Greek Shipowners Earnt $4bn From Russian Oil Trade Sanctions Busting
Greek-owned tankers accounted for about a fifth of Russia’s shadow fleet as higher freight rates and weak monitoring kept the trade profitable, FT found.
- On Tuesday, July 7, 2026, the Financial Times reported that Greek shipping companies earned almost $4 billion transporting Russian crude oil over the past three years since the price cap regime began.
- Western sanctions imposed at the end of 2022 prohibited ships from carrying Russian oil costing more than $60 per barrel, but widespread attestation fraud allowed operators to bypass the price cap entirely.
- Athens-Based Dynacom Tankers generated at least $915 million in freight revenue since 2023, while The Onassis Group's Olympic Shipping and Management earned at least $404 million, with Stealth Maritime and Polembros Shipping each earning more than $200 million.
- Charterers typically pay 30% to 40% higher freight rates for Russian crude, incentivizing Greek operators despite legal and reputational risks. Maritime intelligence analyst Michelle Wiese Bockmann told the Financial Times that "there is money to be made there and no one else will go in and make that money."
- The trade has become contentious between Greece and Ukraine; several Greek shipping companies were designated as "international sponsors of war" by Ukraine's National Agency on Corruption Prevention in 2023 but were removed following diplomatic pressure from Athens.
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18 Articles
Greek Shipping Companies Reportedly Made $3.8 Billion Transporting Russian Oil
Greek shipping companies reportedly earned billions transporting Russian oil under the G7 price cap system, according to industry data analysis. Credit: Wikimedia Commons / W. Bulach / CC BY SA 4 Greek shipping companies reportedly earned at least $3.8 billion from transporting Russian oil over the past three years, despite G7 efforts to curb the Kremlin’s energy revenues, according to a Financial Times analysis based on freight costs, tanker mo…
Greek shipping companies have earned at least $3.8 billion in shipping Russian oil over the past three years, circumventing attempts by G7 countries to cap revenues from the Kremlin.
Greek shipowners have transported a lot of Russian oil since 2023. They have derived nearly $4 billion in revenues. ...
Although it is not forbidden to transport Russian oil for export, most international shipping companies have withdrawn from this business, which is why some Greek shipowners earn all the more on these shipments.
The shipping company founded by Greek billionaire Giórgos Prokopíou has benefited the most from the transport of Russian oil.
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