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US Eases Russia Oil Sanctions as Iran War Disrupts Global Supply
The US has temporarily eased sanctions on Russian oil for vessels already at sea, aiming to stabilize global energy markets amid the ongoing conflict with Iran. This measure responds to escalating tensions in the Gulf and disruptions to vital shipping routes. The International Energy Agency reports the global oil market is experiencing its largest supply disruption in history due to the escalating Middle East conflict. Meanwhile, Kenya's agricultural exports, particularly meat, face significant disruption from the ongoing Middle East conflict, potentially costing the country up to Sh1.2 billion monthly.
Budget Controller Clarifies Sh44.5mn Spending Was Mislabelled
The Controller of Budget has clarified that Sh44.5 million in spending was mislabelled in a report concerning the Office of the Spouse of the Deputy President. The Kenya Revenue Authority has appointed Mohamed Abdul M'maka as the new Commissioner for Investigations and Enforcement, effective March 11, to combat financial crimes and tax evasion. Separately, Kenyan Members of Parliament have directed the National Treasury to dissolve nine State corporations and merge 42 others within the next eight months, by the end of October 2026.
Ruto Signs Law Shifting Coffee Regulation to New Board
President William Ruto has signed new laws transferring coffee sector regulation to the Coffee Board of Kenya and establishing a dedicated Coffee Research and Training Institute. The President has also overseen the disbursement of a Sh250 million credit facility from the Kenya Development Corporation to Trans Elite County SACCO, aiming to significantly expand access to credit for over 10,000 micro, small, and medium enterprises in the North Rift region. Additionally, the Kenyan government has launched a new initiative to boost local production of sunflower and soybean oil, aiming to significantly reduce the country's substantial import bill.
