Russia's Sovcomflot blames earnings drop on Western sanctions

The United States imposed sanctions on Sovcomflot in February, part of Washington's efforts to reduce Russia's revenues from oil sales that it can use to finance its war in Ukraine. Sovcomflot reported a 22.2% year-on-year drop in nine-month revenue to $1.22 billion and said its earnings before interest, tax, depreciation and amortisation slumped 31.5% to $861 million.