Sovcomflot has sold about a dozen ships to buyers in Asia and the Middle East, according to people familiar with the matter, as the Russian state-controlled company works to repay loans to Western banks ending business ties to comply with sanctions. The company, among the world’s largest tanker operators, sold five tankers to Dubai-based Koban Shipping and four natural-gas carriers to Singapore-based Eastern Pacific Shipping, the people said. Eastern Pacific paid $700 million to a bank that had taken ownership of the vessels. It is also negotiating with entities including China Merchants Group Ltd. to sell other ships, they said. The deals are coming ahead of a Sunday deadline for companies in the European Union to terminate their dealings with Russia to comply with sanctions brought after the invasion of Ukraine . Lloyd’s List earlier reported Sovcomflot was looking to sell as much as one-third of its fleet. Sovcomflot […]

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