Treasury Department’s hunt for Russian oil sanction violators on the seas is intensifying
A Russian-chartered oil tanker in the sea off Morocco in an area identified by maritime technology company Windward as a hub for smuggling oil.
Europa Press | Getty Images
The U.S. Department of the Treasury’s Office of Foreign Assets Control announced three vessels and shipping companies being sanctioned for violating the Russian oil sanctions on Thursday, only a few days after Treasury began a separate, larger probe of approximately 30 ship management companies covering 100 vessels suspected of violating a price cap on Russian oil.
“Shipping companies and vessels participating in the Russian oil trade while using Price Cap Coalition service providers should fully understand that we will hold them accountable for compliance,” said Deputy Secretary of the Treasury Wally Adeyemo in a statement on Thursday. “We are committed to maintaining market stability in spite of Russia’s war against Ukraine, while cutting into the profits the Kremlin is using to fund its illegal war and remaining unyielding in our pursuit of those facilitating evasion of the price cap.”
But as the Treasury seeks to cut off the Kremlin’s access to oil profits, its hunt for crude tankers and shippers violating OFAC guidelines is revealing complexities in its own guidelines and a murky marine industry.
The shipping entities identified on Thursday were United Arab Emirates-based. The vessels were Kazan Shipping Incorporated’s Kazan, Progress Shipping Company Limited’s Ligovsky Prospect, and Gallion Navigation Incorporated’s NS Century. But while those ships are now UAE-based, Matthew Wright, lead analyst of freight at marine intelligence firm Kpler, tells CNBC the location of where the company is based may be different from the location of the beneficial owner. In this case, Wright says the beneficial owner is likely still Russian-based.
“Based on the history of these fleets, these vessels were all owned and operated by Sovcomflot,” Wright said. “Management of all the Sovcomflot ships was transferred to Sun Ship Management in March/April 2022 when their offices in Europe were closed. Those three companies are now managed by a new manager called Oil Tankers SCF Management but it’s just another name. Ownership hasn’t changed since 2006. They’re not part of either the dark or grey fleet really as I consider them still Russian-owned.”
30 ship owners targeted in new Treasury probe
This is just one example of the murkiness within the Russian oil trade. The probe against 30 shipowners begun earlier this week reveals how identifying and finding proof of vessels traversing the oceans with sanctioned oil is not as straightforward as suggested by initial headlines covering the Treasury allegations. These companies received warning letters from the government about activity deemed suspicious and requests for documentation. There are grey areas in the U.S. government’s Russian oil guidelines, though the efforts can ultimately lead maritime investigators to the truth.
In the U.S. Treasury’s “Preliminary Guidance on Implementation of a Maritime Services Policy and Related Price Exception for Seaborne Russian Oil,” ship owners are under a Tier 2 category. According to the Treasury, this group within the maritime industry are “actors who are sometimes able to request and receive price information from their customers in the ordinary course of business.”
If a ship owner is unable to obtain such pricing information, according to the Treasury’s guidelines, the Tier 2 actors (ship owners) need to request “customer attestations” where their charter customers pledge in a document they will not purchase seaborn Russian oil above the price cap.
This document could provide a “safe harbor” for ship owners who are relying on that customer’s “attestation” to comply with sanctions. This safe harbor is also extended to the ship insurance companies.
“Ship owners rely on the charterer to provide ample proof that the Russian oil on board the vessel has been sold below the price cap,” said Andy Lipow, president of Lipow Oil Associates. “The sanctions can easily be circumvented if a dishonest charterer presents documents that falsify the true cost of the oil.”
Lipow said one clue to suspicious paperwork is a price of oil that is well below the market, selling Russian crude oil in Asia today at $50 per barrel when Brent is trading at $80.
“That is a red flag,” Lipow said.
Based on the safe harbor, if the ship owner or management company can be absolved of wrongdoing, the documents can still lead Treasury to the charterer.
The U.S. Treasury told CNBC it does not comment on current investigations.
Tracking Russian oil
A breakout of the Russian oil trade by Kpler shows around 30% of Russian exports from Western ports are still using commercial shipping with beneficial ownership within the European Union.
Wright said this “dark fleet” is comprised of vessels typically 20 years and older which have loaded or predominantly loaded Venezuelan or Iranian cargoes in the last few years.
“There is often some evidence that they have been disguising their activities by turning off their AIS, but not in all cases,” said Wright, referring to the automatic identification system used by marine vessels to track location. “Ownership is often opaque and the operator does not engage in standard commercial shipping outside of operating these vessels.”
There are also “grey fleet” vessels sold since the Russian invasion of Ukraine with the aim of transporting Russian exports and avoiding sanctions. These vessels, according to Wright, have had EU ownership.
“Most vessels have been sold by owners based in Europe to owners who were not previously active in the tanker market,” he said. “The owners are based mainly in Hong Kong, China, India, and the UAE.”
The price cap rules state that exports of Russian crude or refined products on EU-owned, insured, or serviced tonnage must be below the relevant price cap.
Since July, Wright says most exports from Russia are assumed to be above the caps, yet a large number of ships from within the EU continue to trade. This is because of the way Russian crude is traded.
“It is very likely vessels loading Russian cargoes that are EU-owned will have documentation showing a crude trade below the price cap, even if the cargo was actually traded above the price cap,” Wright said. “This is because a charterer or middleman will have traded it at a price that can be shown to the owner as part of a wider trade with the final buyer. The (vessel) owner is unlikely to have any evidence to the contrary.”
Vessel owners do not produce these documents, he said, but are provided with these documents by the charterer.
“The vessel owners are merely the custodians of information provided to them,” Wright said.
Beks Shipmanagement & Trading confirmed to CNBC it is among the companies that received warning letters from the Treasury this week and is sending documents to the government. The company had been identified in earlier press reports, though Treasury declined to specify companies to receive letters.
In an email to CNBC, the company rejected the Treasury’s allegations. “Despite the fact that the U.S. Treasury Department requested voyage details from 30 different ship management including 100 vessels, it is an obvious bad faith and reputation damaging purpose that only our management company was mentioned in the news recently circulated in the media,” a Beks spokesperson wrote.
The company, based in Turkey, announced in October the deployment of SpaceX’s Starlink satellite connectivity system across its fleet of 40 bulkers and tankers for enhanced vessel tracking.
“Our vessels are traded worldwide with their tracking system always switched to the on position. We employ our vessels by abiding (by) all international laws and regulations without breaching any sanction regime,” the company wrote in the email.
Beks said it has been conducting due diligence procedures on all of its voyages as well as carrying out the necessary sanction checks with its London-based lawyers.
According to Kpler, Beks Shipmanagement’s fleet had numerous tanker port calls to Russia since the start of sanctions on February 24, 2022. One example is the oil products tanker Bek Aqua.
Kpler was able to track the travel of the tanker using the tanker’s satellite beacons through the AIS short-range coastal tracking system currently used on ships.
The tanker Beks Aqua arrived at the Russian Port of Nakhodka on Oct 26 and was loaded with either diesel or Naptha on November 1. The vessel then arrived at the Port of Singapore on November 10 and departed empty on November 14.
But following the satellite data doesn’t allow for understanding of contract prices.
“While we can track the vessel’s journey from Russia to Singapore, unless we have the sales contract, we do not know the price the oil product was purchased for,” Lipow said. “The only fact we have is companies like Beks Shipping are employed to move Russian oil. It is possible that someone filed false paperwork with the shipowner. This is why tracking the Russian oil sanctions is not straightforward,” he said.
Beks Shipmanagement said the requested voyage details will be provided to the U.S. Treasury with full transparency.
Honda’s electric SUV was the third most popular EV in the US in August, behind the Tesla Model Y and Model 3. Offering over $12,000 in average incentives, the Honda Prologue scored big as buyers rushed to claim the federal EV tax credit.
Honda Prologue registrations surge with huge incentives
As the $7,500 credit expired at the end of September, automakers were offering pretty notable discounts, many in the five digits with combined incentives.
The Honda Prologue has been one of the most discounted EVs over the past few months. Last month, buyers could score up to over $20,000 in combined savings, including a $7,500 credit, $9,500 in financing bonuses, trade-in offers, and 0% interest for six years.
According to the latest registration data from S&P Global Mobility (via Automotive News), the incentives helped propel the Honda Prologue to become the third most popular EV in August.
A total of 138,457 EVs were registered in the US in August, up 24% from a year ago. Honda Prologue registrations surged 81% to 9,005 vehicles, the data showed.
Since some automakers don’t report monthly or US sales numbers, the S&P Global Mobility data offers a snapshot of sales performance.
The Prologue was yet again one of the most discounted models, with incentives of $12,704 in August, according to Motor Intelligence. Last August, Prologue incentives were just $5,813. Honda’s gas-powered CR-V had just $2,016 in incentives in August.
Although the $7,500 credit expired on September 30, Honda is still offering generous incentives for Prologue buyers and lessees.
The 2025 Honda Prologue is available with up to $16,550 in lease cash in most states. Alternatively, Honda is offering 0% APR financing for up to 60 months.
2025 Honda Prologue trim |
Starting Price* | EPA Range (miles) |
| EX (FWD) | $47,400 | 308 |
| EX (AWD) | $50,400 | 294 |
| Touring (FWD) | $51.700 | 308 |
| Touring (AWD) | $54,700 | 294 |
| Elite (AWD) | $57,900 | 283 |
Although the Acura ZDX will not return for a 2026 model year, Honda is planning to launch the 2026 Prologue. We have yet to learn prices, but we could see it priced slightly lower due to the loss of the $7,500 EV credit.
Hyundai announced earlier this month it’s reducing 2026 IONIQ 5 prices by up to nearly $10,000 on some trims. The 2026 Hyundai IONIQ 5 now starts at under $35,000. Will Honda match it?
Want to check out the Prologue for yourself? You can use our link to find available Honda Prologue models in your area (trusted affiliate link).
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XCharge North America (NA) has opened Oregon’s first solar + storage DC fast charging station at Arrowhead Travel Plaza in Pendleton, part of the Wildhorse Resort & Casino complex owned by the Confederated Tribes of the Umatilla Indian Reservation.
NetZero Energy helped bring the project to life, handling system design and project management. The solar canopy provides renewable power to the chargers, while the integrated batteries make the site more resilient and capable of off-grid operation during outages.
The new station integrates four dual-dispenser 215kWh GridLink chargers with 40kW of solar that can output up to 194kW per unit, allowing drivers to charge quickly with CCS1 or NACS plugs while reducing strain on the grid. The site’s location on Interstate 84 is key because Arrowhead serves more than 1.7 million vehicles a year. Many drive the steep, rough weather-prone Cabbage Hill grade, where a full charge is essential for safety.
“We partnered with XCharge NA because they provide a grid-friendly charging solution with battery storage that seamlessly integrates with a custom solar canopy – a perfect fit for our climate,” said Tom Fine, general manager of Arrowhead Travel Plaza.
Each GridLink charger includes bidirectional capability, meaning it can send power back to the grid or function off-grid in the event of an emergency. It also has a built-in safety system that monitors battery packs with multiple sensors and fire suppression technology.
With this project, XCharge North America now operates in 18 states. Cofounder and president Aatish Patel called Oregon’s first solar-supplemented DC fast-charging site a milestone: “Our Arrowhead Travel Plaza installation goes beyond simply delivering ultra-fast charging – it’s a powerful demonstration of how integrating our GridLink technology with solar power can offset grid demand, enhance a charging site’s resilience and flexibility, and even bolster the region’s energy architecture.”
Read more: XCharge NA is now leasing DC fast chargers to small businesses
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Environment
Bluetti launches Pioneer Na(Sodium) station starting from exclusive $735, save $1,116 on Tenways AGO X e-bike gear + battery bundle, more
Today’s Green Deals is the third in a row that is headlining a new power station release, with Bluetti launching its new Pioneer Na(Sodium) Portable Power Station and bundles with exclusive savings for our readers starting from $735. From there, we have the massive $1,116 savings on Tenways’ AGO X All-Terrain Mid-Drive e-bike that comes with $307 in FREE add-on gear alongside a FREE Power Bank (extra 180Wh battery) for $1,999. There’s also BougeRV’s e-bike Rack Hitch for all vehicles hitting a new $350 low, Greenworks Gen 2 electric pressure washers, and our favorite ongoing Prime Day Sales (half of which are ending tonight) – plus, many more available to browse in our Post-Prime Day Green Deals hub here. And don’t forget about the hangover deals that are collected together at the bottom of the page, like yesterday’s $1,000 super-early bird savings on EcoFlow’s upcoming DELTA Pro Ultra X power station, the new low price on Heybike’s Hero Carbon-Fiber All-Terrain e-bike, and more.
Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.
Bluetti launches new Pioneer Na(Sodium) portable power station with exclusive savings starting from $735
Bluetti has launched its newest backup power solution, and we’ve secured some exclusive savings for our readers on it and its bundle options. You can now pick up Bluetti’s Pioneer Na(Sodium) Portable Power Station at $735.08 shipped, after using the exclusive code 9TO5TOYS8OFF at checkout for an additional 8% savings. It’ll normally go for $1,299 at full price once these initial launch savings end, with the discount today starting things at $799, while our readers score a bonus $64 price cut further. All-in-all, that’s a combined 43% markdown that cuts a total of $564 off the tag and sets the bar for future discounts down the road.
The standout feature of Bluetti’s new Pioneer Na(Sodium) portable power station, as the name might hint to you, is its cold-proof construction and sodium-ion battery cells, which make it ideal for trips and/or emergencies during severe cold weather as low as -13 degrees. It’s also even more eco-friendly than typical power station designs, utilizing sustainable sodium over rare metals like lithium and cobalt. Great for ice fishing trips, snow camping, or blackouts in winter, this model brings along a 900Wh capacity that provides up to 1,500W of steady power for daily essentials, while surging up to 2,250W for high-demand appliances.
The Bluetti Pioneer Na portable power station is built to last for 4,000+ charge cycles, with the brand rating it for a 10-year lifespan – plus, it even boasts ultra-low standby consumption of 1.5W, meaning it’ll always be ready to assist you with portable power regardless of it sitting idle for months. It sports five primary recharging methods, with a typical AC outlet putting it back to 80% in 45 minutes or to full in 65 minutes. Of course, there’s a 500W max solar input, which can also be used simultaneously with an AC outlet to cut down times to 35 minutes (80% battery) or 52 minutes (100% battery). There’s also the options to plug into your car’s auxiliary port, or you can get faster on-the-go charging from the brand’s 500W Alternator Charger 1 (bundle below).
***Note: Remember to use the exclusive code 9TO5TOYS8OFF at checkout to score the prices below; otherwise, you’ll be paying the normal launch rates.
Bluetti’s Na(Sodium) power station launch deals:
Save a total $1,116 on Tenways’ AGO X all-terrain mid-drive e-bike with FREE gear and 180Wh power bank at $1,999
Tenways is offering a special extra battery promotion (known as the Tenways Power Bank here) on its AGO X All-Terrain e-bike at $1,999 shipped that also comes with $307 in FREE additional add-on gear, while also offering a 50% discount on the standalone power bank, were you wanting to pick one up for any other models from the brand you may already have. The AGO X e-bike normally goes for $2,499 without discounts, which we’ve mostly seen taken down to this rate over the year, with some occasional drops lower to $1,899. This is the first bundle with the Tenways Power Bank ($309 value), however, giving you a total of $1,116 savings, which is the biggest deal we’ve tracked to date. Alongside this model, you can also find the CGO600 Pro Lightweight e-bikes with $300 price cuts and $118 in FREE gear, as well as the option for a 50% off Power Bank add-on.
If you want to learn more about the AGO X e-bike, or the Power Bank, be sure to check out our original coverage of this deal here.
Mount this tiltable BougeRV e-bike rack hitch to your vehicle and carry up to 200 pounds for a new $350 low
Through its official Amazon storefront, BougeRV is now offering the best rate yet on its 2-inch e-bike Rack Hitch with Ramp for cars, SUVs, and trucks at $349.99 shipped, after clipping the on-page coupon. Earlier in the week we spotted its more affordable e-bike-compatible counterpart returning to its $180 low, and now, this more premium model is coming down from its full $500 price tag to follow suit. Discounts here have only gone as low as $400 up until today, with that rate beaten out by this $150 markdown that lands costs at a new all-time low price.
If you want to learn more about this bike carrier, be sure to check out our original coverage of this deal here.
Greenworks’ gen 2 13A 1,900 PSI portable compact electric pressure washer goes anywhere for $110
Amazon is offering the Greenworks 13A 1,900 PSI Portable Compact Electric Pressure Washer at $109.99 shipped, which matches the price direct from the brand’s website. While it carries a $160 MSRP, this newer cleaning model has been keeping down at $128 at Amazon since the summer began, with this rate only having been beaten by the one-time $104 low we spotted during the Prime Day event last week. If you missed your chance at that low price, you’re getting the next-best rate here with a total $50 savings from its MSRP. You can also shop all the brand’s current electric pressure washer deals by heading to its Amazon storefront here.
If you want to learn more about this newer electric cleaning solution, be sure to check out our original coverage of this deal here.
Best Fall EV deals!
- Velotric Nomad 2X e-bike (camo) with DELTA 3 Plus station: $3,048 (Reg. $3,298)
- Velotric Nomad 2X e-bike (sage or fig) with DELTA 3 Plus station: $2,948 (Reg. $3,298)
- Heybike Hero 750W Mid-Drive Carbon-Fiber All-Terrain e-bike (return low): $2,299 (Reg. $3,099)
- Rad Power Radster Road Commuter e-bike: $1,999 (Reg. $2,199)
- Rad Power Radster Trail Off-Road e-bike: $1,999 (Reg. $2,199)
- Lectric XPedition 2.0 35Ah Cargo e-bike w/ up to $694 bundle: $1,999 (Reg. $2,693)
- Heybike Hero 1,000W Carbon-Fiber All-Terrain e-bike (new low): $1,899 (Reg. $2,599)
- Velotric Fold 1 Plus e-bike (gray or white) with DELTA 2 station: $1,898 (Reg. $2,198)
- Velotric Fold 1 Plus e-bike (mango or blue) with DELTA 2 station: $1,828 (Reg. $2,198)
- Rad Power RadRunner Plus Cargo Utility e-bike with extra battery: $1,799 (No price cut)
- Lectric XP Trike2 750 Long-Range eTrike with $455 preorder bundle: $1,799 (Reg. $2,254)
- Rad Power RadExpand 5 Plus Folding e-bike (lowest price): $1,699 (Reg. $1,899)
- Lectric XPedition 2.0 26Ah Cargo e-bike w/ $545 bundle: $1,699 (Reg. $2,244)
- Lectric XPeak 2.0 Long-Range Off-Road e-bike with $415 bundle: $1,699 (Reg. $2,114)
- Rad Power RadWagon 4 Cargo e-bike with extra battery: $1,599 (Reg. $1,799)
- Aventon Abound Cargo e-bike: $1,599 (Reg. $1,999)
- Ride1Up VORSA Modular Multi-Use e-bike: $1,595 (Reg. $1,695)
- Rad Power RadRunner Cargo Utility e-bike with extra battery: $1,499 (No pirce cut)
- Lectric XPeak 2.0 Standard Off-Road e-bike with $247 bundle: $1,499 (Reg. $1,746)
- Lectric XP Trike2 with $257 bundle: $1,499 (Reg. $1,756)
- Rad Power RadWagon 4 Cargo e-bike: $1,499 (Reg. $1,799)
- Aventon Aventure 2 All-Terrain e-bike: $1,499 (Reg. $1,999)
- Lectric XPedition 2.0 13Ah Cargo e-bike with $346 bundle: $1,399 (Reg. $1,745)
- Aventon Level 2 Commuter e-bike: $1,499 (Reg. $1,899)
- Rad Power RadRover 6 Plus Step-Thru Fat Tire e-bike: $1,399 (Reg. $1,599)
- Heybike ALPHA All-Terrain e-bike: $1,499 (Reg. $1,699)
- Hiboy TITAN Pro Electric Scooter (new model, code HSTP10): $1,350 (Reg. $2,000)
- Lectric XPress 750 Commuter e-bikes with $415 bundle: $1,299 (Reg. $1,714)
- Lectric XP4 750 LR Folding Utility e-bikes with $394 bundle: $1,299 (Reg. $1,693)
- Heybike Hauler Dual-Battery Cargo e-bike (new low): $1,299 (Reg. $1,899)
- Heybike Mars 2.0 Folding Fat-Tire e-bike with extra battery: $1,199 (Reg. $1,848)
- Lectric XP Lite 2.0 JW Black LR e-bike with $439 bundle: $1,099 (Reg. $1,538)
- Hiboy TITAN Electric Scooter (new model, code HST9): $1,001 (Reg. $1,700)
- Lectric XP4 Standard Folding Utility e-bikes with $79 bundle: $999 (Reg. $1,078)
- Lectric XP Lite 2.0 Long-Range e-bikes with $439 bundles: $999 (Reg. $1,438)
- Heybike Hauler Single-Battery Cargo e-bike (new low): $899 (Reg. $1,499)
- Segway E3 Pro Electric Scooter: $600 (Reg. $700)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
- Here’s how to score $1,000 savings on EcoFlow’s upcoming DELTA Pro Ultra X power station
- Anker kicks off 50% early-bird discounts on new SOLIX C2000 Gen 2 power station starting from $749
- Heybike offers Hero carbon-fiber all-terrain e-bikes at best prices starting from new $1,899 low (Reg. $2,599+), more
- Save up to 56% on EcoFlow DELTA 2 and 3 Pro expansion batteries or a home hub starting from a $349 low for 48 hours
- Jackery’s latest HomePower 3600 Plus power station and bundles at new lows from $1,519 + FREE gifts (Reg. $2,799+)
- Camplux’s 8-gallon mini under-sink electric water heater back at $208 low (Reg. $260), more from $136
- Aiper’s IrriSense smart sprinkler system covers up to 4,800 square feet with a 39-foot reach at a $500 low (Reg. $700)
- BougeRV’s 2-bike carrier for SUVs and trucks boasts a tilting feature and 150-pound payload for a $180 low (Reg. $260)
- Post-Prime Day Green Deals: Discounts still live on e-bikes, e-scooters, power stations, tools, more
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