Greek shipping companies earned at least $3.8 billion transporting Russian oil over the past three years, according to a...

Greek shipping companies earned at least $3.8 billion transporting Russian oil over the past three years, according to a Financial Times analysis of freight costs, tanker movements, and ship management data. The trade has remained technically legal under G7 sanctions rules, which permit Western operators to move Russian crude as long as shipments comply with the price cap, currently set at $44.10 per barrel. Dynacom Tankers, owned by Greek billionaire George Prokopiou, topped the list with at least $915 million in revenue from Russian crude shipments since July 2023, nearly a quarter of the total attributed to all Greek shipowners. The Onassis Group's Olympic Shipping ranked second at $404 million, with Stealth Maritime and Polembros Shipping each clearing $200 million. Greek companies made up eight of the twenty highest-earning firms globally from Russian oil shipments, with most of the remaining slots held by Russian state-backed groups like Sovcomflot. Enforcement of the price cap has proven difficult in practice. Shipowners typically verify compliance using attestation forms provided by the charterer or Russian supplier, since they are rarely party to the actual sale price. Shipbrokers say traders pay 30 to 40 percent more for tankers carrying Russian crude than for vessels moving oil from countries not under Western restrictions. The scale of Greek involvement has created political friction. Ukraine's sanctions body listed Dynacom and several other Greek tanker companies as "international sponsors of war" in 2023, though they were later removed from the list after pressure from Athens. EU diplomats say Greece and Cyprus repeatedly opposed the price cap in closed-door meetings. Some firms have pulled back. TMS Tankers and Thenamaris significantly reduced their Russian oil activity after the US announced sanctions on maritime operators in Turkey and the UAE in late 2023. Several others stepped back further after Washington imposed sanctions on Rosneft and Lukoil in October 2025. Dynacom has defended its record, stating all Russian port calls complied with applicable legal and sanctions frameworks, and arguing that Greek shipping has helped moderate gl...