US Sanctions Largest Shipping Company and Owner of Russian State Oil Tankers

On Friday, February 23, the US Treasury Department announced sanctions against the state-owned company 'Sukamflot', the largest shipping company and owner of Russian oil tankers, stating that these sanctions will impact Moscow's oil revenues. Wally Adeyemo, Deputy Secretary of the Treasury, said: 'Today, we have dealt a significant blow to Moscow's efforts to evade sanctions by sanctioning the largest shipping company and owner of at least 14 state oil tankers in Russia, and we will further increase Russia's costs for its destructive actions.' Concurrently with the sanctions against 'Sukamflot', the Treasury issued a license allowing the unloading of crude oil or other cargo from the 14 sanctioned tankers of this company for a period of 45 days. Sukamflot, which is under US sanctions due to its activities in the maritime sector of the Russian economy and direct or indirect ownership or control by the Russian government, has previously been sanctioned by Australia, Canada, New Zealand, and the UK and is subject to some EU restrictions. The US Treasury states that the strict enforcement of US sanctions has forced Russia to sell its oil at greater discounts and accept lower revenues. US President Joe Biden announced on Friday, February 23, that the US will impose over 500 new sanctions against Russia on the occasion of the second anniversary of the war in Ukraine. The US President stated: 'The United States will also impose new export restrictions on nearly 100 companies due to their support for Russia and will take actions to further reduce Russia's energy revenues.' Biden described the aim of the new restrictions and sanctions as actions to hold Vladimir Putin, the President of Russia, accountable for the invasion of Ukraine and the repression within that country and the death of Alexei Navalny, the opposition leader.