Russian state-owned shipping company Sovcomflot reported a net loss of $435 million for the first half of 2025, compared to a profit of $324 million a year earlier, The Moscow Times reports.
Over six months, the company lost half of its vessel operating income (down to $306 million) and 39% of its revenue (down to $618 million). EBITDA dropped 55% to $263 million.
Sovcomflot’s performance has deteriorated significantly, with the primary reason being the tightening of sanctions from the U.S. and EU, according to an analyst at Freedom Finance Global. New sanctions packages and the inclusion of the company’s tankers on “blacklists” led to idled vessels, lower freight rates, and operational disruptions.
In January 2025, the U.S. revoked Sovcomflot’s fleet management license and imposed blocking sanctions on dozens of its tankers, resulting in a 29.8 billion ruble asset write-down. The EU further banned the company’s ships from entering European ports.
As of June 1, 426 tankers of Russia’s “shadow fleet” were under U.S., EU, and UK sanctions. Some of these vessels remain idle, while part of their transport activity has been taken over by Greek companies.
Analysts warn that lowering the price cap on Russian oil from $60 to $47 per barrel could further hit Russian oil producers and the state budget, as many shippers may refuse to work with Russia, while replacing them with sufficient vessels will be difficult.
This year, Russia is selling gas to China at a nearly 40% discount, according to The Moscow Times, citing data from Russia’s Ministry of Economic Development. In the ministry’s baseline forecast, the average price of Russian gas for exports to distant foreign markets (excluding China)—namely Turkey and the remaining European countries—will amount to $356.7 per […]
BMW has announced a major recall due to a defect in the starter that could potentially cause a fire. According to Carscoops, the campaign affects hundreds of thousands of vehicles worldwide, including about 200,000 cars in the U.S. and 136,500 in Germany. The models at risk were produced between September 2015 and September 2021. In […]
State-owned microchip manufacturer Angstrem has topped the ranking of Russia’s most loss-making companies, according to Forbes Russia. Media data show that in 2024, the company recorded a net loss of 236.3 billion rubles. The main reason for such losses was the recognition of obligations to its owner, state corporation VEB, amounting to 238.2 billion rubles. […]
China has announced tighter controls on electric vehicle exports: starting January 1, 2026, automakers will be required to obtain special licenses to ship EVs abroad. According to government officials, the measure is aimed at improving quality, ensuring proper after-sales service, and building trust among international customers, Carscoops reports. Until now, some vehicles were supplied to […]
OpenAI, the developer of ChatGPT, is preparing to launch advertising in its popular chatbot. According to E4m, the company is already forming an internal advertising team led by Fidji Simo, the new head of applications. She joined last month after serving as CEO of Instacart and head of the Facebook app. Simo is actively searching […]
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The European Union has launched an inquiry into how Apple, Google, and Microsoft are tackling the spread of online fraud on their platforms. According to the Financial Times, the companies have received formal requests under the Digital Services Act (DSA). Booking Holdings, the parent company of Booking.com and other travel services, has also received a […]
Volkswagen is shifting its strategy in China — for the first time, cars developed jointly with FAW for the Chinese market will be sold in other countries, Carscoops reports. The first regions will be the Middle East, where the Magotan and Sagitar sedans will arrive as early as November. The Magotan, based on the latest […]
The Deposit Guarantee Fund of individuals introduced a temporary administration in “Fidobank”. It is reported by the press service of the Fund. The decision was made on the base of the decision of the National Bank of Ukraine (NBU) on May 20 to classify “Fidobank” to the category of the insolvent. Earlier, “Fidobank” reported about […]
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