Finance
Russia's Sovcomflot says new U.S. sanctions create operational difficulties
Published by Global Banking & Finance Review®
Posted on January 14, 2025
2 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 14, 2025
2 min readLast updated: January 27, 2026
Sovcomflot, Russia's largest tanker group, faces operational challenges due to new US sanctions, which block 69 of its vessels, impacting global shipping.
MOSCOW (Reuters) - Russia's leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping.
"The company's vessels do not belong to the 'shadow fleet'", Sovcomflot said.
"The sanctions against Sovcomflot are not motivated by violations on the part of the company and have no legal basis, they are motivated solely by the political interests of individual countries, including the United States."
Sovcomflot is the largest shipping company in Russia, and a major tanker operator.
"The introduction of new sanctions against Sovcomflot vessels creates additional operational difficulties," it said.
"Sovcomflot continues to work systematically to minimise the negative impact of the sanctions on its operations. At the same time, the company will continue to adhere to high standards of safety and quality of maritime operations and comply with all applicable laws and requirements," it said.
U.S. President Joe Biden's administration imposed its broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday.
The U.S. Treasury identified 69 Sovcomflot vessels - including 54 oil and product tankers and four liquefied natural gas (LNG) tankers - that are blocked.
(Reporting by Gleb Stolyarov; Writing by Anastasia Teterevleva; editing by Guy Faulconbridge)
Sovcomflot stated that the new U.S. sanctions would create additional operational difficulties and accused the West of undermining global trade.
The company claims that the sanctions are not based on any violations by Sovcomflot but are instead motivated by the political interests of certain countries.
Sovcomflot is the largest shipping company in Russia and a major operator in the tanker industry.
The U.S. Treasury identified 69 Sovcomflot vessels that are blocked, including 54 oil and product tankers and four liquefied natural gas (LNG) tankers.
Sovcomflot is working systematically to minimize the negative impact of the sanctions on its operations while adhering to high safety and quality standards.
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