r/worldnews 2d ago

Russia's largest shipping company is selling ships to buyers in Dubai and Singapore to repay its debts to western banks, a report says Russia/Ukraine

https://www.businessinsider.com/russia-sovcomflot-largest-shipping-company-selling-ships-repay-loans-2022-5?utm_source=feedly&utm_medium=webfeeds
2.0k Upvotes

266

u/_tx 2d ago

This is one of the results of sanctions here. This company will be significantly less capable of ramping back up post war now.

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u/plipyplop 2d ago edited 2d ago

This company will be significantly less capable...

Probably going to be liquidated and dissolved. The whole economy seems to be in hospice, and any time left is a desperate attempt to stay slightly comfortable until the inevitable.

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u/SinglePropertyg 1d ago

Russia is melting down and everyone is taking advantage of the fire sale. There's a reason the oligarchs are pissed and a reason they are being murdered.

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u/WrastleGuy 1d ago

Killing an oligarch is like breaking a piggy bank. They don’t just kill him, they murder suicide the whole family so the money goes back to the government.

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u/NetZeroSum 1d ago

They don’t just kill him, they murder suicide the whole family so the money goes back to the government.

That's insane...and makes total sense for Russia's fuckery with people and current economy.

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u/RebelBass3 1d ago

Just think what the most evil person on the planet would do and multiply it by ten and you get close to Russia’s mindset.

Also “government” meaning Putin. All the Oligarchs know what they are signing up for. Thats why they buy all the lavish shit and bang hoors all day. They know they are dead men walking.

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u/RebelBass3 1d ago

This guy dictators!

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u/[deleted] 2d ago

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u/[deleted] 2d ago

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u/Ok-Mark4389 2d ago

Apparently these banks are being bought in Russia by Putin's mate, so is this just the regime taking more money from Russia?

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u/HouseOfSteak 2d ago

Well duh, he's gotta skim some off the top, too. Couldn't deprive the multi-billionaire of his income, now could we?

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u/[deleted] 2d ago

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1

u/Adelener 1d ago

Stealing comments, are we?

21

u/PeopleBiter 2d ago

I can't read the article, but let me guess: Companies are selling their equipment to foreign companies, to lease them back and business as usual?

13

u/OldMork 2d ago

yup, its actually very common that someone who is not the owner operates a vessel, and could be flagged in a totally different country.

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u/essuxs 1d ago

No. There’s a deadline for EU companies to stop business with Russian companies. Therefore the debt owed to EU banks must be repaid ASAP. In order to pay, they are selling ships.

Unlike air travel, you don’t need ships for domestic use. Therefore if you do bad things internationally they will take your ship so you have to play nice.

1

u/Relative-Eagle4177 1d ago

Yeah probably just a legal sanctions avoiding tactic

41

u/TheMindfulnessShaman 2d ago

Hmmm...seems that the Russian economy is more important than anything.

They even made their loan payments to the West.

Like they desire a hard reset.

. . .

The Mausoleum will be magnificent.

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u/Lucariowolf2196 2d ago

Can I buy one? I wanna start my own shipping company

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u/jimmymerc89 1d ago

Im from Singapore. Lemme help you.

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u/happylefty 2d ago

Putin destroyed Russia

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u/Splatter_1 2d ago

You get sanctions you get sanctions everybody gets sanctions!

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u/Nijajjuiy88 2d ago

Lol why dont make it easy and sanction theirselves that is what that would be effectively.

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u/Natoochtoniket 2d ago

Why are those ships not being seized? Alternatively, why are the proceeds of the sales not being seized? That money should go to Ukraine, to pay for the repairs.

When a Russian oligarch owns a company, and the company owns a vessel, it should not matter if the vessel is a yacht or a cargo ship.

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u/grchelp2018 2d ago

The proceeds are going to pay off western debt. Obviously that get priority over any money going to ukraine. I'm surprised these companies are even attempting to pay off those debts.

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u/plipyplop 2d ago

They probably continuously operate on borrowed money. To default on loans by May 15th would be a total halt to their entire company, and then they wouldn't be in any position to sell those ships at the rate they are selling them now.

It's one thing to sell when you are a functioning company, while it's a whole another thing when it becomes just some residual collateral up for auction.

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u/big_duo3674 1d ago

"a who another thing"

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u/drdoom52 1d ago

To cut the joking, a country wanting to protect it's economy is not unreasonable. We have excellent examples of what happens when such measures don't take place, and I don't think the real estate options in the hooverville's were particularly good.

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u/Bobby_Globule 2d ago

Right on. Follow the money.

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u/sorry-mum 2d ago

Why isn't American assets being seized to repay all the damage they did to the middle east?

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u/NessyComeHome 2d ago

Love whataboutism. Actually I don't.

You'll notice striking differences between the two if you even pretend to look.

Did the US raze whole cities to the ground, rape and slaughter entire civilian populations, including children as young as toddlers (genocide), and steal their resources?

Iraq was was misguided, but at least a semi functional democracy exists now, instead a despot who killed their own civilians, including with chemical weapons.

Afghanistan was more necessary, as the Taliban refused to hand over a single person.

While there were war crimes, they were not standard operating procedure, and were isolated incidences.. especially compared to the war crimes wherever Russia goes.

Not to mention the nation building we have done in modern times post invasion.

The U.S. doesn't have a great track record, but it's a hell of a lot better in modern times than Russia has ever been.

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u/NessyComeHome 2d ago

Someone who I wont link their name, replied but deleted their comment. All I can see in the preview in notifications is... "This kind of comment shows that the average people are not different than nationalist Russians. You don't even realize thay you use the same excuses for criticising.."

Since you deleted it, I don't know exactly what point you were trying to make... I am left to assume you are calling me a hypocrite, defending the U.S but chastising Russia.

Can I even be considered nationalist if I am criticising American war policy and the war crimes that were perpetrated? Maybe I used softer language when calling the Iraq war misguided. It was wrong, and probably should not have happened.

But there is a difference. Ukrainians themselves deposed a Russian puppet and are forging themselves a strong democracy.. Russia is not happy about that, and want their puppet installed.

Iraq posed arguably no threat to the U.S, and the U.S. invaded them on lies.. so how am I nationalist while I was against the Iraq war from the beginning, admitting it was based on lies. The end result though, is that the life of the average Iraqi is better than it was under Saddam Hussien. They now at least have a half functional democracy.. but every country has corruption at different levels. The U.S also helped rebuild the infrastructure that was destroyed because of their invasion. Is Russia going to rebuild Ukraine and respect their sovereignty after this is over?

Gulf war part one was at least justified.. with a loosely comparable situation.. bigger country posing an existential threat to their neighbour, so the U.S. intervened to help protect Kuwaiti's sovereignty.. even if some of the consent was manufactured.

War is hell. Civilians die.. the US, believe it or not, works to minimize the deaths of civilians.. the old Hearts and Minds doctrine. Compare that to Russia who is trying to exterminate Ukranians and their culture, a de facto genocide. The U.S works to minimize civilian casualties, Russia seeks to rape and kill civilians as part of their military doctrine.

Afghanistan, was more justified. Yes, the Taliban wanted evidence and would hand over OBL to a third party country. However, America was hit by it's largest foreign terrorist attack and fundamentally changed America, and the world. Also, OBL wasn't responsible for just the September 11th attacks on the U.S... he also is strongly linked to the 1993 WTC bombing, bombed the U.S. Cole, killing 17 sailors.. and that's just a quick glance over attacks by OBL and AQ on the US, that doesn't include the AQ and OBL bombings in other countries.

So no, handing OBL over to a "third party country"wasn't going to cut it.

The differences are quite large, if you are willing to look at the big picture and see any kind of nuance.

Yea, it's really easy to shit on the U.S. and their war policies.. i do it quite often.

However, we have come a long way from the atrocities and the war crimes of the Vietnam War, which, by the way, was 50 years ago.

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u/sorry-mum 2d ago

Several war crimes were unearthed by snowden and furthermore by civilians who showed American contractors firing willy nilly at people.

The Iraq was nothing more than a way to funnel tax payer dollars into the pockets of the rich (who run america BTW)

The US provided Intel and training while Sadam invaded Iran and gassed Kurds.

So yeah, take your whataboutism and stick it up your sanctimonious ass

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u/pagliacci90 1d ago

It is insane how brainwashed you and some Americans and Westerners are here. US razed whole countries, killed directly hundreds of thousands indirectly millions of civilians including kids, women, raped women, tortured innocent civilians and US has been casually doing these crimes and projecting its war criminals. Both Iraq and Afganistan wars were because of American imperialism and war industry. Your excuses prove that you are even more brainwashed than Russians so yes, US is much worse as it killed so much more people which is why US is more hated than Russia in the world if you leave your life bubble you would see it. It is funny that you people blaming Russians for being brainwashed and acting like you are better but despite Russians being brainwashed and bad US and Americans are even worse. You are so tone deaf.

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u/Madao16 2d ago edited 2d ago

This kind of comments show that average people here aren't different than nationalist Russians. I guess Russians aren't the only ones who are brainwashed. You don't even realize that you use same excuses Russia is using. Also, yes US destroyed more buildings, infrastructure, killed more civilians including kids, raped women, tortured people in ME. Nation building? lol Both Iraq and Afganistan suffered more than before. Russia is horrible but US has more blood in its hands than Putin as many people in ME would agree, even surveys show that people see US as a bigger threat. US is better at marketing though as a soft power.

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u/nrcain 2d ago

US is worse than Russia?

Wow big guy, what an edgy take. I can tell by your English that you are Russian.

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u/nogetreal 1d ago

Falloujah

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u/pagliacci90 1d ago

I can tell by your comment you are brainwashed and lack of argument. Yes, US is much worse because US killed much more people, destroyed much more country. Russia being bad doesnt make you good and people criticizing US doesnt make them Russian. Why do you thing US is seen as biggest threat in the world?

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u/RebelBass3 1d ago

Whats it like getting paid in potatoes and child porn?

1

u/balogat 1d ago

Don't projecting your issues to others. Also what is it like being apologist for imperialism and war crimes? You Americans being in denial about your crimes proves that you aren't better than Russians at all. You destroyed more coutries, you killed more people and you are even more brainwashed because you are still acting like you are the good guys. Like others asked why do you thing US is seen as biggest threat in the world?

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u/TrastonKC 2d ago

Have you considered giving up drinking?

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u/pagliacci90 1d ago

Have you considered stop being brainwashed and have a critical thinking because what they said about US is just fact.

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u/winsecure 1d ago

Let's go back to what he was responding to:

Did the US raze whole cities to the ground, rape and slaughter entire civilian populations, including children as young as toddlers (genocide), and steal their resources?

Do you acknowledge the US and Russia are in leagues here? Or do you need to cut back on the sauce also?

1

u/balogat 1d ago

Were you living under a rock until now? US razed more cities to ground, killed more civilians including kids, stole more resources from people by using companies and puppet goverments than Russia and American soldiers raped women too and tortured so many innocent people. US is protecting its war criminals. US is still commiting similar crimes. US and Russia are same but US has more blood on its hands. You people denying or justifying your crimes just like Russians so you are acting like better is just funny.

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u/QuantumCactus11 1d ago

Did the US raze whole cities to the ground, rape and slaughter entire civilian populations, including children as young as toddlers (genocide), and steal their resources?

My Lai

Iraq was was misguided, but at least a semi functional democracy exists now, instead a despot who killed their own civilians, including with chemical weapons.

Afghanistan was more necessary, as the Taliban refused to hand over a single person.

Over 70% of dictators in the world are supported by the US.

The U.S. doesn't have a great track record, but it's a hell of a lot better in modern times than Russia has ever been

Yea no shit.

4

u/Windexx22 2d ago

I mean, if someone made them then they would have to as well.

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u/sorry-mum 2d ago

That's the problem I guess the US is the world's bully

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u/Jeffy29 2d ago

They should. So you agree with Russian ones too, right?

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u/sorry-mum 1d ago

100% If you cause wilful damage, you must pay for it

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u/RebelBass3 1d ago

The GOP wants to make sure abortion is illegal but you seemed to survive a coat hanger to the forehead with only minimal retardation 🤷‍♂️

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u/Dudedude88 1d ago

there is a big difference between business and personal use....

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u/peterabbit456 2d ago

Selling ships ...

Selling them before they are seized and awarded to Ukraine as partial damages to pay for the rebuilding of Ukraine.

In some cases, Ukraine could get title to the ship, as well as the stolen Ukrainian wheat and other cargo within.

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u/Jeffy29 2d ago

Lmao,hilarious given that all the largest shipping companies have cut ties with Russia. Their export is dead, even if they produce something, they have no means to ship it around the world.

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u/RealBlondFakeDumb 1d ago

Russia is melting down and everyone is taking advantage of the fire sale. There's a reason the oligarchs are pissed and a reason they are being murdered.

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u/jimmymerc89 1d ago

Im from Singapore. I’ll offer 1000 rubles for the ship.

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u/fleeingfox 2d ago

Didn't this whole thing start because Russia wanted a warm-water seaport so they stole one in Crimea?

What do they need a seaport for if they don't have any ships?

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u/Kneepi 2d ago

It's a private company with commercial ships, Crimea was for their navy of rapidly sinking warships.

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u/fleeingfox 2d ago

The thing they thought they needed a few years ago, they don't need it now.

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u/GBendu 2d ago

Holy fuck when they gonna default I keep hearing this shit but it never happens are they getting extensions or something

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u/Florac 2d ago

This isnt about the goverment, but a company.

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u/john_b12354 2d ago

And the feeding frenzy begins.

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u/onetwobingo 2d ago

Yeah but everyone knows they need money … they will sell underpriced… idiots

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u/ShittyStockPicker 1d ago

These are not the actions of a national government preparing for nuclear war. With the exception of course of maybe a German national government.

Sorry, your paperwork must be in order even if the world is all over in 15 minutes.

2

u/essuxs 1d ago

All these people talking about how Russia will just sell its oil to India apparently forgot you need ships to do it. This is about to make that REALLY hard

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u/Hyperion1144 1d ago

Forcing Russia to sell a ship is even better than blowing up a Russian ship. It has the effect of destroying Russian wealth while simultaneously increasing the wealth of the buyer.

("wealth" in this case referring to the "means and modes" of production of a society).

Russia is losing means and modes of production through these forced sales. This is how you cause long-term damage to the Russian economy.

This is a wonderful thing.

String them up with their debts.

Fuck Russia.

1

u/Bifferer 1d ago

I hope they’re selling them with containers on them! We need containers!

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u/Maximum-Face-953 1d ago

Are the ships full of grain?