The US Treasury Department has placed Russian shipowner Sovcomflot on its sanctions blacklist, alongside 14 of its tankers.

The move, announced by deputy secretary of the Treasury Wally Adeyemo on the two-year anniversary of the Russian invasion of Ukraine, marks Washington’s biggest blow yet to Moscow’s flagship tanker company, which has seen individual vessels sanctioned but not the entire company.

Swathe of US and EU sanctions targets include shipyards, owners and vessels
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The Treasury said its Office of Foreign Assets Control took action against the government-controlled shipowner, also called SCF Group, to try to reduce Russia’s revenue from oil sales.

Some had expected the department to use the anniversary of the Ukraine war to announce the blacklisting of entities failing to adhere to the oil price cap enforcement, as agreed with the G7 group of nations, the European Union and Australia.

Instead, on a day on which the US and EU issued a raft of new backlistings, Ofac went a step further by issuing sweeping sanctions against Sovcomflot without accusing it of violating the cap on Russian oil sales.

“The price cap on Russian oil continues to serve its twin goals of limiting Kremlin profits while promoting stable energy markets,” Adeyemo said.

“Today, 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 affected tankers are aframax and suezmax-size crude and product carriers.

They include three LR2 product tankers: the 118,300-dwt Anatoly Kolodkin (built 2013), 111,100-dwt NS Antarctic (built 2009) and 108,100-dwt Sakhalin Island (built 2004).

Ofac blacklisted the 156,000-dwt NS Bravo (built 2010) and 156,600-dwt NS Burgas (built 2009) — both suezmax crude tankers.

The remainder are aframax crude tankers. They are the:

  • 115,900-dwt NS Lion (built 2007)
  • 105,700-dwt NS Consul (built 2006)
  • 105,900-dwt NS Captain (built 2006)
  • 105,700-dwt NS Columbus (built 2007)
  • 114,600-dwt Nevskiy Prospect (built 2003)
  • 122,000-dwt Georgy Maslov (built 2012)
  • 114,500-dwt Liteyny Prospect (built 2003)
  • 115,700-dwt Krymsk (built 2003)
  • 105,800-dwt NS Creation (built 2007)

The sanctions bar Americans and US companies from doing business with Sovcomflot, including providing goods and services.

The department will allow offloading of oil or other cargo from the 14 tankers for 45 days.

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