The European Union plans to introduce sanctions against the Russian oil transport giant Sovcomflot to limit the Kremlin’s ability to finance the war against Ukraine.
About this informs Bloomberg with reference to the draft decision.
State “Sovkomflot” is the largest shipping company in Russia. It is one of the key companies helping to transport Russian oil to circumvent price restrictions imposed by the G7 countries. The company also provides liquefied gas transportation services.
The European Union is also proposing to impose sanctions on 13 vessels involved in the transportation of goods and technologies used in the defense and security sector, as well as in the transportation of oil and petroleum products or in facilitating the expansion of Russia’s energy sector.
The proposal to include it in the European sanctions lists appeared after the USA introduced sanctions against Sovcomflot and 14 oil tankers associated with this company at the beginning of this year.
Bloomberg notes that implementing EU sanctions requires the support of all member states, so the final decision could change.
As reported, since October 2023, the United States has imposed sanctions against almost 40 tankers that violated the price limit for Russian oil set by Western countries at the level of $60 per barrel. Among them, 21 tankers of the Russian Sovcomflot came under US sanctions, and in February 2024, the company itself.
After that, “Sovcomflot” re-registered 50 tankers, which previously sailed under the Liberian flag, in the ship registry of Gabon.
