Greek shipping companies have earned at least $3.8 billion from transporting Russian oil over the past three years, despite Western efforts to limit the Kremlin’s revenues, according to the FT.
The companies with the largest revenues from the Russian oil trade are Dynacom Tankers, owned by shipowner Giorgos Prokopiou, with revenues of $914.5 million; Olympic Shipping and Management of the Onassis Group, with revenues of $403.6 million; Stealth Maritime, with revenues of $233.6 million; and Polembros Shipping, with revenues of more than $210 million.
In December 2022, a price cap was set on Russian oil by the G7, the world’s seven largest economies, which today stands at $44.10 per barrel, and vessels are required to comply with it.
The role of Greek shipowners in transporting Russian oil has been a source of tension between Athens and Kyiv. Several Greek tanker companies, including Dynacom, were included in 2023 by Ukraine’s sanctions agency on the list of “international sponsors of war,” but were later removed after pressure from the Greek government.
Governments are seeking further restrictions on Moscow’s energy revenues, something that could halt the Greek trade. They have been encouraged by the fact that oil prices have generally fallen over the past three years and did not rise as much as initially feared during the conflict with Iran.
Source: Financial Times
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