EU’s new wave of sanctions targets Sovcomflot’s Sun Ship Management
The EU has adopted a new package of sanctions against Russia and its supporters in response to Russia’s invasion of Ukraine. The 10th package of sanctions is being adopted as the world marks one year since Russia’s full-scale invasion of Ukraine
Dubai's skyline during the UAE Tour (lapresse - alpozzi)
(lapresse)Moscow – The EU has adopted a new package of sanctions against Russia and its supporters in response to Russia’s invasion of Ukraine. The 10th package of sanctions is being adopted as the world marks one year since Russia’s full-scale invasion of Ukraine and is targeting 121 entities and individuals.
The package contains new listings and trade and financial sanctions, including further export bans worth more than €11 billion, with the aim of depriving the Russian economy of critical revenue streams to finance the war.
The sanctions are targeting, inter alia, a third-country shipping company, suspected of helping Russia circumvent sanctions on oil exports. The company is Sun Ship Management, a Dubai-based subsidiary of Russia’s state-owned shipping giant Sovcomflot, which manages dozens of oil tankers that ship Russian oil and natural gas across the globe. Sovcomflot transferred the management of 92 tankers and LNG carriers to the company back in April 2022. The EU said that since the start of Russia’s war against Ukraine, Sun Ship Management has been operating as one of the key companies managing and operating the maritime transport of Russian oil.
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