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Greek shipping companies have generated almost $4 billion in revenue from transporting Russian oil over the past three years, according to a Financial Times analysis. The report highlights the lucrative trade between Greek shipowners and Russia, which has been permitted under the West’s sanctions regime, despite being a source of tension with Ukraine.
Dynacom Tankers, a shipping company founded by Greek billionaire George Prokopiou, tops the list of Greek companies that have benefited from the trade. The company has reportedly generated at least $915 million in revenues from shipping Russian crude, accounting for nearly a quarter of the total earnings among Greek shipowners since July 2023.
The Onassis Group’s Olympic Shipping and Management ranks second among Greek companies involved in the trade, with a minimum of $404 million in revenue. Stealth Maritime and Polembros Shipping, two Athens-based tanker companies, have also earned more than $200 million from the trade.
The role of Greek shipowners in transporting Russian oil has been a contentious issue between Athens and Kyiv. In 2023, several Greek tanker companies, including Dynacom, were listed by the Ukrainian sanctions body as “international sponsors of war” due to their involvement in the trade. However, the Greek government successfully lobbied for the companies to be removed from the list.
The trade has been permitted as long as it adheres to the rules of the G7 price cap regime. However, governments are intensifying pressure to tighten sanctions and curb Moscow’s energy revenues ahead of a potential peace deal with Ukraine. The US and EU have raised concerns about the potential for oil prices to increase, which could undermine their efforts to reduce Russia’s energy earnings.
The recent decline in oil prices has provided governments with an opportunity to reassess the trade and impose further restrictions. The Financial Times analysis highlights the lucrative nature of the trade and the significant revenue generated by Greek shipping companies involved in it. As the situation continues to evolve, it remains to be seen how governments will address the trade and whether it will continue to be permitted under the current sanctions regime.
Despite the tensions surrounding the trade, Greek shipping companies are likely to continue playing a vital role in global oil transportation. The industry’s adaptability and ability to navigate complex regulatory environments have enabled companies like Dynacom Tankers to thrive in a challenging economic landscape.
As governments consider imposing further sanctions, the spotlight is on the Greek shipping companies involved in the trade. The sector’s resilience and ability to navigate regulatory complexities have enabled them to reap significant rewards from the transportation of Russian oil. However, the industry’s future will depend on the outcome of the ongoing diplomatic efforts and the evolution of the global sanctions regime.