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What are China's interests in Iran economically?
China, which is one of Iran's most important allies, and its biggest oil buyer, has been urging for a diplomatic resolution to the conflict between Iran and Israel. Here are some details about its investment in Iran. COOPERATION PACT Beijing has long supported the U.S. sanctioned Tehran in its efforts to increase its economic and strategic clout in the Middle East. They signed a 25 year cooperation agreement in 2021. However, full details have never been disclosed, and analysts claim that the implementation of this deal has been poor. The Chinese investment in Iran is still far behind what Beijing invests in other nations of the region. Bill Figueroa is a China-Middle East specialist at the University of Groningen, in the Netherlands. Chinese Commerce Ministry data show that its direct investment in Iran at the end of 2023 will total $3.9 billion. The think-tank claims that Beijing has invested almost $15 billion between 2007-2024 in Saudi Arabia and more than $8 billion between 2013-2022 in the United Arab Emirates. ENERGY: China purchases roughly 13,6% of its crude oil from Iran, which accounts for 90% of Iran's exports. According to Vortexa, around 65% of the total crude and condensate that is shipped through the Strait of Hormuz near Iran is bound for China. China National Petroleum Corp. (CNPC), in 2016, signed a $4.8 Billion deal with France’s Total for the development of the South Pars offshore gas field in Gulf with an Iranian State firm. CNPC's 30% stake was valued at around $600 Million. Despite this, the state-owned oil giant withdrew from the project in 2019 due to pressure by the United States. CNPC signed a contract in 2009 for the development of the North Azadegan Oil Field, the first phase being valued at around $2 billion. In 2016, the first shipment of 2,000,000 barrels of oil was sent to China. Sinopec, China's largest refiner, signed a deal worth $2 billion in 2007 to develop the Yadavaran Oil Field. Sinopec signed in 2017 a $2.1 billion contract to upgrade Abadan refinery near the Gulf Coast. The refinery is still under construction. China's LDK Solar and Iran's Ghadir Investment Group have signed a 2024 agreement for a large photovoltaic plant. The investment is expected to be around 1 billion euro ($1.16 billion). The plant was to produce 2 billion kilowatt hours of solar energy annually. RAILWAYS: China National Machinery Industry Corporation, a subsidiary of the China National Machinery Corporation, signed a deal in 2018 worth 5.3 billion yuan (738 million dollars) to renovate and expand a railway that connects Tehran to Hamedan and Sanandaj. This will improve connectivity throughout west Iran. A subsidiary of China Railway Construction Corporation also signed a contract in the same year for a 263 km Kermanshah to Khosravi rail project in west Iran. The construction period was 48 months. China's Norinco International, a Chinese company, signed an agreement with the Iranian city Qazvin in 2018 for the construction of the first tramway in Qazvin. The contract was worth about $150 million. China Eximbank and a state-owned Iranian bank signed in 2017 a $1.5billion deal to upgrade and electrify the 926 km rail between Tehran and Mashhad, as part of Beijing’s Belt and Road Initiative. The project is stalled due to financing negotiations. Metals China's Metallurgical Corporation invested $350 million into the Sepid Dasht Steel Plant in 2017 and won a contract to design a pelletising system. Local media, however, reported that financing issues had delayed the projects.
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All but one of the 260 victims of Air India crash have been identified by authorities
The authorities in Gujarat said that on Tuesday, they had identified 260 of the bodies found in Ahmedabad after an Air India flight crashed earlier this month. A Boeing 787-8 Dreamliner carrying 242 passengers bound for London Gatwick Airport lost height after takeoff from Ahmedabad, India, on June 12. It exploded in a fiery fireball when it struck a medical school hostel. The crash killed 19 people, including one survivor on the ground. Officials remained cautious about the final death toll, despite the fact that the number of deaths was lower than the earlier estimate by the authorities. "We have identified 259. There are 240 passengers, and 19 others. Rakesh Joshi said that the DNA test results of one passenger are still awaited. The crash site is still being cleaned. We cannot announce the final death count until we know that there are no more victims to be found," Joshi said. In a press release, the local administration said that the remains of 256 victims had been returned to their families. It added that 253 victims' identities were confirmed through DNA matching, and the six remaining victims through facial recognition. (Reporting and editing by Bernadettebaum)
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Gulf markets surge after Israel-Iran truce
The major Gulf stock markets advanced early on Tuesday, with risk appetite increasing after U.S. president Donald Trump announced that Iran and Israel agreed to a truce. Trump declared a ceasefire that could end the 12-day conflict which saw millions of people flee Tehran, and raised fears about further escalation. Saudi Arabia's benchmark stock index rose by 2.1%. The biggest contributors to this increase were Al Rajhi Bank, which saw a 1.9% gain and Saudi National Bank, the largest lender in Saudi Arabia. Flynas, a company recently listed on the stock exchange, soared by more than 7% and reached 79.80 Riyals. Saudi Aramco, the oil giant, fell 1.7% while SABIC Agri-Nutrients Company, a fertilizers company, declined by 1.1%. After Israel accepted Trump's offer, oil prices fell to their lowest level in two weeks, as fears of supply disruptions were eased in the Middle East - a region that produces a lot of oil. Brent crude futures fell $3.82 or 5.3% to $67.66 per barrel at 0645 GMT. Dubai's main stock index rose 3.1%, its largest intraday gain since mid-December. The gains were boosted by a 4.7% increase in blue-chip developer Emaar Properties. Air Arabia, a budget airliner, is among the winners. Its share price jumped 7.2% in one day - its highest single-day gain in more than three years. Benjamin Netanyahu, the Prime Minister of Israel, said that Israel had agreed to Trump’s proposal for a truce with Iran once it achieved its objective of eliminating Tehran's ballistic missile and nuclear threat. Aldar Properties, a property developer in Abu Dhabi, grew by 8.3%, leading the index to gain 2.2%. The benchmark index in Qatar rose more than 2%. Qatar Islamic Bank rose 2.2%. Qatar has reopened its skies after a short suspension, the civil aviation authority announced early on Tuesday. This follows a missile strike by Iran against an American base in Qatar that was carried out on Monday, but which caused no injuries. (Reporting from Ateeq Sharif in Bengaluru, editing by Andrew Cawthorne.)
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Australian shares snap a five-day losing streak as Iran-Israel ceasefire lifts the sentiment
After U.S. president Donald Trump announced that Israel and Iran had agreed to a ceasefire, the Australian share market closed higher Tuesday. Financial stocks led the rally. After five sessions of consecutive declines, the S&P/ASX 200 ended up 1% higher. It had its best day of trading since early May. Trump announced late on Monday a ceasefire between Israel, Iran and possibly the end of a 12-day war. He announced the ceasefire a few hours later and asked both sides not to break it. The Australian market is sensitive to geopolitical events, as mining stocks have a direct impact on commodity prices. The ceasefire announcement was a catalyst to the strong recovery following a couple of disappointing sessions. The heavyweight financial sub index closed at a record high of 1.9%. Commonwealth Bank of Australia, Australia's largest lender, closed up by 2.1% after reaching a new high. The mining stocks gained 2%. Copper prices increased 0.4%, but iron ore prices remained stable. BHP and Rio Tinto both rose by 2.4% and 3.1% respectively. Kim stated that financial and mining stocks offer high dividend yields, which makes them attractive. Investors are likely to also stick with sectors that focus on domestic factors such as the local monetary policies. The Consumer Discretionary Stocks rose by 0.7%. Oil prices dropped sharply after the Iran-Israel ceasefire, easing concerns about disruptions in supply. Sector major Woodside Energy fell 6.5%. Virgin Australia's debut market performance saw a 11.4% increase. In response to the fall in oil prices, Qantas, a larger rival, increased 2.4%. This eased concerns about higher fuel costs. Investors in the local market will be waiting to see Wednesday's inflation figures. The benchmark S&P/NZX50 index in New Zealand ended the day 0.5% lower, at 12,467.48. (Reporting and editing by Vijay Kishore in Bengaluru, Nikita Maria Jio from Bengaluru)
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Middle East flights suspended by airlines
Israel's attacks against Iran have caused international airlines to stop flights to certain Middle East destinations because of airspace closures and safety issues. The conflict has entered a new phase after the U.S. invasion on Iranian nuclear sites Some airlines have cancelled flights to hubs such as Dubai is Qatar's Doha. Here are some airlines that have canceled flights from and to the region. AIRBALTIC AirBaltic, a Latvian airline, announced that it had cancelled all flights from and to Tel Aviv up until September 30. AIR EUROPA Spanish airline cancels flights from and to Tel Aviv through July 31. AIR FRANCE-KLM French flag carrier suspends flights to Tel Aviv and Beirut until July 14, and until June 25, respectively. Air France has also cancelled flights to and out of Dubai and Riyadh up until June 24. KLM has announced that it will cancel all flights to Tel Aviv and vice versa until July 1. AIR INDIA Air India has ceased all flights to and from Europe, the East coast of North America, and the Middle East with immediate effect. DELTA AIR LINES Travel to, from or through Tel Aviv could be affected between June 12 and July 31. EL AL ISRAEL AIRLINES The airline announced that its normal flight schedules for EL AL, Sundor and other destinations had been cancelled through June 27, 2018. Flights scheduled to depart until July 22 are also closed for bookings. ETIHAD AERWAYS Etihad announced that it has cancelled flights between Abu Dhabi, Tel Aviv and Tel Aviv up until July 15, 2015. In the next few days, Etihad expects delays and disruptions to several flights. EMIRATES Emirates has temporarily suspended its flights to and out of Iran and Iraq, until June 30. FINNAIR Finnair has cancelled all flights from and to Doha until June 30th, as well as flight AY1982 for July 1. Finnair added that it would not be flying over the airspaces of Iraq, Iran or Syria. FLYDUBAI Flydubai has temporarily suspended its flights to and out of Iran, Iraq and Israel until June 30, 2018. British Airways, owned by IAG, has announced that flights to Tel Aviv will be suspended until July 31, and flights to Amman or Bahrain will also be suspended until June 30. Iberia Express, IAG's low cost airline, announced previously that it would cancel its flights to Tel Aviv up until June 30. Iberia has announced that it will not resume its flights to Doha as planned on the 24th of June after Qatar temporarily closed down its airspace. ISRAIR Israeli Airlines has announced that all flights to and from Israel have been cancelled until June 30, 2018. Israir has halted the sale of its flights up to July 7 inclusive. ITA AIRWAYS Italian Airlines announced that it will extend the suspension of Tel Aviv flight until July 31. This includes two flights scheduled for August 1. JAPAN AIRLINES The Japanese airline has cancelled all flights to Doha up until the 27th of June. LUFTHANSA GROUP Lufthansa has suspended flights from and to Tel Aviv, Tehran and Beirut until July 31. Amman and Erbil flights are cancelled through July 11. German Airlines added that they would not use the airspace of these countries until further notice. OMAN AIR Omani Airlines temporarily suspended flights between Manama and Dubai, and Kuwait. PAKISTAN INTERNATIONAL AIRLINES Pakistan's PIA has cancelled flights to Qatar and other destinations including Bahrain, Kuwait, and Dubai. PEGASUS Turkish Airlines has announced that they have cancelled all flights to Iran and Iraq until July 30, and all flights to Lebanon, Jordan and Lebanon until June 30. QATAR AIRWAYS Qatar Airways has temporarily canceled flights to and from Iraq and Syria. RYANAIR Ryanair has announced that it will cancel flights from and to Tel Aviv up until September 30. SINGAPORE Airlines The Asian carrier has cancelled flights from Singapore to Dubai up until the 25th of June. The flag carrier of Romania has announced that all flights between Tel Aviv, Beirut, and Amman have been suspended until 30 June. TUS AIRWAYS The Cypriot Airlines cancelled all flights scheduled to depart and arrive in Israel until June 30, inclusive. The airline said that flights scheduled to depart between July 1-7 are currently sold out, pending any further developments. UNITED AIRLINES According to the U.S. airline, travel from and to Tel Aviv could be affected between June 13, and August 1, 2018. There may be problems with flights to and from Dubai between June 18th and July 3rd. WIZZ AIR Wizz Air has announced that it will suspend its flights to and from Tel Aviv, Amman and Jordan until September 15, 2015. Hungarian Airlines will not overfly Israeli, Iraqi or Iranian airspaces until further notice. (Reporting and compilation by bureaus, compiled by Agnieszka Olesnka, Elviira Loma, and Tiago Brancao; Editing by Matt Scuffham, Alison Williams and Matt Scuffham)
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Tesla's Robotaxi Launch was Easy
Tesla has finally developed a robotaxi. The hard part is now. In a carefully controlled small-scale test, the electric-vehicle manufacturer deployed its first ever driverless cabs on Sunday in Austin, Texas. The company will then have to face the challenge of fulfilling Elon Musk's ambitious goal to improve the software and upload to millions of Teslas in a year. About a dozen experts in the field of autonomous vehicles and industry analysts said that such a rapid rollout would be extremely difficult. The observers had a variety of opinions about Tesla, but they all warned against expecting a rapid robotaxi rollout. Several pointed out that Tesla could use its advantages to beat rivals such as Alphabet Waymo, and a number of Chinese tech and auto companies. Tesla is a mass-manufacturing company and has pioneered the use of remote software updates for self-driving car upgrades. It also relies solely on artificial intelligence and cameras, and does not use radar or lidar sensors like Waymo. A rollout could happen very quickly. Seth Goldstein of Morningstar, a senior equity analyst, said that if the software worked, Tesla robotaxi would be able to drive anywhere in the world. He cautioned, however, that Tesla was still "testing" the product. Musk has been saying for years that Tesla will soon be operating its own autonomous ride hailing service. He also said any Tesla, whether new or used, could become a robotaxi, which generates cash, and would then provide it to its customers. Bryant Walker Smith is a University of South Carolina professor who specializes in autonomous-driving regulations. He said that testing will be "orders of a magnitude" more challenging than the Austin tests. Smith stated that it's "like announcing 'I am going to Mars' then going to Cleveland." Musk said Tesla would reach Mars in this metaphor very quickly. "I predict there will be millions Teslas operating completely autonomously in second half of next years," he stated in April. Musk and Tesla have not responded to any requests for comments. Tesla shares closed Monday at $348.68, up 8.2% on the back of investor excitement over the launch of robotaxis. Given Tesla's AI-dependent approach, its challenge will be machine-training robotaxis to handle complex traffic "edge cases," said Philip Koopman, a Carnegie Mellon University computer-engineering professor and autonomous-technology expert. This could take years. Koopman asked: "How long did it take Waymo?" Tesla is not going to be faster. Waymo began its self-driving project in 2009, the same year Google launched it. In 2015, an egg-shaped prototype made its public debut in Austin. Since then, Waymo has built a fleet of 1,500 robotaxis in selected cities. A spokesperson for Waymo said that the company plans to add another 2,000 vehicles by 2026. Some analysts think Tesla can expand more quickly, partly because Waymo helped pave a way for it by overcoming technical and regulatory challenges. Paul Miller, a market-research analyst with Forrester, said: "Waymo, and other pioneers, have helped drive regulatory changes and made riders, pedestrians, and other road users, aware of autonomous vehicle technology." Miller added that being a mass manufacturer also benefits Tesla. Waymo purchases Jaguar I-PACEs and equips them with expensive sensors and technologies than Tesla incorporates into its cars. Waymo refused to comment on Tesla’s potential robotaxi expansion. John Krafcik remains sceptical. Krafcik believes that the precautions Tesla took in Austin show it doesn't have confidence in its technology at large scale. He said, "And they shouldn’t." "It is not as safe and documented as Waymo's approach to safety." The road is on the 'WRONG side' Some analysts believe that Tesla's "go-fast" strategy could slow down its progress as well as the industry of autonomous vehicles if it undermines trust amongst the public. Tesla's Full Self-Driving system (FSD), which is not completely autonomous, has been the subject of legal and regulatory problems in the past. Investigators in a recent federal safety investigation into Tesla are looking at FSD's involvement in crashes, some of which were fatal, that occurred due to rain or other bad weather that interfered with the system cameras. Musk announced on his social media platform X that the robotaxis technology was similar to Tesla, apart from a small software update. "These are unmodified Teslas coming straight from factory," he wrote. The automaker invited Tesla supporters to ride its first robotaxi, and the feedback was generally positive. A robotaxi passenger posted a video on social media showing the vehicle driving through a four lane intersection at a traffic signal and then into the wrong lane for six seconds. At the time, there was no traffic in the lane. In a video narrated by Rob Maurer on X, he said, "Obviously, we're on wrong side of double-yellow lines here." He noted that he was safe, but the car behind him honked because of the "confusing move." Maurer has not responded to any requests for comment. The video's location was verified by matching street signs, buildings and businesses to the intersection of West Riverside Drive in Austin. A witness also measured the speed of another Tesla robotaxi as it travelled between 40-45 mph on First Street adjacent to the Texas School for the Deaf. Signage warned drivers to be alert for deaf pedestrians.
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Maguire: US battery storage sector keeps accelerating its momentum
Battery-deployed electric volumes are breaking records almost every month, as the rapid growth of battery installation is affecting power systems in the United States. Battery storage is now more efficient than other energy sources during key times in certain electricity markets. Batteries also stabilize electricity networks, by controlling frequency and voltage levels and by preventing overloads on the grid by storing excess solar energy output and then releasing that power during peak usage periods. The following key trends will help you track the continued growth of battery systems in U.S. utilities networks. WIDENING REACH Battery systems have played a small role in the U.S. electric grids until recently. Utilities focused on increasing capacity through natural gas plants and solar and wind farms, among other sources. According to the energy data portal Cleanview, in 2020 there will be 30 times more solar and 74 times as much wind farm capacity in the U.S. than battery capacity. The dramatic drop in battery system costs - as much as 40 percent a year, according to industry consultants since 2022 - has helped spur the uptake of large solar farms across many U.S. states. Battery capacity is increasing and solar and wind power will be 5 times less in April 2025 than they are today. Batteries are primarily used by utility networks to store excess power generated from solar farms in the middle of the night, when power prices and system demand are at their lowest. They then discharge the batteries when prices and demand rise. The combination of solar and batteries allows utilities to avoid having to reduce output across their network at the height of the solar period, as well as capture higher power prices overall by preventing mid-day price drops. According to Cleanview, the U.S. had a utility battery capacity of just over 30,000 megawatts in April 2025. This total is over 28,000MW higher than what was available in 2020. Solar power grew by 84,200MW, while wind power grew by 37,000MW during the same period. Batteries are expected to be the main focus of future development for utilities. GROWING IMPACT There are 19 states that have 100 MW of battery storage or more. California has the largest battery storage system in the country, at around 13,000 MW, or 42%. California Independent System Operator, or CAISO, is the largest user of batteries among the major U.S. electric networks. It uses them to maximize the impact and uptake of its solar system. According to the California Energy Commission, CAISO has a solar power capacity of 21,000 MW and a battery capacity of 12,400 MW. This large battery capacity allows CAISO use batteries to provide power during periods of high demand, especially during early evenings when solar output drops and household electricity demands increase. According to the electricity portal GridStatus.io, between 7 p.m. - 9 p.m. June 19, batteries accounted for 26% of all electricity supplied during that time. CAISO's second largest energy source was natural gas, which accounted for 23% of its supply. Wind and hydro were the next two sources. Electric Reliability Council of Texas is the primary electricity market in Texas. It has been a recent adopter of batteries, adding more battery capacity to its system than any other state. GridStatus.io shows that Texas installed around 8,200MW of battery capacity in April. This helped to supply around 7-8% of ERCOT’s total power on the evening of 19th June. Arizona, Nevada, and New Mexico are also rapidly expanding their battery footprints. These states have a growing amount of utility-scale capacity that can be harnessed better when combined with battery systems. Battery systems are expected to be more widely adopted as battery prices continue to fall due in part to the competition between vendors and the commercialization of new products. According to a recent report from asset management firm Lazard, the levelized cost of electricity generated by utility-scale solar farms coupled with batteries ranges between $50 and $131 for each megawatt-hour (MWh), depending upon system size. This compares with $47 to $170 for new natural-gas peaking plants and $24 to $39 per MWh combined cycle gas plants. New coal-fired power plants can cost up to $114 a MWh. The cost of batteries will continue to decrease, and this should help solar power to penetrate areas that are less sunny. This should lead to a gradual expansion of battery systems in U.S. electric networks over the next few years. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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Sources say that India's aviation watchdog has cancelled a planned audit of Air India.
Two people with direct knowledge of the matter said that India's aviation safety regulator has cancelled its planned Tuesday visit to Air India Headquarters for an annual regulatory review. Air India halted all operations in the Middle East, Europe, and the East Coast of North America on Monday night until further notice because of tensions between Israel and Iran. According to one source, the airline's focus on resolving the crisis was the main reason why the audit was cancelled. Air India's headquarters in New Delhi was visited by ten officials of the Directorate General of Civil Aviation on Tuesday to conduct an audit. The airline is under intense scrutiny following a 271-person plane crash. Air India and the DGCA have not responded to a request for comment.
The'shadow fleet of Russian oil tankers': Key facts
Western sanctions against Russia for its invasion of Ukraine, aimed at cutting down its oil revenue, have led to a massive "shadow fleet" (or shadow fleet) of tankers that help Moscow maintain its crude exports.
These unregulated vessels are a prime example of what you need to know.
Why is this fleet in the news? The UK imposed sanctions on an oil tanker that was sailing in international waters in the Baltic Sea between Estonia and Finland without a flag, which is against maritime regulations. Estonia tried to stop it, prompting Moscow's fighter jet to fly around it. Last week, the UK announced new sanctions against up to 100 tankers, which it described as "a key part of Vladimir Putin's (Russian president Vladimir) shadow fleet operation". The EU Commission also proposed similar measures against 100 vessels on top of the 153 previously sanctioned. The U.S. also has imposed several rounds of sanctions on the tankers transporting Russian oil.
VESSELS AGEING
The so-called "shadow fleet" transports Russian oil and includes hundreds of old tankers.
Shipping and insurance sources familiar with this matter said that the vessels are often opaquely owned and sail without top Western insurance or safety certification coverage. They also have unknown insurers or assessors for vessel seaworthiness, both of which are required for ocean going commercial ships.
These tankers are a common sight as they sail through the Baltic Sea, moving oil to the Gulf of Finland. This is a vital route for Russia's exports of energy.
NATO and EU regulators are keeping a close eye on the fleet, as new sanctions target vessels that have been blacklisted due to their involvement in Moscow's Ukraine war effort or for skirting price limits. Twelve Western countries, including Britain, Germany and Poland, as well as the Netherlands and five Nordic nations, agreed to "disrupt" and "deter" Russia's Shadow Fleet in response to several unexplained cables cuts and incidents in the Baltic Sea.
Britain, Denmark and Sweden are inspecting insurance documents for vessels in the Channel, Danish Straits, Gulf of Finland and the strait connecting Sweden and Denmark.
HOW DOES THE SHADOW FLEET OPERATE? Lloyd's List Intelligence, Finland's Coast Guard and other sources have stated that the shadow fleet employs tactics such as ship-to ship transfers in international waters where port control authorities are less vigilant. They also use falsification techniques, such as fake ship identification, spoofed data on location, and flag countries which offer lower oversight. The majority of tankers are also owned by shell firms in Dubai. They are bought and sold by anonymous or newly-formed firms. This complicates accountability. According to Norwegian authorities the fleet is largely comprised of old tankers that rely on non-Western insurance or fake insurance. This raises concerns over maintenance, safety and environmental standards.
Who's Cashing In and What's Being Done? The UK and France claim that Russia has been the biggest beneficiary of the sanctions. It is able to maintain oil exports in spite of the Western sanctions. This ensures steady revenues for its war against Ukraine. China and India are now the biggest buyers of Russian crude and benefit from steep discounts. They often purchase oil below the $60 per barrel cap imposed by the West, according to data on shipping and port loading. If ships use Western services, such as ports, insurance, or financing, they must show compliance with this price limit. Monitoring compliance can be difficult. Despite the fact that some tankers lost their insurance coverage due to suspected sanctions violations, many others continue to operate with other insurers or jurisdictions who are willing take on the risk. The shadow fleet is growing as new vessels replace the blacklisted ones. Documents show that more Russian insurers have emerged to offer alternative coverage for Russian oil shipments.
Western insurance sources claim that it is not clear how any claims settlement for an oil spill will work, given the banking sanctions.
The price cap has been offset by the rising global oil prices, and the shadow fleet is still operating with minimal disruption.
What are the risks?
Shadow fleets may be a threat to the environment, as they are often old, poorly-regulated tankers that are prone for spills, mechanical breakdowns and leaks. This can threaten marine ecosystems.
In December of last year, Russian authorities tried to stop the spillage of oil in the Kerch Strait caused by two damaged 50-year old tankers. The damage was caused during a stormy weekend. The spill may become one of the worst environmental disasters in the past few years to hit the region, but the extent of insurance claims is not yet known.
(source: Reuters)