Sovcomflot revenue falls as Western sanctions on tankers bite

Russia's leading tanker company Sovcomflot reported a 22.2% year-on-year fall in revenue to $1.22 billion for the first nine months, Reuters reports, with earnings before interest, tax, depreciation and amortisation down 31.5% to $861 million. The company, sanctioned by the US in February, said new sanctions had been "a limiting factor" in the period and that it was working to overcome the challenges. Reuters notes that tankers have become a particular target of sanctions because the G7's $60 price cap on Russian crude has proved hard to enforce.

This is a summary in our own words of the linked reporting. Allegations are those of the source. How we report.