EU Proposes to Sanction Shipping Giant Sovcomflot to Limit Russia’s Revenue
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The European Union is proposing to sanction Russia’s oil-shipping giant Sovcomflot PJSC in a move to limit the Kremlin’s ability to finance its war against Ukraine, according to a document seen by Bloomberg.
State-owned Sovcomflot, the largest shipping company in Russia, has been one of the key companies helping to transport Russian oil amid western restrictions imposed on the country following its invasion of Ukraine in 2022. The company also provides offshore upstream services and seaborne transportation of liquefied natural gas.