EU proposes sanctions against Russian shipping giant Sovcomflot, according to Bloomberg

The European Union is proposing to impose sanctions on Russia’s oil shipping giant Sovcomflot PJSC to limit the Kremlin’s ability to finance its war against Ukraine, Bloomberg News reported, citing a document it has reviewed.

The move follows similar deterrent measures imposed on leading Russian tanker groups as part of US sanctions against Russia following its invasion of Ukraine that began in 2022.

The head of Sovcomflot said the damage done by Western restrictions on Moscow is rarely recognised by a major Russian company, adding that US sanctions could affect its revenues this year and limit the firm’s operations.

The European Commission did not comment on Bloomberg’s report, while the Council never comments on possible listings before the decision is finalised. Sovcomflot, one of the world’s leading tanker operators, transported 75 million metric tonnes of oil in 2023, mainly to China, India and Mediterranean markets.

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