctions evasion. Furthermore, for the first time, the EU has introduced the option to impose a full ban on third-country crypto-asset service providers that help Russia circumvent EU sanctions. This would allow the EU to prohibit all transactions between EU operators and such crypto providers, increasing pressure on countries that host them.
In the energy sector, the package pauses the automatic adjustment of the Russian oil price cap mechanism until 15 July 2027 to ensure that Russia's oil revenues remain limited despite the exceptional market conditions caused by the closure of the Strait of Hormuz. In particular, the EU freezes Russian oil price cap at $44.10 per barrel for 12 months, preventing an automatic increase that would have raised it to around $58.50
The package also expands sanctions against Russia's shadow fleet by covering vessels that provide support services, such as refuelling and adds 41 more vessels to the sanctions list.
Overall, the 21st sanctions package underscores the EU's determination to intensify economic pressure on Russia while supporting efforts to achieve a just and lasting peace through meaningful negotiations.
We draw your attention to the Questions and Answers on the 21st package of sanctions against Russia issued by the European Commission, on 24 July 2026.
Related Articles:
Attachment 1: Reuters 23/07 - EU targets Russian banks in new sanctions package over Ukraine war
Attachment 2: Reuters 23/07 - What's in the EU's 21st package of sanctions against Russia
2. European Commission Moves Towards Approval of Indian Ship Recycling Yards
The European Commission is moving towards the inclusion of the first Indian ship recycling facilities on the EU List of approved ship recycling facilities under the European Ship Recycling Regulation (EU SRR).
The development represents an important step for the global ship recycling sector, as India is one of the world’s largest ship recycling markets, with significant capacity and experience in the recycling of commercial vessels. The approval process reflects efforts to ensure that recycling facilities meet the EU’s strict requirements regarding environmental protection, worker safety, hazardous materials management and operational standards.
The potential addition of Indian yards to the EU List would provide shipowners, particularly those operating EU-flagged vessels, with increased flexibility and additional compliant recycling options when planning the end-of-life management of their vessels.
The European Commission’s initiative also supports the broader objectives of promoting sustainable ship recycling practices and strengthening the circular economy within the maritime sector. By expanding the number of approved facilities, the EU aims to enhance regulatory compliance while ensuring that ship recycling activities are carried out in a safe and environmentally responsible manner.
The possible recognition of Indian recycling facilities marks a significant development in EU–India maritime cooperation and highlights the growing importance of sustainable solutions for the future of the shipping industry.
Related Articles:
Splash247 24/07 - EU moves to approve first Indian ship recycling yards
Attachment 3:TradeWinds 24/07 - First India recyclers set to be approved by Brussels
3. Escalating Tensions in the Strait of Hormuz and the Red Sea
On 21 July, Reuters reported that the Houthis had declared a naval blockade against Saudi Arabia on 20 July, marking a further escalation in the regional conflict. The situation has worsened compared with the previous week, when attacks had already led to a decline in vessel transits through the Strait of Hormuz as shipping companies exercised greater caution amid continued tensions between the United States and Iran.
The latest developments increase the risk of further disruption to regional shipping and global energy supplies. As traffic through the Strait of Hormuz remains constrained, Saudi Arabia has relied on the Red Sea as its main alternative export route, transporting oil via pipeline to the port of Yanbu. Any disruption to the Bab el-Mandeb Strait, the southern entrance to the Red Sea, would remove this critical alternative route and significantly increase concerns over energy security and global trade. In response to the escalating situation, U.S. President Donald Trump stated that the Houthis had not yet blocked the Bab el-Mandeb Strait but warned that the United States would respond if they attempted to do so.
At the same time, the Houthis have reportedly sent emails to shipowners and shipping companies, warning them not to load or unload cargo at Saudi Arabian ports. They stated that any vessel ignoring the warning could be considered a military target wherever it is within the range of Yemeni forces. These threats effectively reinforce the announced naval blockade and further increase the risks for commercial shipping in the region.
Related Articles:
Attachment 4: Reuters 21/07 - Houthis warn shipping companies to avoid Saudi ports, email shows
Attachment 5: Reuters 21/07 - Hormuz vessel crossings extend slide on fresh US-Iran attacks
Attachment 6: Reuters 21/07 - Tankers with Saudi crude turn back as Houthis open new front in US-Iran war
Attachment 7: TradeWinds 21/07 - Houthis declare maritime embargo against Saudi Arabia
Attachment 8: Reuters 24/07 - Trump vows to punish Iran and Houthis for attacks in Red Sea
SAFETY4SEA 21/07 - Houthis warn ships against Saudi port calls
4. China Tests a New Arctic Sea Route to Europe
China is making a new attempt to establish a seasonal container shipping service between Asia and Europe through the Northern Sea Route (NSR), which runs along Russia's Arctic coast. Following the successful trial voyage of the Istanbul Bridge in 2025, Chinese shipping company Sea Legend Shipping plans to operate approximately eight weekly sailings between mid-August and October using seven feeder container vessels. The service aims to reduce transit times between China and Northern Europe to around 20–22 days.
According to analysts this is the first serious effort to establish a regular seasonal container service through the Arctic. The main advantage of the Northern Sea Route is the shorter distance compared with the Suez Canal route. For some voyages between Northeast Asia and Northern Europe, transit times could be reduced by 30–40%, resulting in lower fuel consumption, reduced emissions, and faster delivery of high-value cargo.
However, the Northern Sea Route is not a replacement for the Suez Canal. Analysts note that the route remains a seasonal alternative rather than a permanent global trade corridor. While it can provide additional flexibility during periods of disruption to traditional shipping routes, it cannot handle the same volume of traffic or offer the same year-round reliability as the Suez Canal.
The route also faces significant operational challenges. Navigation depends on seasonal ice conditions and requires ice-class vessels, specialised crews, and advanced navigation systems. Port infrastructure, refuelling facilities, emergency response capabilities, and safe harbours remain limited along much of the route. In addition, operators must coordinate with Russian authorities and, in some areas, rely on Russian icebreaker escorts, creating additional operational and sanctions-related compliance risks. Increased shipping activity in the Arctic also raises environmental concerns due to black carbon emissions and the potential impact of accidents in a fragile ecosystem.
The new Chinese service should be viewed as a pilot project. If it proves commercially viable and reliable over time, it could support the development of a specialised seasonal shipping market, but it is unlikely to replace the Suez Canal as the primary trade route between Asia and Europe.
Related Articles:
Newmoney 22/07 - China Tests a New Arctic Sea Route to Europe
Cyprus Mail 23/07 - Northern Sea Route aims to offer exporters faster links to European ports
SAFETY4SEA 22/07 - Intermodal: China expands Arctic shipping ambitions
5. Shipowners halt vessel calls for farm exports at Ukraine's Black Sea ports, minister says
On 23 July, Reuters reported that shipowners have temporarily suspended vessel calls to Ukraine's Black Sea ports for agricultural exports following a recent increase in Russian missile and drone attacks on port infrastructure and merchant vessels.
Following recent attacks on vessels, Ukraine has requested an urgent meeting of the UN Security Council. Russia has stated that its strikes are targeting port infrastructure and vessels linked to Ukrainian military activities. Meanwhile, Ukraine has intensified its own drone and maritime attacks against Russian targets in the Black Sea and the Sea of Azov, aiming to disrupt Russian logistics and put pressure on occupied Crimea. In response to the increased security risks, Russia has imposed a temporary nighttime restriction on vessel movements at the Port of Novorossiysk, its largest port by cargo volume and a major hub for grain exports.
Overall, the security environment in the Black Sea continues to deteriorate, increasing risks for commercial shipping, disrupting grain exports, and adding further uncertainty to regional maritime trade.
Related Articles:
Attachment 9: Reuters 23/07 - Shipowners halt vessel calls for farm exports at Ukraine's Black Sea ports, minister says
Attachment 10:TradeWinds 20/07 - Drone hits tanker in third Black Sea attack on Russian oil shipments
Attachment 11:TradeWinds 20/07 - Russian strike on grain ship could be deadliest of Ukraine war
Attachment 12: Reuters 24/07 - From steppe to sea, a Ukrainian drone unit hunts Russian ships
6. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 13: US Treasury Report for week 18/07/2026 – 24/07/2025
7. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 14: Worldwide Threat to Shipping (WTS) Report, for the period between 24/06/2026 – 22/07/2026
Nothing important to report from ECSA, IMO, ILO, Local News and the House of Representatives.