Greek shipping has collected nearly $4 billion from the transportation of Russian oil over the last three years
Greek shipping companies have earned at least $3.8 billion from the transport of Russian oil over the last three years, despite efforts by G7 countries to limit Kremlin's revenue from energy exports.
According to a Financial Times analysis, the company with the largest revenue from this activity was Dynacom Tankers, founded by Greek shipowner George Prokopiou.
The company reportedly recorded revenues of at least $915 million from the transfer of Russian crude oil, amounting to almost a quarter of the total revenue obtained by the Greek shipowners from this sector from July 2023 to today.
Greek companies with the largest revenues
In the second place among Greek companies is the Olympic Shipping and Management of Onassis Group, with estimated revenue of at least $404 million.
Following are shipping Stealth Maritime and Polembros Shipping, based in Athens, which is estimated to have earned more than $200 million each from the transport of Russian oil.
Source of tension between Athens and Kiev
The participation of Greek shipping companies in the transport of Russian oil was in recent years a point of friction between Athens and Kiev.
In 2023 several Greek tanker companies, including Dynacom, were included by the Ukrainian Sanctions Authority in the list of «International war donors».
However, they were later removed from the relevant list, following pressure from Greek government.
Allowed subject to conditions
The transport of Russian oil is still allowed, provided the price cap imposed by G7 countries is respected.
However, in recent months the pressure has been on both the United States and from European Union strengthening the sanctions regime with a view to further restricting Russia's energy revenues in view of a possible peace agreement with Russia Ukraine.
Where new measures are adopted, the activity of Greek shipping companies on this market may be significantly limited or even discontinued.
The fall in oil prices changes the data
Governments promoting stricter sanctions consider that there is now greater scope for new measures, as the International oil prices have moved downward over the last three years and not increased as long as it had originally been estimated even during the recent crisis with Iran.
The Financial Times analysis was based on information from the pricing company Argus Media, which has since June 2023 recorded chartering costs on the main routes of transport of Russian oil.
These elements were combined with ship management data International Maritime Organisation (IMO) and information on the movements of tankers by Kpler analysis company.
Calculations only concern routes for which tariff data were available.
In particular, they cover approximately 389 million barrels carried by Greek tankers, while in addition 153 million barrels were excluded from the analysis due to a lack of pricing data.
Eight Greek companies in the first 20
Of the 20 companies with the largest revenue from the transportation of Russian oil after June 2023, eight are Greek.
The rest are mainly Russian state-owned companies, such as Sovcomflot and Rosnefteflot, subsidiaries or related companies thereof, with the sole exception of the ship operator Prominent, based in Hong Kong.
«There's money and few take the risk.»
The Greek shipowners are considered over time by the most willing to take commercial risks.
Dynacom is among the most active companies in Hormuz narrows After the Gulf crisis began on 28 February.
According to data from the analysis companies Windward and Vortexa, Almost 15% of Russian crude oil exports in May were transported by Greek shipping companies.
The maritime information analyst Michelle Wiese Bockmann Notes features:
«There are significant gains and few are willing to undertake this project».
Freight forwarders say charterers pay 30%-40% higher fares to transport Russian oil than cargoes from countries not subject to Western sanctions.
Maximum price and application gaps
Her frame G7 the price of Russian oil entered into force in December 2022 in order to limit Russian revenue without disrupting the global energy market.
Today the ceiling is set at $44.10 per barrel.
Western companies may provide transport and other services only if the cargo has been purchased below this limit.
However, according to former officials and lawyers specializing in sanctions, the application and control of the measure have significant weaknesses.
Shipowners must have a written statement that the consignment meets the price limit.
The lawyer Stefanos Roulakis, representing Greek shipping companies, notes that shipowners are usually based on the assurances of either the charterer or the Russian supplier.
As he says, shipping is not usually involved in shaping the purchase price of cargo.
«Theoretically, the system works. In practice, however, the authorities expect shipowners assess whether the price is below the threshold and whether a person subject to sanctions is involved in the trading chain», points out.
Some companies left the Russian market
Some Greek shipping companies have restricted or stopped their activity to Russia.
The TMS Tankers and Thenamaris They significantly reduced the transport of Russian oil at the end of 2023, following the US sanctions on Turkish and Turkish maritime operators and United Arab Emirates for the transport of consignments which were deemed to exceed the permitted price limit.
According to the Financial Times estimates, Thenamaris made at least $30 million, while TMS Tankers about $150 million before stopping this activity.
Legal and analysts point out that other Greek companies left the Russian market after American sanctions against Rosneft and Lukoil in October 2025.
The replies of the companies
The Dynacom argued that all approaches of its ships to Russian ports were carried out «in full compliance with the applicable legal framework and penalty regime».
At the same time, he noted that the framework system contributed both to the reduction of Russian revenues and to the reduction of pressures on international energy prices.
«Electricity bills, fuel costs and inflationary pressures were limited thanks to the contribution of Greek shipping», the company reported.
Olympic Shipping said it fully complies with its sanctions European Union, The United Kingdom and United States, without commenting on individual trade transactions.
The SHealth Maritime stated that all cargo carried was compatible with the applicable sanctions and had been checked by legal advisers in USA and the United Kingdom.
The company also recalled that one of its tankers, which was carrying Russian ammonia, was a target of suspected Ukrainian attack last year, which caused concern about crew safety.
TMS Tankers said it does not comment on commercial issues, but pointing out that it strictly implements all international sanctions.
The Polembros Shippinged Thenamaris did not answer a request for comment.
The Ukrainian Review
The director of the Ukrainian organization Razom We Stand, Svitlana Romanko, argued that her revenue Russia from oil exports still amount to billions of dollars because governments have not closed the gaps in the sanctions system.
As indicated by features «Russian oil continues to yield billions in Kremlin, because governments failed to close the obvious gaps in the system.
The Greek government has repeatedly chosen to protect the interests of the maritime industry against stricter sanctions and peace».
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