Russian Sovcomflot has re -registered its tankers for overseas subsidiaries and carries oil with them under the Liberian flag, journalists found out.
Russia continues to supply oil to Europe in evasion of sanctions, using Sovcomflot vessels under sanctions, registering them as owned by subsidiaries in Cyprus and the United Arab Emirates and sailing to under the flags of Liberia. This is stated in the investigation of the international platform OCCRP.
Sanctions against the company began on March 26 for the US and May 15 for the EU.
OCCRP identified more than 18 Sovcomflot tankers listed on the company’s 2020 financial record that crossed the ocean in the past month. Each of them carries more than $ 240 million worth of fuel on average. Their movements can be tracked in real time on the maritime traffic tracking website.
“When the sanctions began, some of these ships turned off their location trackers, which meant they could not be tracked. Of the Sovcomflot tankers that did not turn off their trackers, it was recorded that one was en route to the United States in early May, and then moved to South Africa and quickly renamed, “the article said.
Journalists tracked down at least five vessels as they were returning, en route, or in ports in Italy, Denmark and the Netherlands after EU sanctions took effect against the company.
It was noted that in such a situation it is almost impossible to track ship ownership, especially when the company changes the names of the ships, and the tankers themselves have turned off trackers in some countries. And sailing under the Liberian flag is the easiest way to hide the ship’s origins.
“Russia’s use of such secret jurisdictions where it has no real economic ties is a game of hide and seek. By placing its business in three jurisdictions that work together – the UAE, Cyprus and Liberia – Sovcomflot avoids penalties, ”explains economist and founder of the Tax Justice Network John Christensen.
At the same time, journalists did not identify buyers of oil supplied by Russia in this way.
Recall that in early June, the EU agreed to ban Russian oil imports. The embargo will affect 90% of all Russia’s oil imports by the end of this year. The embargo will take effect six months after the introduction of the sixth package of sanctions.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.