Sanctions send Russian tanker group Sovcomflot to $393 million net loss

Russia’s leading tanker group Sovcomflot FLOT plunged to a net loss of $393 million in the first quarter, blaming the slump on new Western sanctions that have led to operational problems, lower revenues and some vessels sitting idle. Sovcomflot’s financial pressures show the impact of sanctions on Moscow over the war in Ukraine at a …

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