The US imposes sanctions on Russia's largest shipping company, Sovcomflot

Washington, USA (Svidomi) — The US Department of the Treasury has imposed sanctions on Russia's largest shipping company, Sovcomflot, to cut oil revenues.

On February 23, the US Treasury Department's Office of Foreign Assets Control (OFAC) identified 14 crude oil tankers as property in which Sovcomflot has an interest. At the same time, OFAC is issuing a licence that allows unloading crude oil or other cargo from these vessels within 45 days.

"We take the next step by targeting Russia’s largest state-owned shipping company and fleet operator, dealing a huge blow to their shadow operations. We are entering the next phase of increasing Russia’s costs in a responsible manner to mitigate risks," the Ministry said.

In December 2022, the decision of the G7 countries, Australia and the EU to limit the price of Russian crude oil came into force. They fixed the price ceiling at $60.