Russia Plans to Sell Part of its Stake in Sovcomflot
Faced with a need for revenue, the Russian Ministry of Finance is making plans to sell down its stake in Sovcomflot (SCF), a state-owned tanker operator with international reach and a Soviet history.
SCF is under sanctions, so transacting in its shares could be difficult abroad. However, there is no regulatory obstacle to securing private-sector investment within Russia itself. The company is listed on the Moscow Exchange, and at current pricing the sale would bring in about $180 million.
Sovcomflot posted a net loss of about $650 million last year, but returned to profitability in the first half of 2026 on the back of improving tanker rates. The ministry said that the exact timing of the share sale would be determined based on market conditions.
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SCF had more than 120 tankers on the eve of the Ukraine conflict, and it still describes itself as one of the largest tanker owners in the world. But after the rollout of Western sanctions on the firm, ownership of many of its vessels has been transferred to other entities overseas. Under new, opaque management structures, many of these vessels continue to serve the Russian oil trade as part of the "shadow fleet" of below-the-radar tanker operations.
The Russian state currently owns about 83 percent of SCF, and the planned sale would shrink its holdings to just over 75 percent, leaving the Kremlin with a strong grip on the company.
