The European Union is planning to impose additional sanctions on Russia’s largest shipping company, Sovcomflot, as reported by Bloomberg. Sovcomflot is identified as a key carrier of Russian oil, despite existing Western sanctions following Russia’s invasion of Ukraine in 2022.
The EU’s sanctions will also target 13 ships involved in transporting goods and technologies linked to Russia’s defense and security sector. This move comes after the US imposed sanctions on Sovcomflot and its crude oil tankers earlier this year to curb oil sales.
Despite Western restrictions, Moscow has reportedly found ways to continue selling oil by using a shadow fleet of tankers and diverting sales to Asian markets. Several companies operating tankers have faced US sanctions for violating price ceilings on Russian oil, including Sovcomflot-owned vessels.
As part of a new set of sanctions, the US plans to ban the supply of semiconductor chips to Russia that are manufactured using American technology or equipment. These developments indicate a growing effort to limit Russia’s revenue streams amid ongoing geopolitical tensions.
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