Latvian-Russian oil transport company hit by U.S. sanctions

Latvian-registered oil transportation company LatRosTrans is among the companies subject to US sanctions on Russian oligarchs, the LETA newswire reports.

According to information available at, LatRosTrans has two owners - a 66 percent stake in the company belongs to Latvijas Kugnieciba and a 34 percent stake is held by Transnefteprodukt, which is a subsidiary of Russia's Transneft.

The owner of Transneft is Russian citizen Nikolay Tokarev who has been sanctioned both by the United States and the European Union (EU). The full-blocking sanctions on Tokarev include an entry ban and a complete asset freeze.

LatRosTrans, registered in 1994, has a share capital of EUR 15.496 million. The company closed 2020 with EUR 5.37 million in turnover, down 37.5 percent from a year before, and a loss of EUR 2.24 million in contrast to profit made in 2019.

As widely reported, the U.S. has imposed sanctions on a number of Russian oligarchs and their families for supporting Russian President Vladimir Putin and his war on Ukraine.

These sanctions are intended to prevent Moscow from accessing hundreds of billions of dollars of reserves worldwide until Russia's aggressive actions cease.

According to the U.S. Treasury:

"Nikolay Petrovich Tokarev (Tokarev) is a long-time Putin associate who served with Putin in the Soviet Union’s Committee for State Security (KGB) as agents in Dresden, East Germany, in the 1980s. Tokarev is also the president of one of Russia’s most important companies, Transneft, a state-owned pipeline company that is responsible for transporting 90 percent of oil extracted in Russia. As the president of Transneft, Tokarev has enriched himself and his family, amassing a business and real estate empire extending throughout Russia and into Europe. Before his time as Transneft’s president, Tokarev worked in the Administrative Department of the President of the Russian Federation and was awarded numerous titles, orders, and honorary certificates for his service.


"Tokarev’s family members, including his wife Galina Alekseyevna Tokareva (Galina) and daughter Maiya Nikolaevna Tokareva (Maiya), have benefited from his proximity to Putin and the GoR. Maiya Tokareva’s real estate empire has been valued at more than $50 million in Moscow, Russia alone and includes at least three companies: Moscow-based Limited Liability Company Ostozhenka 19 (Ostozhenka 19) and Zagreb, Croatia-based Katina Drustvo s Ogranicenom Odgovornoscu za Nekretnine I Ugostiteljstvo (Katina) and T.G.A. D.O.O. za Trgovinu I Usluge (TGA). Katina owns prime oceanfront real estate on a Croatian island that includes a villa built by the 19th century Austrian emperor Franz Joseph I."

According to LatRosTrans' website (which has not been updated for a long time), it is "the only crude oil and petroleum product transport company that provides transportation of diesel fuel via the main pipeline in the territory of Latvia, from the Belarussian (sic) border to Ventspils." LatRosTrans is in turn part of the Ventspils Nafta Group.

Coincidentally, former Ventspils mayor and convicted criminal Aivars Lembergs is also subject to U.S. sanctions


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