Reported 2 days ago
Russia's leading tanker group, Sovcomflot, reported a 55% drop in net profit for 2024, citing Western sanctions as a significant factor. The company anticipates further pressure due to new restrictions on its fleet imposed by the U.S. and EU, designed to limit Russia's oil revenue funding the war in Ukraine. These sanctions have not only affected profits and revenue but have also resulted in some vessels remaining idle.
Source: YAHOO