Greek shippers retain the lion’s share of ship-transport of Russian oil, more than two years after Russia invaded Ukraine. According to a recent study, Greek shippers are transporting more than a third of Russia’s refined and crude-oil products at sea. According to various press reports, the practice will remain tolerated in Europe even with the upcoming 19th-sanctions package against Russia by the EU.
Greek shippers are allowed to transact and transport Russian oil as long as the EU-price caps are respected. Greek government officials are often avoidant of the issue making it a taboo in Europe, but remains a widely known practice. The EU’s price cap on Russian oil is set at 85% of the market price, however this may be lowered even further.
Some MEPs have strong views on the matter. Lithuanian MEP Petras Auštrevičius had once highlighted that Greek shippers, including the Alafouzos family, had sold oil-tankers to Russia which were used for its shadow fleet. No Greek ship-owner has been sanctioned over these practices. However, there are now renewed pressures to curb Russia’s oil trade as Ukraine wages a war against Russia’s oil trade to curb its war revenues.
President Donald Trump has recently been calling on Europe to stop purchasing Russian oil as part of the international pressure on Russia to end its war on Ukraine. French President Emmanuel Macron has urged for more pressure on Russia’s shadow fleet to curb Russia’s revenues that fund its war.
Among the Greek shippers dealing in Russian oil are the Martinos family, who have Malta-based companies and Malta-flagged ships. Greek shippers use a series of companies scattered across the world to register the ownership and flags of their vessels.
Newsroom
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