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EU Proposes Sanctions on Russia's Oil-Shipping Giant Sovcomflot
The European Union is gearing up to impose sanctions on Russia's major oil-shipping firm, Sovcomflot PJSC. This initiative aims to deplete the Kremlin's financial resources, which are being used to fund its ongoing war against Ukraine. A document seen by Bloomberg News reveals the EU's intentions, following a similar move by the United States earlier this year.
Washington's recent sanctions targeted Sovcomflot as part of its strategy to intensify economic pressure on Moscow due to the conflict that erupted in 2022. In a rare disclosure from a major Russian enterprise, Sovcomflot's CEO acknowledged last week that the U.S. sanctions could potentially affect the company's revenue for the current year and have already curbed its operational activities.
Sovcomflot has yet to respond to inquiries from Reuters regarding the prospective EU sanctions. Meanwhile, the European Commission declined to comment, noting that the Council typically does not discuss potential sanctions before they are finalized.
Once a dominant player in the global tanker industry, Sovcomflot transported 75 million metric tons of oil in 2023. Its primary markets included China, India, and the Mediterranean region.
