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March 25, 2022

UK sanctions Russian shipping company Sovcomflot

Sovcomflot transports oil and liquefied natural gas from Russia, as well as cargoes from other countries.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

The UK has imposed sanctions on major Russian shipping company Sovcomflot in the wake of Russia’s military action against Ukraine.

Sovcomflot’s fleet of ships transport oil and liquefied natural gas from Russia, as well as carrying cargoes from other countries, including the US.

Given that ports, end purchasers, marine insurers and other freight companies withdrew services after Moscow’s invasion of Kyiv, Sovcomflot has faced issues in concluding charters, reported Reuters, citing shipping sources.

Due to the docking regulations on Russian vessels, the NS Champion tanker, which is operated by Sovcomflot, was instructed to change its course away from the UK in February.

Ship-tracking data shows that the NS Champion sailed towards Denmark’s coast but later shifted its route again for the Baltic Sea area.

Last week, the European Union placed Sovcomflot on the list of Russian state-owned entities with which it was ‘prohibited to directly or indirectly engage in any transaction’ after a wind-down period which will complete on 15 May.

Earlier this month, Sovcomflot tankers were re-routed to the Bahamas after being unable to deliver cargoes amid sanctions.

Last month, the US imposed sanctions on the Russian shipping entity to prevent it from raising funds from its capital markets.

This week, Greek shipping services provider Angelicoussis Group CEO Maria Angelicoussis stated that shipowners have become cautious in moving Russian oil cargoes following the Russia-Ukraine conflict.

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