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Russian tanker group Sovcomflot anticipates sanctions to cut 2024 incomes

Russia's leading tanker group Sovcomflot said western sanctions and changing market conditions might cut its earnings this year, a. uncommon admission from a significant Russian business of the damage. western constraints versus Moscow are having.

The U.S. imposed sanctions on Sovcomflot, which was. formerly among the world's leading tanker operators, in. February, in an effort to minimize Russia's profits from oil. sales that it can utilize to support its military actions in. Ukraine.

The primary reasons are that the company is under unrelenting. sanctions pressure, which makes it challenging to work, the. Interfax news firm priced quote Sovcomflot CEO Igor Tonkovidov as. stating at St Petersburg financial online forum.

In addition, the market has altered, which has impacted the. level of competition and the level of freight rates.

There are constantly problems due to the fact that of sanctions, in all. locations. It definitely makes operations more difficult, he informed. .

Sovcomflot's revenue in 2023 was $2.3 billion, 22.6% higher. than in 2022. Tonkovidov did not give an indicator of how much. its revenue might fall this year.

Sanctions were impacting 8% of tankers associated with shipping. Russian oil, Tonkovidov said in April this year.