Sovcomflot chief executive Igor Tonkovidov has said 8% of the tanker fleet now carrying Russian oil falls under Western sanctions.

In rare public comments, the boss of the Russian state-owned shipowner admitted the measures have hit the company’s operations, “limiting our geography and commercial prospects”, according to Reuters.

Tonkovidov told reporters that because sanctions are a relatively new thing for shipping markets, the full effect has yet to be seen.