Azerbaijan news

Russia violates oil embargo with Liberian flag

Russia’s Sovcomflot oil tankers are entering European ports despite Western sanctions
Russia’s Sovcomflot (SCF) oil tankers are entering European ports despite Western sanctions.
Sovcomflot has set up two subsidiaries in Cyprus and the United Arab Emirates (UAE) to circumvent sanctions.
Sovcomflot’s oil tankers sail under the Liberian flag and their safety certificates are obtained from India.
This was reported by the Journalists’ Organized Crime and Corruption Research Project – OCCRP and Reuters.
In May, the OCCRP observed more than 18 Sovkomflot tankers in motion despite sanctions.
It is noted that each of these tankers carries $ 240 million worth of oil.
“Tax Paradise” – Liberia
OCCRP writes that its investigators have tracked six Sovcomflot tankers heading for or anchoring in their ports in the United States, Italy, Denmark and the Netherlands.
Investigative journalists have discovered that the Russian company has set up subsidiaries in Cyprus and the UAE to circumvent the sanctions, and its tankers are flying the Liberian flag, which is considered a “tax haven.”
Ricardo Soares, an expert on international politics and finance, says Sovcomflot is thus gaining the foreign currency that Russia desperately needs.
The European Union’s press service has not answered the question of why Sovcomflot tankers can still enter European ports.
Sovcomflot also left the request unanswered.
Western companies have refused to issue security certificates to Sovcomflot’s oil tankers since sanctions were imposed on Russia, Reuters reports.
Therefore, the Russian company is now documenting the certification in India through its subsidiary in Dubai.
Indian certificate
According to the Indian certification company IRClass, the organization has certified more than 80 ships of Sovkomflot.
This document guarantees the safety of ships. In addition, with this certificate it is possible to insure ships and provide access to European ports.
Following Russia’s unjustified and unfounded attack on Ukraine, the European Union and the United States have also imposed sanctions on Russia’s largest shipping company, Sovcomflot.
The sanctions have been in force in the United States since late March and in the European Union since mid-May.
The European Union adopted the sixth package of sanctions against Russia in early June.
The European Union adopted the sixth package of sanctions against Russia in early June.

One of Sovcomflot’s oil tankers

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