EU to Impose Sanctions on Key Russian Oil Carrier

The European Union has a plan to impose further sanctions on Russia's largest shipping company, Sovcomflot, Bloomberg reported Tuesday, June 11.

Bloomberg reported viewing a document identifying Sovcomflot as a key carrier of Russian oil – this, despite Western sanctions in the wake of the Kremlin’s full-scale invasion of Ukraine, which began in February 2022.

The EU also intends to sanction 13 ships transporting goods and technologies used in Russia's defense and security sector.

Sovcomflot is already under US and UK sanctions.

The European proposal follows the US decision earlier this year to sanction Sovcomflot and 14 crude oil tankers linked to the company to reduce oil sales.

Moscow has reportedly adapted to Western restrictions, including the EU’s ban on Russian oil imports, by using a huge shadow fleet of tankers and selling its oil to Asian customers, Bloomberg writes.

Since the end of last year, companies from the UAE, Turkey, and Liberia operating 50 tankers have been subject to US sanctions for violating the price ceiling on Russian oil.

Of these, 21 vessels belonged to Sovcomflot.

The US plans to announce new sanctions against Russia during the G7 summit in Italy this week, White House spokesman John Kirby said Tuesday.

As part of the new package of sanctions, Washington wants to ban the supply of semiconductor chips manufactured outside the United States that are manufactured using American technology or equipment to Russia.

Other Topics of Interest

Venturous Irish Entrepreneur Busy on Belarus Border

Slavutych, once a city of nuclear scientists near the Belarusian border, has become a development center for many businesses, both Ukrainian and foreign.