Greek shipping companies are those that have earned the most from the maritime transport of Russian oil, a trade allowed as long as it complies with the price cap (the “price ceiling”) introduced by the G7 countries to limit Kremlin profits.
THE COMPANIES THAT HAVE EARNED THE MOST
According to calculations by the Financial Times, Greek shipping companies have earned at least 3.8 billion dollars in total over the past three years thanks to the transport of Russian oil. The highest earner is Dynacom Tankers, owned by shipowner George Prokopiou: at least 915 million dollars since July 2023. Following are Olympic Shipping & Management of the Onassis Group with at least 404 million, and the Athens-based Stealth Maritime and Polembros Shipping, each with over 200 million dollars.
Only entities registered in the United Arab Emirates have transported more Russian oil than the Greek ones. China ranks third on the list, having in recent years deepened energy relations with Vladimir Putin’s Russia.
HOW THE PRICE CAP ON RUSSIAN OIL WORKS, AND WHAT IT’S FOR
As mentioned, Greek shipping companies can transport Russian crude as long as the barrel price does not approach the so-called “ceiling” introduced by the G7 at the end of 2022: this also generally applies to European companies providing cargo insurance services.
The price cap has a dual purpose: on one hand, to reduce Russia’s economic revenues by making it harder to sell its oil at market prices, thereby limiting its ability to finance the war in Ukraine; on the other, to avoid an excessive reduction in crude availability, preventing a supply crisis that would drive prices up and harm the global economy.
Currently, the price cap is 44.1 dollars per barrel. Brent, the international benchmark oil contract, trades just above 70 dollars per barrel.
GREECE DOES NOT LIKE THE PRICE CAP
The Financial Times reported, citing anonymous European Union officials, that the Greek government (led by Kyriakos Mitsotakis, pictured) and that of Cyprus oppose the price cap in closed-door meetings. The enforcement of the mechanism and checks on compliance, moreover, are not always effective: for example, it is not uncommon for shipping companies to simply accept as truthful the price declarations provided by those chartering the ships or by the Russian hydrocarbon suppliers themselves.
Svitlana Romanko, director of the Ukrainian association Razom We Stand, told the British daily that “Russian oil continues to generate billions for the Kremlin because governments have failed to close the obvious gaps” in the price cap. “The Greek government has repeatedly prioritized the interests of its shipping industry over stricter sanctions” against Russia, she added.
GREECE’S WEIGHT IN THE RUSSIAN OIL TRADE
Indeed, of the twenty companies that have earned the most from maritime trade of Russian oil since mid-2023, eight are Greek. The others are either Russian state-owned companies, such as Sovcomflot and Rosnefteflot, or subsidiaries or associated companies.
Last May, nearly 15 percent of Russian crude exports were transported by Greek shipping companies. They do so because it is a risky but lucrative activity: it seems that those involved in commodity trading are willing to pay 30-40 percent more for ships transporting Russian crude compared to vessels carrying barrels from countries not subject to Western sanctions or restrictions.
GREEK SHIPOWNERS WHO HAVE WITHDRAWN
Some Greek companies, however, stopped transporting Russian oil already by the end of 2023, such as Tms Tankers and Thenamaris.
