Greek Shipping Lines Generate $3.8 Billion Transporting Russian Oil Despite Sanctions

united24media.com

Greek Shipping Lines Generate $3.8 Billion Transporting Russian Oil Despite Sanctions

united24media.com

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Europe@lemmy.dbzer0.comEnglish · 5 hours ago

Data shows Greek shipping companies generated $3.8 billion moving Russian oil over three years under the G7 price cap system.

Greek shipowners earned at least $3.8B transporting Russian oil since mid-2023, despite G7 sanctions. Dynacom led with $915M; Onassis group’s Olympic Shipping at $404M. The trade is legal under the G7 price cap ($44/barrel) but enforcement is weak—shipowners rely on charterer declarations. Greece and Cyprus have opposed tighter caps in EU meetings. Ukraine placed Dynacom on its “sponsors of war” list in 2023 but removed it after Greek government pressure. Some firms (TMS, Thenamaris) withdrew after US sanctions on related operators. Greek ships moved ~15% of Russia’s crude in May. The trade may end if US/EU tighten sanctions amid falling oil prices. Ukrainian campaign group criticizes Greece for prioritizing shipping profits over sanctions enforcement.

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