The Russian Foreign Ministry reported Tuesday that two crew members are still unaccounted for after an explosion tore through the engine room of a Russian cargo ship, Ursa Major, which sunk in the Mediterranean Sea overnight.

Built-in 2009, the ship was under the management of Oboronlogistika, a business involved in the military building activities of the Russian Defence Ministry.

The corporation had previously claimed that the ship was on its route to Vladivostok, a port in the far east of Russia, with two enormous port cranes attached to its deck.

Fourteen of the ship’s sixteen crew members had been rescued and sent to Spain, according to a statement from the Foreign Ministry’s crisis department, while two have remained unaccounted for. The reason for the engine room explosion was not mentioned.

The state news agency RIA reported that Russia’s embassy in Spain was in contact with Spanish authorities and was investigating the sinking’s circumstances.

Both Oboronlogistika and SK-Yug, the ship’s direct owner and operator and a company listed by LSEG as a member of the group, declined to comment on the sinking.

In 2022, the United States imposed sanctions on both organisations and the Ursa Major itself due to their connections to the Russian military.

Unconfirmed video footage taken by a passing ship on December 23 showed the ship significantly listing to its starboard side with its nose far lower in the water than usual. The clip was posted on Russia’s life.ru news portal on Tuesday.

The Ursa Major sent out a distress call to Spain’s Maritime Rescue Service on Monday while it was around 57 miles off the coast of Almeria.

A ship in the area reported poor weather, a lifeboat in the sea, and the Ursa Major listing to the starboard side, according to the report.

A passing ship captured unconfirmed video footage of the ship on Dec. 23 listing substantially to its starboard side, with its bow much lower down in the sea than usual. The clip was posted on Russia’s life.ru news portal on Tuesday.

On Monday, while the Ursa Major was around 57 miles off the coast of Almeria, Spain’s Maritime Rescue Service reported that it had received a distress call. According to the statement, it had gotten in touch with a neighbouring ship that had reported poor weather, a lifeboat in the sea, and the Ursa Major lowering.

Some officials of the World Bank have questioned if the study supporting Ethiopia’s debt restructuring may be “faulty” after criticising an evaluation of the country’s finances done with the International Monetary Fund (IMF).

World Bank consultant, Brian Pinto, and its head economist, Indermit Gill, evaluated the July Debt Sustainability Analysis (DSA), which was created by the IMF and employees of the International Development Association (IDA), the World Bank’s fund for the world’s poorest countries, in an internal document seen by Reuters.

According to the authors, Ethiopia is experiencing a short-term cash shortage rather than a long-term solvency problem, which is a source of conflict between the government and holders of its $1 billion international bond that is in default, based on the DSA.

“We found that the bondholders have interpreted the DSA correctly, but the DSA itself may be faulty,” Pinto and Gill wrote in the paper from earlier this month. “The disagreements about Ethiopia’s debt sustainability will be repeated as other countries become debt distressed.”

A World Bank representative responded to a question regarding the paper by saying, “We generally don’t comment on internal deliberations between the World Bank and the IMF or any of our partner institutions.”

As part of the most recent review of the Fund’s loan program, Ethiopian State Finance Minister Eyob Tekalign told Reuters that the DSA had just been reviewed by IMF and World Bank teams and that the status had not changed significantly.

Without providing further details, an IMF representative acknowledged that its officials travelled to Ethiopia in November for the second review of the Fund’s loan program and added that every review incorporates an update to the DSA. Regarding the memo, the spokeswoman remained silent.

A request for comment from Pinto and Gill was not answered. There has been a tense confrontation between Ethiopian officials and bondholders.

The main point of contention is whether, as bondholders contend, Ethiopia is experiencing a liquidity shortage that may be resolved by rescheduling debt or if it is experiencing longer-term financial issues that necessitate haircuts, or debt write-downs.

According to the DSA, certain statistics on exports indicated pressures on both liquidity and solvency.

It was reported in October that the DSA indicated a solvency problem and that writedowns were inevitable. Investors have criticised a government proposal that suggests an 18% haircut in addition to rejecting the evaluation.