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EU proposes sanctions against Russian shipping company Sovcomflot - Bloomberg

The European Union proposes to impose sanctions against the Russian oil transportation giant Sovcomflot to limit the Kremlin's ability to finance the war against Ukraine. This was reported by Bloomberg, according to UNN.


It is noted that the European Union, following the United States, is proposing to impose sanctions on Sovcomflot and 14 oil tankers associated with this company in order to reduce oil sales.

The European Union also proposes to impose sanctions on 13 vessels involved in the transportation of goods and technologies used in the defense and security sector, as well as the transportation of oil and oil products, or contributing to the expansion of the Russian energy sector.

Possible EU sanctions require the approval of all member states, and the plan may change by then, the newspaper says.

For reference

"Sovcomflot, Russia's largest shipping company, is one of the key companies helping to transport Russian oil under Western restrictions imposed on the country after the full-scale invasion of Ukraine. The company also provides offshore production and marine transportation services for liquefied natural gas.

In response to Russia's war in Ukraine, the Group of Seven industrialized nations imposed a price cap on Russian exports of oil and oil products to limit the country's access to Western transportation and insurance services. Moscow has adapted to the restrictions, including the European Union's ban on Russian oil imports, by using a huge shadowy fleet of tankers and selling its oil to Asian customers.



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