[2][3] The history of Volgotanker goes back to the Oil Fleet Agency, part of the Volga State Shipping Company, which was established in 1923.

The service turned out to be highly important during the Second World War, when most of the railway lines connecting the Caucasus with Central Russia were cut by enemy action in 1942.

Fifty-nine of the company's barges were sunk or damaged during the war, primarily by Luftwaffe's bombs and mines, with the loss of 123 sailors.

As oil refineries were built along the Volga and its tributaries (e.g. at Ufa, Kstovo, and Syzran), their products were also taken to markets throughout Russia by Volgotanker.

[10] Local fishery authorities reported that some 74 km of the coast were contaminated by oil, at least 300 seabirds and a number of seals died.

[12] As of the mid-2000s, the company controlled 70% of liquid cargo transportation market in the basin of Volga and Kama, and carried about 10% of the total Russian exports of fuel oil.

The fleet runs "ghost" ships to circumvent the sanctions put on the Russian oil trade after the 2022 invasion of Ukraine.