Greek Shipping Firms Earned $3.8 Billion Moving Russian Oil Despite Western Sanctions

ATHENS, Jul 7: Greek shipping companies earned more than $3.8 billion transporting Russian oil over the past three years despite Western sanctions designed to reduce the Kremlin's energy revenues, according to a report by the Financial Times.

The newspaper's analysis found that three major Greek shipping firms—Dynacom Tankers, Stealth Maritime, and the Onassis Group—generated at least $3.8 billion by transporting Russian crude and fuel under the G7 price cap regime.

Dynacom Tankers emerged as the biggest beneficiary, earning more than $915 million from Russian crude shipments since July 2023, accounting for nearly a quarter of the total revenue generated by Greek shipowners involved in the trade.

Olympic Shipping and Management, part of the Onassis Group, earned at least $404 million, while Stealth Maritime and Polembros Shipping each generated more than $200 million transporting Russian oil.

Although the shipments are legal if the oil is sold below the G7 price cap, the findings highlight how Western shipping companies have continued to profit from Russian exports despite sanctions intended to restrict Moscow's ability to finance its war effort.

The report also revisited tensions between Greece and Ukraine over the issue. In 2023, Ukraine designated several Greek tanker operators, including Dynacom, as "international sponsors of war" because of their role in transporting Russian oil. The companies were later removed from the list following diplomatic pressure from the Greek government.

The Financial Times based its investigation on freight pricing data from Argus Media, tanker tracking information from Kpler, and ship management records from the International Maritime Organization. The analysis covered approximately 389 million barrels of Russian oil transported by Greek-owned tankers since June 2023, excluding an additional 153 million barrels for which pricing data was unavailable.

The report found that eight of the 20 highest-earning companies involved in Russian oil shipments since June 2023 were Greek-owned.

Data from maritime analytics firms Windward and Vortexa also indicated that Greek shipping companies accounted for nearly 15% of Russia's crude oil exports in May, underscoring their continued importance to Moscow's energy trade.

The G7 price cap, introduced in December 2022, allows Western companies to provide shipping, insurance, and related services for Russian oil only if it is sold below a set price threshold. However, critics have argued that enforcement has been inconsistent, allowing substantial revenues to continue flowing through global shipping networks.

According to the report, European Union diplomats said Greece and the Greek Cypriot administration have repeatedly opposed tighter restrictions on the price cap during closed-door discussions, even as the US and EU consider tougher measures aimed at further reducing Russia's oil income.