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Sovcomflot added to UK's Russian sanctions list

Russian tanker operator included among dozens of named entities on list published by the Foreign Office

The company has also been sanctioned by the European Union and banned from accessing US capital and equity markets

SOVCOMFLOT has been included on a list of dozens of Russian entities being sanctioned by the UK.

Britain’s move will add to the pressures on the Russian state-run tanker operator, which has also been sanctioned by the European Union and has been banned from accessing US capital and equity markets.

SCF is included on the UK list alongside dozens of other Russian entities, including mercenary provider Wagner Group, leading bank Alfa-Bank, and a number of arms manufacturers.

Its vessels are already forbidden to enter British ports, as part of a blanket ban on Russian ships. Navigate, a London-based public relations company, has terminated its Sovcomflot account.

The sanctions are the result of Russia’s military incursion into Ukraine, which has met with a variable response in the maritime industries.

Maersk is in the process of divesting its 31% stake in Russian terminal operator Global Ports, while the International Association of Classification Societies has expelled its Russian affiliate.

Marine insurers have been more cautious and continue to provide cover for most Russian vessels, although West of England is known to have  axed cover for two of the five Russian-financed ships specifically singled out by the US due to links with Promsvyazbank-linked PSB Leasing.

A large number of SCF vessels are entered with Skuld, which is based in Norway and thus not obliged to follow European Union restrictions.

“Skuld is monitoring all new sanctions regulations implemented against Russia by the EU, UK, US and other jurisdictions,” its chief executive Stale Hansen has said. “Skuld will comply with the prohibitions and designations laid down by sanctions regulations applicable to Skuld and act accordingly.

“We are not able to comment on individual members and accounts.”

 

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