Following a new package of anti-Russian sanctions from the US Treasury Department, the Sovcomflot Group of companies stated that they"create additional operational difficulties" in the operation of vessels. The carrier notes that its vessels do not violate international law, and such restrictions are solely the implementation of political ambitions.
Sovcomflot has always complied and continues to comply with all international and national laws and requirements applicable to it. The company's vessels do not belong to the "shadow fleet". Sanctions against Sovcomflot are not due to violations by the company and have no legal basis; they are motivated solely by the political interests of individual countries, including the United States. Such a sanctions policy is increasingly destroying the global maritime trade shipping system, which has developed and operated for decades. It is regrettable that political interests are placed above the universal principles of maritime safety.
The company assured that it will continue"systematic work to minimize the negative impact of sanctions" on its activities. Sanction pressure will not affect the safety, quality, and legality of all maritime operations.
Sovcomflot is the largest shipping company in Russia. It is also among the world leaders in the maritime transportation of liquefied gas, crude oil, and petroleum products, as well as servicing and providing for offshore hydrocarbon production. The company's vessels, in particular, serve the Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, Yamal LNG, and Arctic LNG-2 projects.
The main charterers of Sovcomflot's vessels are the largest oil and gas companies and traders in Russia and the world. For example, these include the Gazprom Group, Shell, NOVATEK, LUKOIL, Vitol, ExxonMobil, Total, Phillips 66, BP, Chevron, PetroChina, Equinor, Trafigura, Glencore.
The tightening of sanctions since 2022 has made it difficult for Sovcomflot to operate internationally: the carrier's profits are falling. In particular, for the nine months of 2024, profit fell by 33.7%, to 43.3 billion rubles, compared with the same period in 2023. Then it amounted to 65.3 billion rubles. Sovcomflot cites the effect of sanctions as the reason for this situation.
