FT: Greek Shipping Giants Earned Nearly $4 Billion Transporting Russian Oil Under Western Sanctions Regime

 

Greek shipping companies have generated at least $3.8 billion in revenues transporting Russian oil over the past three years, capitalizing on a sanctions framework that permits the trade under strict conditions, according to an analysis by the Financial Times.

The investigation, based on freight cost estimates from Argus Media and tanker movement data from Kpler, found that Dynacom Tankers — founded by Greek shipping billionaire George Prokopiou — led the trade with at least $915 million in revenues, accounting for nearly a quarter of the total among Greek shipowners since July 2023. The Onassis Group’s Olympic Shipping and Management ranked second with at least $404 million, while Athens-based Stealth Maritime and Polembros Shipping each earned more than $200 million from the trade.

The activity falls within the G7 price cap mechanism, introduced in December 2022 to limit Moscow’s energy revenues while maintaining global oil flows. Western operators are permitted to transport Russian oil priced at or below the cap, currently set at $44.10 per barrel. However, policing of the regime has been described as “patchy at best” by former sanctions officials, with shipowners often relying on attestations from charterers or Russian suppliers rather than direct price verification.

The prominent role of Greek tankers in Russian oil exports has strained relations between Athens and Kyiv. In 2023, several Greek companies — including Dynacom — were designated as “international sponsors of war” by the Ukrainian sanctions body, only to be removed later following diplomatic pressure from the Greek government. Svitlana Romanko, director of the Ukrainian campaign group Razom We Stand, accused the Greek government of “repeatedly choosing the interests of its shipping industry above stronger sanctions and peace.”

Greek shipowners are widely regarded as the most risk-tolerant operators in the global tanker market. Traders reportedly pay 30 to 40 percent more to charter vessels for Russian crude compared to non-sanctioned routes, and Greek companies shipped approximately 15 percent of Russia’s crude exports in May alone, according to data from Windward and Vortexa.

The future of this lucrative trade remains uncertain. With the US and EU seeking to tighten restrictions on Moscow’s energy revenues ahead of a potential Ukraine peace deal, and with oil prices declining over the past three years, pressure is mounting to close loopholes in the sanctions regime. Some Greek firms have already distanced themselves from the trade: TMS Tankers and Thenamaris largely exited in late 2023 following US sanctions on Turkish and UAE maritime operators, while others retreated after Washington imposed measures on Rosneft and Lukoil in October 2025.

Dynacom defended its operations, stating its calls to Russian ports were “in full compliance with all applicable and prevailing legal and sanctions frameworks,” and argued that Greek shipping had helped mitigate global inflationary pressures. Olympic Shipping and Stealth Maritime similarly asserted compliance with EU, UK, and US sanctions, though the latter noted that one of its tankers carrying Russian ammonia was targeted in a suspected Ukrainian attack last year.

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