Greek shipowners earned at least $3.8 billion from transporting Russian oil

The West introduced price ceiling, EU expands sanctions against the “shadow fleet”but Russian oil continues to enter the world market. According to the Financial Times, Greek shipping companies earned at least $3.8 billion from these transportations.

Sanctions against Russian oil were supposed to reduce Moscow’s income, but at the same time they created an expensive and extremely profitable maritime corridor for those who are willing to work in a high-risk area. According to Financial TimesGreek shipping companies have received at least $3.8 billion for transporting Russian raw materials since July 2023.

This does not mean that all these companies automatically violated sanctions. Formally, the transportation of Russian oil by Western ships is allowed if the price of the cargo does not exceed the established ceiling and the requirements for insurance, documents and confirmation of value are met.

But this is the main paradox of the entire sanctions policy: Russia was not completely cut off from the world market. She was left with the opportunity to export oil so as not to provoke a global shortage and an explosion in prices. As a result, Moscow maintained the flow of currency, and carriers received a market with increased rates.

Sanctions did not close the route, but made it more expensive

The price cap mechanism introduced by the G7 countries, the EU and Australia was intended as a compromise. Russia was supposed to continue to sell oil to third countries, but receive less for it. Western companies could provide transportation, insurance and other maritime services only if Russian raw materials were sold below the established limit.

The European Commission directly states that the purpose of the mechanism is to reduce Russia’s oil revenues while maintaining supplies on the world market. In other words, Russian oil was not completely banned. They just tried to put a financial ceiling on her.

However, the market quickly adjusted. Russia expanded its “shadow fleet”, using old ships, opaque ownership schemes, changing flags and alternative insurance. And some large Greek companies continued to operate in the formally permitted part of this system.

For shipowners, this was not a charity voyage in the interests of global stability, but a high-risk business with high stakes. According to the Financial Times, freight for transporting Russian oil was about 30-40% higher than on typical comparable routes.

Who earned the most

According to Financial Times calculations, the largest income from the transportation of Russian oil was received by Georgios Prokopiou’s Dynacom Tankers: about $915 million since July 2023. This is followed by Olympic Shipping of the Onassis group, Stealth Maritime, Polembros Shipping and New Shipping.

Of the twenty largest companies transporting Russian oil, eight were Greek. In May 2026, Greek tankers, according to FT estimates, provided about 15% of Russian seaborne crude oil exports.

Greek shipping has not previously hidden its position: if transportation is permitted by international rules, the fleet will work. For the owner of a tanker, oil has no citizenship; it has a tonnage, a route, insurance and a freight rate. The rest, as a rule, is discussed in political forums.

Where does “legal transportation” end?

Formally, the scheme looks simple: Russian oil is sold below the ceiling, the carrier receives confirmation of the price, the insurance company issues coverage, the tanker goes to India, China, Turkey or another market.

In practice, this is where the weak point of sanctions appears. Control is based on documents and statements of chain participants. If the price is hidden in a complex structure of intermediaries, logistics costs, discounts, insurance premiums and service contracts, it becomes much more difficult to verify the real value of the cargo.

US and EU financial regulators have repeatedly strengthened requirements for shipping companies, insurers and traders. But the very need for constant tightening suggests that previous measures did not solve the problem.

This does not mean that every Greek company broke the rules. The Financial Times does not claim that the shipowners it mentioned engaged in illegal activities. Companies that commented on the situation stated that they were in compliance with applicable sanctions laws.

But the fact remains: Russian oil continues to be exported, and maritime logistics around it have become so profitable that participation in it brings in billions of dollars.

Greece between Brussels, Kyiv and its own fleet

For Athens, this is a particularly uncomfortable topic. Greece formally supports European sanctions policy and EU decisions regarding Ukraine. But at the same time, the Greek merchant fleet remains one of the largest in the world, and shipping is not just a branch of the economy, but part of the country’s political and financial influence.

Athens News has already written that European partners are increasing pressure on Athens due to its cautious position towards the Russian “shadow fleet”. Greece is accused of being soft on Russia’s shadow fleet.

Previously, we also examined how Greek tankers continue to participate in the transportation of Russian oil, despite the lowering of the price ceiling and the expansion of restrictions. 39 Greek tankers and a “shadow fleet”: who transports Russian oil to Asia.

And after the expansion of the powers of Operation IRINI, the Mediterranean Sea is increasingly turning into a space where the fight against the Russian “shadow fleet” ceases to be an abstract sanctions procedure and becomes a naval issue. The Mediterranean is being drawn into conflict with Russia.

Sanctions are working, but not as promised

To say that sanctions do not work at all would be a simplification. They increased Russia’s logistics costs, forced it to sell oil at discounts, limited access to Western insurance and forced it to build expensive parallel infrastructure.

But it is also impossible to say that sanctions have blocked Moscow’s oil revenues. They didn’t stop exports. They made it more difficult, more expensive and riskier, but at the same time they turned the transportation of Russian oil into a lucrative market for those who know how to work in the gray zone between what is permitted and what is not.

The main result looks cynical: Russian oil continues to go to the world market, Moscow continues to receive export revenues, and part of the Greek fleet earns from the sanctions bonus. Europe is trying to close the loopholes, but for now the system itself is designed in such a way that oil must continue to flow.

That is why a new round of sanctions against the “shadow fleet” will not solve the problem on its own. As long as there is a political desire to both contain Russia and prevent an oil shock to the global economy, Russian oil will have routes, intermediaries, insurers and ships.

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