7702060116

1027739028712

russian federation

191181, russian federation, St. Petersburg, Reki Moiki embankment, 3, literature A

Sovcomflot is the largest state-owned shipping company in russia, a key company for servicing and supporting offshore hydrocarbon production and transporting russian oil, oil products and liquefied gas. The services provided by JSC Sovcomflot are a significant source of income for the russian federation, as more than 70% of the country's revenues come from the sale of energy. The main charterers of Sovcomflot's vessels are russia's largest oil and gas companies and traders. Sovcomflot is involved in servicing major oil and gas projects in Russia: ‘Sakhalin-1', 'Sakhalin-2', 'Varandey', 'Prirazlomnoye', 'Novy Port', 'Yamal LNG' and others. Prior to russia's full-scale invasion of Ukraine, the company's fleet consisted of about 145 vessels. After the imposition of sanctions, Sovcomflot transferred dozens of vessels to the ownership of companies it had set up, including in foreign jurisdictions, in order to circumvent them, and began the practice of constantly ‘juggling’ (transferring) vessels to related companies. According to expert estimates, the tankers transferred by Sovcomflot to related companies are part of the so-called ‘shadow tanker fleet’ of the russian federation to continue selling russian oil, oil products and liquefied natural gas under western sanctions.