Athens: Greek shipping companies have reportedly earned over $3.8 billion from the transportation of Russian oil over the past three years, despite sanctions aimed at reducing Kremlin's oil revenues, as revealed by a Financial Times report.
According to Anadolu Agency, three major Greek shipping firms-Dynacom Tankers, Stealth Maritime, and the Onassis Group-have been responsible for generating at least $3.8 billion from transporting Russian fuel. This revenue was amassed despite the implementation of a G7 price cap intended to limit Russia's oil income.
Dynacom Tankers emerged as the top earner, securing over $915 million from the transportation of Russian crude oil, which constitutes nearly a quarter of the total revenue generated by Greek shipowners since July 2023. The Onassis Group, operating as Olympic Shipping and Management, earned at least $404 million from these activities, while Stealth Maritime and Polembros Shipping collectively made more than $200 million.
The Financial Times report also notes previous tensions between Athens and Kyiv concerning the role of Greek shipowners in transporting Russian oil. In 2023, several Greek tanker companies, including Dynacom, were labeled as "international sponsors of war" by Ukraine. However, they were subsequently removed from this list following pressure from the Greek government.
While the trade is permissible under the condition that it adheres to the G7 price cap, the United States and European Union have increased efforts to enforce sanctions on Moscow's energy revenues. This move could potentially impact Greek shipping companies engaged in this trade.
The Financial Times conducted its analysis utilizing freight pricing data from Argus Media, as well as tanker movement and ship management data from Kpler and the International Maritime Organization. The analysis covered major Russian oil routes since June 2023, accounting for 389 million barrels shipped by Greek tanker companies. However, an additional 153 million barrels were excluded from the calculations due to the absence of Argus price data.
The investigation revealed that eight of the 20 companies that profited the most from Russian oil shipments since June 2023 are Greek. In May, Greek companies were responsible for nearly 15% of Russian crude exports, based on data analysis from marine and energy analytics firms Windward and Vortexa.
The G7 price cap, introduced in December 2022, aims to limit Moscow's oil revenues while maintaining global supply. It permits Western shipping services for Russian oil only if sold below the current limit of $44.10 per barrel, though enforcement has been perceived as weak. EU diplomats have reportedly indicated that Greece and the Greek Cypriot Administration consistently opposed the price cap in closed-door meetings.