Ships of the Russian “Sovkomflot” were excluded from the Liberian registry
20.02.2024 - 11:19
The National Agency for the Prevention of Corruption (NACP) excluded the American company Liberian International Ship & Corporate Registry (LISCR) from the list of international sponsors of the war.
The company sent a letter stating the fulfillment of the conditions that allow it to be excluded from the list, the NACP reported.
In particular, LISCR reported that all vessels of the Russian “Sovcomflot” were removed from the Liberian International Ship and Corporate Register. From now on, Russia’s ability to transport its oil has become even more limited, its isolation from the civilized world is deeper, and its opportunities to receive “petrodollars” are smaller.
Despite the fact that the sanctions were supposed to significantly reduce Russia’s income from oil exports, the aggressor country still found various ways to continue trade and bypass such restrictions.
Thus, in 2022, the largest shipping company of the Russian Federation, “Sovcomflot”, transferred the management functions of its almost 100 vessels to SCF Management Services Dubai LTD (United Arab Emirates). Previously, “Sovcomflot” transferred these same vessels to the management of the company SCF Management Services Ltd, registered in St. Petersburg. Subsequently, SCF Management Services Dubai LTD did change its name to SUN SHIP MANAGEMENT. However, SCF Overseas Holding, which is affiliated with JSC “Sovcomflot”, remained the founder of this company.
At the same time, 80 out of almost 100 “Sovcomflot” tankers were registered under the flag of Liberia. Accordingly, the registration and maintenance of vessels was carried out by the Liberian International Ship and Corporate Registry. This allowed the vessels of the sanctioned “Sovcomflot” to continue transporting and trading their oil, which is critical for the Russian economy and the Kremlin’s revenues.
LISCR decided to cancel the registration of all vessels of SCF Management Services LTD and SUN SHIP MANAGEMENT. This deprives Russia of another strategically important loophole for circumventing sanctions.
The USM previously reported that since the beginning of January, about 50 Russian SCF tankers, previously registered in Liberia, have massively changed their flag to Gabon.
