The Russian Ministry of Finance plans to sell part of its shares in Sovcomflot due to the need to secure revenue. Sovcomflot is a state-owned tanker operator with a history dating back to the Soviet era and is currently under international sanctions.
Challenges of Selling Sovcomflot Shares
Sovcomflot faces challenges in trading its shares in foreign markets due to sanctions. However, the Russian Ministry of Finance has stated that there are no legal barriers to attracting private investment domestically. Sovcomflot is listed on the Moscow Stock Exchange, and it is estimated that selling its shares under current conditions will yield about $180 million in revenue.
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Sovcomflot's Financial Performance
The company faced a net loss of about $650 million last year, but it has returned to profitability in the first half of 2026. The Ministry of Finance will determine the exact timing of the share sale based on market conditions. Currently, the Russian government holds about 83% of Sovcomflot's shares, and this sale will reduce its ownership percentage to below 75%.
Before the Ukraine crisis, Sovcomflot had over 120 tankers and still considers itself one of the largest tanker owners in the world. However, following the implementation of Western sanctions, ownership of many of these tankers has been transferred to other entities abroad. Under new and opaque management structures, many of these tankers continue to serve Russian oil trade as part of the "shadow fleet."
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