Russia’s Sovcomflot reported a slump in profits on Friday even before the latest round of US sanctions added additional burdens on the company.
The state-controlled tanker company revealed 12-monthly figures that showed profits in 2024 had fallen 55% to hit $424m. Revenues also fell by 19% to $1.87bn.
“The company’s operations were subject to the influence of geopolitical factors and illegally imposed sanctions by unfriendly countries,” it said in a statement.
