Published by Global Banking & Finance Review®
Posted on March 28, 2025
1 min readLast updated: January 24, 2026
Sovcomflot's transportation volumes dropped 16% in 2024 due to sanctions, affecting Russia's oil revenue. The company's net profit also fell by 55%.
(Reuters) - Russia's leading tanker group Sovcomflot's saw transportation volumes drop around 16% to 63 million metric tons last year compared to 2023, Russian news agency Interfax reported on Friday, citing the group's CEO Igor Tonkovidov as saying.
The United States and the European Union imposed sanctions on state-controlled Sovcomflot and its fleet in 2024 in an effort to reduce Russia's revenue from oil sales that it can use to finance its war in Ukraine. The company's net profit dropped by 55% to $424 million last year.
Sovcomflot hopes that the transportation volume of oil, liquefied natural gas (LNG) and petroleum products will stay at the same level this year, Tonkovidov added. Transportation volumes in 2023 stood at 75 million tons.
The U.S. added more of Sovcomflot's vessels to its sanctions list this year, restrictions that the company warned would exert increased operational pressure.
(Reporting by Gleb Stolyarov; Editing by Alexander Marrow and Louise Heavens)
The main topic is the decline in Sovcomflot's transportation volumes by 16% in 2024 due to US and EU sanctions.
Sanctions were imposed to reduce Russia's revenue from oil sales, which could be used to finance its war in Ukraine.
The sanctions led to a 55% drop in Sovcomflot's net profit, reducing it to $424 million.
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