"U.S. Probes Oil Trader for Sanctions Violation Amid Weakening Impact"
The U.S. Justice Department is investigating whether Murtaza Lakhani, founder and CEO of oil trader Mercantile & Maritime Group, breached Western sanctions and the G7 price cap by trading Russian oil. Under the sanctions, Russian crude should be traded at $60 per barrel or less to use Western insurance and financing. Lakhani is being investigated for a potential business relationship with Igor Sechin, CEO of Russian state oil giant Rosneft, who is a sanctioned individual in the U.S. Russia's oil and gas revenues have recently increased due to rising oil prices and narrowed discounts on its crude grades compared to international benchmarks.