Good morning. Companies that charter and insure ships face a new reality: Sanctions are a growing risk to vessels and their cargo. The U.S. is increasingly wielding sanctions as a weapon against countries such as Iran and Venezuela. The swift imposition of sanctions means a vessel and its cargo can be seized or stuck in limbo on the world’s oceans at any moment. 

• Blacklisted mid-voyage: “I’ve been involved in a number of cases where tankers have been designated for trade sanctions mid-voyage,” said Matthew Thomas, a trade partner at Blank Rome. Thomas said in each case the sanctioned vessels were carrying cargo for companies such as global oil majors. Although the ships were penalized for activity that took place months earlier, and had no connection to the cargo owners, they sometimes struggled to quickly recover their goods, he said.
   
• Growing threat: America has wielded maritime sanctions for years, but the scale and speed of its actions are growing. The U.S. in recent weeks seized two tankers near the coast of Venezuela and is currently pursuing a third. It also recently imposed sanctions on six shipping companies and six associated vessels alleged to have moved illicit Venezuelan oil and sanctioned 29 vessels and their management firms for their alleged role in transporting Iranian petroleum products.
   
• Give it back: Once sanctioned, a ship and its cargo are effectively frozen because banks, insurers and ports won’t deal with a sanctioned entity. Companies swept up in sanctions must negotiate for a license to retrieve their property with the Treasury Department’s Office of Foreign Assets Control, a financial intelligence and enforcement agency.
   
• Catching up: Sanctions lawyers say that while financial institutions have become adept at mitigating sanctions risks, the maritime world is still catching up. “It’s an area where companies are all over the place when it comes to compliance,” said Manny Levitt, a trade attorney in Holland & Knight’s Washington, D.C. office who specializes in sanctions. Many companies are hiring sanctions specialists and turning to vessel-tracking and maritime intelligence services, such as Pole Star Global and Lloyd’s List Intelligence, to check the background of ships and their owners.

Apple fined $115 million in Italy over app tracking policy.

Italy’s competition watchdog fined Apple more than 98 million euros ($114.8 million), saying the company abused its dominance in the digital economy through its app-tracking transparency policy.

The AGCM said Monday that Apple imposes unfair privacy rules on app developers by requiring them to gain users’ consent to collect and use data for advertising through a specific prompt. The watchdog said the prompt essentially forces app developers to ask for consent twice for the same purpose. It said Apple’s app-tracking transparency terms harm the interests of Apple’s commercial partners.

Apple said its app-tracking transparency policy lets users easily decide whether apps can track their online activity, saying that its policy has received support from privacy agencies and that it will continue to defend the system. “We will continue to defend strong privacy protections for our users as we appeal,” a company spokesperson said.

• A coalition of Democratic state attorneys general sued Monday to stop the Trump administration’s latest efforts to dismantle the Consumer Financial Protection Bureau.
   
• The U.S. Treasury announced an investigative sweep of more than 100 money-services businesses along the border with Mexico, probing whether they comply with anti-money-laundering rules, Risk Journal reports.
   
• The U.S. Senate confirmed President Trump’s nominees to lead the Commodity Futures Trading Commission and an assistant attorney general to lead the Justice Department’s criminal division, reports Risk Journal’s Mengqi Sun.
   
• Mercedes-Benz settled with state attorneys general across the U.S. who said an investigation found it used emissions-cheating software. 
   
• The Federal Communications Commission on Monday banned all drones and critical components made in a foreign country, and all communications and video-surveillance equipment from major Chinese drone manufacturers SZ DJI Technology and Autel Robotics.
   
• U.S. regulators approved the first GLP-1 weight-loss pill—a tablet formulation of Novo Nordisk’s Ozempic and Wegovy—ushering in a new era of the obesity-drugs revolution that is expected to broaden their use.
   
• The Italian Competition Authority fined Ryanair 255.8 million euros ($300.9 million) over the budget airline’s treatment of travel agencies.

Trump administration halts all offshore wind projects.

The Trump administration Monday halted the construction of all U.S. offshore wind projects, a sweeping move aimed at hobbling one of the president’s least favorite industries.

The Interior Department said it has paused the federal leases for five projects in the works from Massachusetts to Virginia “due to national security risks identified by the Department of War in recently completed classified reports.” It is the most significant action the administration has taken thus far against the burgeoning U.S. business, which already has faced financial setbacks in recent years because of soaring costs.

• President Trump’s appointment of a special envoy for Greenland drew an angry response from Denmark and reignited its concerns about U.S. efforts to control the strategic Arctic territory.
   
• Doctors and researchers increasingly see a link between exposures to contaminated cabin air and fatal illnesses among pilots and crew.
   
• Ever since JPMorgan Chase disclosed that Charlie Javice’s legal team had sent the bank $74 million in legal bills for her criminal trial, the question has been how they racked up such eye-popping expenses. The answer apparently includes $530 in gummy bears.
   
• Canadian Prime Minister Mark Carney is turning to a former pension-fund boss and Blackrock executive to be Canada’s top diplomat in Washington, D.C., tasked with helping guide trade talks with the Trump administration.

• A mistrial was declared Monday in the trial of former New York state aide Linda Sun as jurors deadlocked over allegations that she became rich from acting as a Chinese agent.
   
• CBS News Editor in Chief Bari Weiss addressed her controversial decision to pull a “60 Minutes” segment over the weekend, saying Monday that the story wasn’t ready for publication and “we simply need to do more.”
   
• Former Vice President Mike Pence’s political group is poaching top officials from the conservative Heritage Foundation amid growing ideological fights within the conservative movement and backlash at the think tank.
   
• A Russian general was killed when a bomb fitted to the underside of his vehicle exploded early Monday, Russia’s investigative committee said, an attack that Moscow said could have been planned by Ukraine.

Follow us on X at @WSJRisk. Send tips to our reporters Max Fillion at max.fillion@dowjones.com, Mengqi Sun at mengqi.sun@wsj.com and Richard Vanderford at richard.vanderford@wsj.com.

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