Russia's Sovcomflot says new U.S. sanctions create operational difficulties

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Finance

Posted By Global Banking and Finance Review

Posted on January 14, 2025

Russia's Sovcomflot says new U.S. sanctions create operational difficulties

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)

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