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US Exports Hampering Sovcomflot’s Ability to Trade: CEO

FREIGHT

US sanctions are hampering tanker activity for Russia’s top shipping company Sovcomflot, the company’s CEO said, cited by Reuters.

  • The US imposed sanctions on Sovcomflot Feb. 23 amid attempts to reduce Russia’s oil revenues, used to fund its war in Ukraine.
  • Sovcomflot transported 75m mt of oil in 2023, mainly to China, India, and the Med.
  • However, around 20-25% of Russian oil is transported by tankers controlled by Russian companies, and the remaining volumes are handled by the shadow fleet. Much of these are older vessels.
  • "Eight percent of the fleet involved in the transportation of Russian oil have fallen under blocking sanctions," he said, adding that this tightens tonnage for the transportation of Russian crude oil and products.
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