Greek shipping companies made almost $4bn carrying Russian oil in past three years

Greek Shipping Companies Profit from Russian Oil Transport

In the past three years, Greek shipping firms, including Dynacom Tankers, Stealth Maritime, and the Onassis Group, have reportedly earned nearly $4 billion by transporting Russian oil. This surge in revenue comes despite the ongoing international sanctions against Russia, which were implemented following its invasion of Ukraine.

The companies have capitalised on the G7 price cap regime, which allows them to operate within specific financial limits while still engaging in trade with Russian oil. This arrangement has enabled them to navigate the complexities of the sanctions while maintaining significant profit margins.

The lucrative nature of this trade has raised concerns among various stakeholders, including governments and environmental groups, about the implications for global energy markets and the ongoing conflict in Ukraine. Critics argue that the continued transport of Russian oil undermines the sanctions' effectiveness and prolongs the conflict.

As the situation evolves, the role of Greek shipping companies in the international oil trade will likely remain a focal point of discussion, particularly regarding compliance with sanctions and the ethical considerations of profiting from such activities.

Source: www.ft.com – https://www.ft.com/content/d8518934-3618-43dc-af91-63a948c9bae3