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Sovcomflot shares down over 8% amid sanctions

On February 24, 2022, the US Department of the Treasury put the Russian company on the NS-MBS sanctions list

MOSCOW, February 26. /TASS/. The price of Sovcomflot shares have dropped by more than 8% on Moscow Exchange after the US Department of the Treasury imposed sanctions against the company, according to trading data.

As of 10:00 a.m. Moscow time (7:00 a.m. GMT), the price of Sovcomflot shares was down by 8.22% at 124.5 rubles. As of 10:50 a.m. Moscow time (7:50 a.m. GMT), the price of Sovcomflot shares was down by 3.28% at 131.2 rubles.

On February 24, 2022, the US Department of the Treasury put the Russian company on the NS-MBS sanctions list. On February 23, 2024, the US authorities put Sovcomflot on the SDN sanctions list, which implies freezing US assets and prohibiting US persons and companies from engaging in any transactions with it. Moreover, restrictions were imposed against 14 oil tankers that Washington believes are related to Sovcomflot.

The state is the main shareholder of Sovcomflot, holding 82.8% of shares. Minority shareholders own 15.6% of shares, while 1.6% of shares are on the balance sheet of a subsidiary.

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