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EU commences phased boycott of Russian crude oil.

Russian Crude

The European Commission has formally drafted a long-awaited ban on Russian crude oil imports, according to the Wall Street Journal, and it circulated the details to EU member states on Tuesday.

If adopted, the measure would force Russia to sell its oil at a discount to faraway buyers, like refiners in India and China.

The proposed text would require most EU member states to phase out Russian crude imports within six months and all Russian refined products within the year, officials told the paper.

The plan contains a 20-month extension for Hungary and Slovakia, which both rely heavily on Russian crude oil supplies.

All 27 EU member states must agree to the plan in order for it to be enacted.

The government of Hungarian President Viktor Orban has been vocal in its objections to the idea of a Russian crude oil ban, and the carveout would allow Hungary to continue to source Russian oil for the foreseeable future.

In addition to a ban on Russian oil, the sixth round of sanctions will also remove additional Russian banks from the SWIFT financial messaging system and list Russian “disinformation actors,” according to EC foreign affairs commissioner Josep Borrell.

The possibility of an outright ban on Russian oil reflects significant efforts by EU member states and oil refiners to find alternate sources of crude.

 Germany, which once sourced about one-third of its oil from Russia, now expects to fully transition to other suppliers by the end of the summer.

It may also accelerate a trend of “self-sanctioning” by Western oil traders, who have already begun limiting their exposure to Russian crude because of the perceived risks.

 If these barrels are locked out of the market in Europe and North America, they will have to be sold for less to buyers in India, China and elsewhere – but the obstacles are significant.
According to Bloomberg, the options for financing and insuring Russian oil are getting slimmer, and Asian buyers are demanding steep discounts to cover the inconvenience.

Assuming that Russia can find alternate markets to absorb production, tanker owners could be up for a windfall with the reshuffling of the oil trade.

With fewer short-haul shipments running between Russia and Europe, tonne-mile demand for long-haul transport of oil could rise.
 In addition, Western sanctions on Russian shipping have restricted the trading patterns and insurance options for Russian tanker companies, creating more opportunity for their foreign competitors, according to shipbroker Gibson.

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Oil prices expected to crash as President Trump announces reopening of Strait of Hormuz 

— US- Iran complete ceasefire agreement 
Funso OLOJO with Agency Report 
A soothing air of relief swept through the global shipping and oil markets as the United States of America and the Islamic Republic of Iran, in the late hours of Sunday, June 14th, 2026, announced a permanent ceasefire agreement to end the three months hostilities.
The USA and Israel have been at war with Iran since March 2nd, 2026 which has led to the closure of the Strait of Hormuz by Iran, an action that has thrown the global energy market into an unprecedented tumult due to the resultant high energy costs.
About 20 percent of the world’s seaborne oil trade passes through the Strait of Hormuz which is controlled by the Iran.
The closure of the Strait has restricted the movement of oil tankers through the vital route which led to an astronomical increase of petroleum products.
However, after three months of hostilities between the Israeli /US armies and Iran, a  ceasefire deal was announced by the President of the United States, Mr Donald Trump while ordering the opening of Strait of Hormuz and the removal of US Naval blockage of the Strait.
“The Deal with the Islamic Republic of Iran is now complete. Congratulations to all!,” Trump declared in a post on his Truth Social platform.

“I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade,” he added.

Trump also signaled the resumption of maritime traffic and energy shipments through the strategic waterway, writing: “Ships of the World, start your engines. Let the oil flow!”

He did not provide additional details about the agreement or implementation of the measures in his statement.

Pakistani Prime Minister, Shehbaz Sharif, also announced early Monday that the US and Iran have reached a peace agreement following intensive negotiations.

“Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED,” Sharif said in a post on the US social media platform X.

He added that “both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.”

According to Sharif, the official signing ceremony is scheduled to take place on June 19 in Switzerland.

The development is expected to restore confidence in global energy markets, as approximately one-fifth of the world’s seaborne oil trade passes through the waterway.
Analysts believe the resumption of tanker traffic could ease supply concerns and reduce the geopolitical risk premium that has driven up crude oil prices in recent months.
They also claimed that market reaction is expected to be bearish for crude oil because:
Roughly 20 percent  of global seaborne oil trade moves through the Strait of Hormuz.
It is also expected that reopening the route would restore tanker traffic from major Gulf producers.
The reopening of the Strait is likely to  lead to reduced geopolitical risk which will generally lowers the “war premium” built into oil prices.
The Freight and insurance costs for tankers are likely to fall as security concerns ease.
For Nigeria, lower global crude prices could mean:
Reduced foreign exchange earnings from oil exports, potential pressure on government revenue projections, lower import costs for refined petroleum products and possible moderation of domestic fuel prices if international prices decline significantly.
The Strait of Hormuz was officially declared closed by Iran on June 11, 2026, following US attacks on Iranian targets. This followed a previous ,prolonged period of effective closure that began on March 2rd, 2026, stemming from heightened military conflict.
On March 2, 2026, the IRGC announced the strait closed, causing a significant reduction in shipping traffic and a spike in global oil prices.
While briefly opened on April 17th, 2026, after a short-lived ceasefire, the strait was quickly closed again on April 18th, 2026, due to continued tensions.
On June 11, 2026, Iranian military command announced a total shutdown of the strait, targeting commercial shipping and oil tankers.
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David Nwamini, Ekweremadu accuser, seeks asylum in UK

” they will kill me if I come to Nigeria” — he pleads to court

The eyewitness reporter
David Nwamini, the accuser of Senator Ike Ekweremadu who sent the lawmaker to 10 years jail term in the United Kingdom over an organ trafficking case, has raised an alarm that he may be killed in Nigeria if he comes back.
Consequently, he has asked the court to allow him to stay back in the UK for safety reasons.
“They would arrest me and kill me in Nigeria” he reportedly told the court.
His impact statement was read in court, at the sentencing that saw Ekweremadu, his wife, Beatrice, 56, and the doctor-middleman, Obinna Obeta, 51, jailed, for 10 years and 8 months, 4 years and six months, and 10 years, respectively.

The three were found guilty at the Old Bailey of conspiring to arrange the travel of a young man with a view to exploiting him for his body part.

The Ekweremadus’ 25-year-old daughter, Sonia, has a severe kidney disease. It was for her the donor was sourced and brought to the UK.

According to David, he was approached with an opportunity to work in the UK, which he had always dreamed of but never thought would happen.

“He (Dr Obina Obeta) did not tell me he brought me here for this reason. He did not tell me anything about this.

“I would have not agreed to any of this. My body is not for sale.

“I worry for my safety in Nigeria. Those people can do anything. I think they could arrest me or kill me in Nigeria.

“My plan now is to work and to get an education and to play football,” David said, adding that he does not want to claim compensation from the “bad people” as it would be “cursed and bad luck”.

He also said someone visited his father in Nigeria and asked the father to get him to drop the case.

Although it is lawful to donate a kidney, it becomes criminal if there is a reward.

The Ekweremadus were arrested on June 21 last year as they arrived at Heathrow Airport.

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UK court shuns Nigeria, ECOWAS pleas as it sentences Ekweremadu to 10 years imprisonment for organ trafficking

 

The eyewitness reporter

The United Kingdom court on Friday sentenced former Deputy Senate President of Nigeria, Ike Ekweremadu, to nine years and eight months in prison for organ trafficking plot.
This was despite the plea for clemency made by the Nigerian government and the Economic Community of West African States (ECOWAS) that the court should temper justice with mercy.
The court also sentenced his wife, Beatrice, to four years six months while the medical doctor, who act as a ‘middleman’ in the plot, Dr Obinna Obeta, was sentenced to 10 years and his medical licence was also suspended.
The Ekweremadus’ daughter Sonia, who has a serious kidney condition, wept as she was cleared of the same charge.
Mr Justice Johnson told the defendants: “In each of your cases the offence you committed is so serious that neither a fine nor a community sentence can be justified.”
It was alleged that the 21-year-old street trader was to be rewarded for donating the organ to Sonia Ekweremadu, in an £80,000 private procedure at London’s Royal Free Hospital.
The case marked the first-time defendants have been convicted under the Modern Slavery Act of an organ harvesting conspiracy.
While it is lawful to donate a kidney, it becomes criminal if money or another material advantage is rewarded.
The prosecution claimed the donor was offered up to £7,000 along with the promise of a better life in the UK.
The donor did not understand until his first appointment with a consultant at the hospital that he was there for a kidney transplant, the Old Bailey was told
On March 23, the jury pronounced a guilty verdict on the senator, his wife, Beatrice, and Obinna Obeta, a doctor who acted as the middleman.
The jury held that they conspired to bring the 21-year-old at the centre of the matter to London to exploit him for his kidney.

 

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