Russia
Greek shipowners secure $3.8 billion transporting Russian oil despite G7 sanctions pressure
Greek shipping companies have generated at least $3.8 billion in revenue by transporting Russian oil over the past three years, despite G7 efforts to curb Moscow’s energy revenues.
According to calculations conducted by the Financial Times, the primary beneficiary of this trade—which is permitted under a narrow framework within the Western sanctions regime—was Dynacom Tankers, a firm founded by Greek shipowner George Prokopiou.
Dynacom alone generated at least $915 million in revenue from transporting Russian crude oil since July 2023, accounting for approximately one-quarter of the total earnings secured by Greek shipowners.
Olympic Shipping and Management, part of the Onassis Group, ranked second among Greek firms with at least $404 million in revenue, while Athens-based tanker companies Stealth Maritime and Polembros Shipping both surpassed the $200 million threshold.
Sanctions tensions between Athens and Kyiv
The role played by Greek shipowners in shipping Russian oil has caused diplomatic tension between Athens and Kyiv. In 2023, several Greek tanker companies, including Dynacom, were added to Ukraine’s “international sponsors of war” list by a Ukrainian sanctions body. They were later removed following pressure from the Greek government.
The oil trade can be conducted legally as long as the G7 price cap rules are respected. However, pressure to tighten the sanctions regime has intensified in recent months, driven by efforts from the US and the EU to weaken Moscow’s hand ahead of a potential peace agreement with Ukraine.
Renewed efforts by governments to seek new restrictions on Moscow’s energy revenues could halt this Greek trade entirely.
Western governments are emboldened to take stricter measures by the general decline in oil prices over the past three years, which did not spike as feared during the conflict with Iran.
Meanwhile, Moscow is facing internal fuel supply disruptions due to Ukraine targeting its refinery system with long-range unmanned aerial vehicles.
The analysis utilized estimated freight costs compiled by pricing agency Argus Media for major Russian routes starting from June 2023. This data was combined with vessel management information from the International Maritime Organization and tanker movement data from Kpler, a data analytics company.
The calculations cover only the primary routes for which Argus has pricing data. This means the estimated earnings are based on only 389 million barrels transported by Greek tanker companies. An additional 153 million barrels, for which no price estimates were available, were excluded from the calculations.
Greek firms account for eight of the top 20 companies generating the most revenue from Russian shipments since June 2023. The remainder of the list, with the exception of Hong Kong-based Prominent, consists of Russian state-backed shipping companies such as Sovcomflot and Rosnefteflot, alongside their subsidiaries or front companies.
Recognized among the actors with the highest risk tolerance in the industry, Dynacom has been among the most active shipping companies operating in the Strait of Hormuz since conflicts in the Gulf began on February 28.
According to data from maritime and energy analytics firms Windward and Vortexa, Greek companies transported approximately 15% of Russia’s crude oil exports in May.
“There is money to be made there, and nobody else wants to go in and make it,” said Michelle Wiese Bockmann, a maritime intelligence analyst, referring to the Russian shipments carried by Greek vessels.
Shipbrokers familiar with the sector state that traders pay tankers approximately 30% to 40% more to transport Russian crude compared to oil from countries that are not targeted by Western measures.
Difficulties in enforcing the price cap
The G7 price cap on Russian oil was implemented in December 2022 to limit Moscow’s revenues while maintaining oil flows to prevent damage to the global economy.
Since then, Western operators have been permitted to transport or provide services for Russian oil only on the condition that the price remains below the designated price cap per barrel. The current price cap stands at $44.10 per barrel. However, former sanctions officials and lawyers state that enforcement of this cap is highly inadequate.
Shipowners are required to prove that the cargo they carry is below the price cap using a written attestation form.
Stefanos Roulakis, a lawyer representing Greek shipping companies, stated that shipping firms generally have to rely on the declaration of the charterer or the Russian supplier, as shipping groups are not direct parties to the price negotiations of the cargoes they transport.
“In theory this system works, but in practice we see that authorities expect shipowners to assess whether the expected price is below the limit and whether there is a sanctioned party in the supply chain,” Roulakis said.
EU diplomats report that the governments of Greece and the Republic of Cyprus have consistently opposed the price cap in closed-door meetings.
Some firms have stepped back
Despite this, some Greek tanker companies have begun to withdraw from the trade. TMS Tankers and Thenamaris largely halted their transport of Russian oil at the end of 2023, following US announcements that it would impose sanctions on Turkish and UAE-based shipping operators for carrying Russian cargo above the price cap.
According to calculations, Thenamaris earned at least $30 million from Russian shipments, while TMS Tankers generated at least $150 million between July 2023 and the period when it halted its operations.
Lawyers and analysts note that several Greek shipping firms also withdrew from trade with Russia following US sanctions targeting Rosneft and Lukoil in October 2025.
Dynacom maintained that all voyages to Russian ports were conducted in full compliance with applicable legal and sanctions frameworks.
The company argued that the price cap mechanism limits pressure on global energy costs while reducing Russia’s revenues, stating, “Thanks to the contribution of Greek shipping, electricity bills, gasoline costs, and further inflationary pressures have been mitigated.”
Olympic Shipping stated that it complies with EU, UK, and US sanctions, but added that it does not comment on individual commercial activities as a matter of company policy. Stealth Maritime stated that all cargoes it transported complied with relevant sanctions regimes and were audited by US and UK lawyers.
The company expressed concern regarding the safety of seafarers, noting that one of its tankers carrying Russian ammonia was targeted last year in an attack suspected to have originated from Ukraine.
TMS Tankers stated that it is company policy not to comment on commercial matters, while reiterating its commitment to strict adherence to all sanctions.
Svitlana Romanko, director of the Ukraine-based campaign group “Razom We Stand,” which aims to end the Russian oil and gas trade, criticized the situation.
“Russian oil continues to generate billions for the Kremlin because governments have failed to close the obvious loopholes in the system,” Romanko said. “The Greek government has repeatedly prioritized the interests of its own shipping industry over strong sanctions and peace.”
Russia
Valdai Forum debates superpower survival amid global anarchy
The survival strategies of superpowers were addressed at a meeting of the Valdai Discussion Club held in Russia.
Speaking at a session titled “Geopolitical Re-division: Power as a Guarantee of Peace or a Pledge of War”, John Mearsheimer, Professor of Political Science at the University of Chicago, argued that the best way for superpowers such as Russia, China, and the US to sustain their existence under conditions of international anarchy is to increase their military and economic power.
During the session, Mearsheimer drew attention to the fact that the fundamental priority for every state is survival.
Stating that there is no higher authority in the international system, Mearsheimer made the following assessment:
“Every state wants to survive, because survival is the number one goal. Let me conclude by returning to my main point: never forget that you operate under conditions of international anarchy, meaning there is no ultimate authority. The moment you recognise this reality, you realise that the best way to survive is to maximise your relative power. The concept of relative power is synonymous with the balance of power. If there is a great power in the system, the balance of power assumes immense importance; because power is the key to survival.”
Expressing that only three true great powers exist in the world, Mearsheimer listed these countries as the US, China, and Russia.
Stating that India is not included in this category because it lacks sufficient economic wealth despite its massive population, the professor noted that a large population and substantial economic resources form the foundation of military power.
Stating that the competition between the US and China continues not only in the military sphere but also in the field of technology, Mearsheimer emphasized that the race in artificial intelligence and other advanced technologies determines both wealth and military capacity in today’s world.
Dmitriy Trenin, Research Supervisor at the Institute of World Military Economics and Strategy at the Higher School of Economics (HSE) and President of the Russian International Affairs Council (RIAC), also stated during the discussion that Russia must preserve its great power identity, otherwise it will not be able to survive.
Pointing to the question of whether the US can maintain its global leadership, Trenin said that the future of all humanity could depend on this balance.
Expressing that the concepts of power and survival carry a distinctive relationship, Trenin conveyed that theories in Western political science do not fully align with the reality in Russia. Touching upon his country’s past, Trenin said, “Russia faced an existential survival risk twice in less than 100 years. The state collapsed first in 1917, and then in 1991. There is no guarantee that it will not collapse once more.”
Trenin recalled that although the Soviet military was at the peak of its power in 1991, this military might failed to save the USSR from dissolving.
Emphasizing that might does not consist solely of military force, Trenin brought up lines by the poet Aleksandr Pushkin depicting the struggle between gold and steel.
Trenin also cited the saying, “A donkey laden with gold can conquer any fortress.” The Russian analyst concluded that the country’s survival depends on Russia’s own internal dynamics and domestic condition, rather than on relations established with other states.
Alastair Crooke, a British diplomat and founding director of the non-governmental organisation Conflicts Forum, argued at the session that military force constitutes only one dimension of influence.
Citing the Palestinians as an example, Crooke expressed that the people sacrifice their lives for the sake of their own civilisational idea, way of life, and worldview.
The diplomat stated that even without substantial military power, Palestinians rally support in their struggles for sovereignty by relying on different elements of power, rather than merely on the number of tanks, money, or fighter jets.
Stating that a system of a “concert of powers” reflecting a compromise between civilisations could emerge in the future, Crooke expressed that in this order, states would preserve their sovereignty and would not abandon their own native civilisations.
The British diplomat said that old international structures, including the existing United Nations mechanism, must definitely be transformed.
Earlier, an analysis in Politico reported that US President Donald Trump sought to develop relations with Russia in order to prevent the construction of a Beijing-led global order.
Trump, for his part, expressed that Washington and Beijing could achieve great things together, and described President Xi Jinping as a “great leader” following his official visit to China.
Zheng Yongnian, Dean of the School of Public Policy at the Chinese University of Hong Kong, emphasized that despite its relative decline, the US maintains its global hegemony, and that underestimating Washington would produce a fatal mistake.
US Secretary of State Marco Rubio also characterised China as the greatest geopolitical challenge for his country, but noted that relations with Beijing constitute one of the most critical portfolios for Washington.
Russia
Mearsheimer says Trump seeks Ukraine peace but lacks diplomacy skills
Simultaneously with contacts conducted by US President Donald Trump’s representatives Steven Witkoff and Jared Kushner, a delegation of prominent American political scientists visited Moscow.
Professor John Mearsheimer, a faculty member at the University of Chicago who took part in the delegation, answered questions from the Russian daily Kommersant on the sidelines of a round-table meeting jointly organised by the Russian Council on Foreign and Defence Policy and the Higher School of Economics.
Mearsheimer said that while the Washington administration possesses the potential to play a constructive role in ending the war in Ukraine, it has not yet translated this capacity into action.
Stating that an American effort to encourage the Kyiv administration to reach a compromise with Russia and halt the war would make a positive contribution, the political scientist said: “Having potential is one thing, realising it is another matter. In this sense, the US has not yet used its potential and has not taken noteworthy steps that would contribute to ending the war in Ukraine.”
Evaluating Trump’s dispatch of negotiators Witkoff and Kushner to Moscow and Kyiv over the weekend, Mearsheimer emphasised that the American president is maintaining his efforts.
Recalling that the representatives had previously travelled to the Russian capital, the professor offered the following assessment:
“Trump is striving to achieve progress. The fact that he sent Witkoff and Kushner back to both capitals, despite having failed in the past, shows that he has not abandoned this objective. Yet at this stage, I see no concrete reason to believe these initiatives will succeed. There is no ground to think that Witkoff and Kushner have developed a magic formula that will end the war in Ukraine.”
Mearsheimer also addressed the motivation underlying Trump’s desire to end the conflict. Stating that the US president definitely wants to stop the war, the political scientist noted that Trump wants to be recognised as a peacemaker and receive the Nobel Peace Prize.
Arguing that Trump, who regards ending the war as serving American interests, is inexperienced in diplomacy, Mearsheimer remarked: “He does not know how to resolve this extremely complex problem. When his novice diplomacy combines with an issue of such intricacy, it is not surprising that he cannot make progress.”
Stating that although Trump previously described the conflict frequently as “Biden’s war”, the present picture shares out responsibility, Mearsheimer said that the conflict has now become Trump’s war.
Pointing out that the US administration continues weapons supplies via Europe, intelligence sharing including for strikes targeting Russian territory, and satellite internet support, the political scientist said:
“Before Trump returned to the White House in January 2025, this was Biden’s war. But when he became US president and could not end the war, this conflict turned into his own war. It is clear that the US continues its support by providing direct intelligence and indirectly giving the Europeans weapons to be transferred to Ukraine. Therefore, the US, and President Trump in particular, continue to provide support to Ukraine and contribute to the continuation of the war.”
Russia
Russia aids Iran in covert supersonic cruise missile project, FT says
According to a report by the Financial Times (FT), Russia is assisting Iran in developing advanced supersonic cruise missiles through a covert programme.
The multi-year secret collaboration, described as one of the most comprehensive strategic military technology transfers between Moscow and Tehran, reportedly bears the codename “C430L”.
Based on an examination of leaked correspondence, travel records, and military patents, the report stated that the programme, which began in 2023, continued during the war waged against Iran by the US and Israel.
Under the programme, experienced Russian missile specialists were reported to have supported Iran in developing a new class of weapons capable of threatening US aircraft carriers and warships in the Middle East.
Ramjet technology aimed at breaching air defence systems
According to the report, the primary objective of the C430L programme is to assist Iran in developing a ramjet propulsion system that enables a cruise missile to fly at several times the speed of sound.
Military experts point out that the technology in question is designed for use in anti-ship and land-attack cruise missiles.
Fabian Hinz, an expert at the UK-based arms monitoring group Conflict Armament Research, emphasised that this strategic transfer, which the Iranians have sought to obtain for decades, would require approval at the highest political level in Russia.
Jim Lamson, an expert at the James Martin Center for Nonproliferation Studies and a former CIA analyst, stated that this system would provide Iran with a new strategic weapon capable of threatening US naval assets.
Supersonic cruise missiles combine high speed with low-altitude flight capabilities, narrowing the time available for advanced air defence systems to detect and intercept the missile. This represents a strategic advantage for the Tehran government along the Persian Gulf line, where the US and its regional allies possess land- and sea-based defence systems.
The report noted that while Iran had built the ramjet system and conducted flight tests, there was no concrete evidence that a Russian-backed supersonic missile had yet been deployed in the field.
State enterprises and chief engineers involved
The supersonic missile assistance programme is reportedly coordinated by Russia’s state-owned arms export company Rosoboronexport, with the project being executed alongside NPO Mashinostroyenia.
NPO Mashinostroyenia, which was placed on the US sanctions list in 2014, is known for its work on cruise missile systems launched from ships, submarines, and land platforms, as well as Russia’s nuclear forces comprising intercontinental ballistic missiles.
Leaked travel records show that senior Russian engineers and export officials travelled to Iran multiple times before a contract was signed with Iran’s Ministry of Defence and Armed Forces Logistics in November 2023.
These figures include Aleksandr Dergachev, chief designer of naval missiles at NPO Mashinostroyenia; Aleksander Chebakov, a ramjet specialist; Yuri Prokhorchuk, head of the aerodynamics department; and Vladislav Kuzmichev, head of the Defence Technologies and Space Department at Rosoboronexport.
The documents indicate that by 2025, the company had received extensive Iranian technical materials regarding the ramjet propulsion system, analysed telemetry data obtained from a flight test, and submitted detailed queries to Tehran on topics including the fuel system, combustion stability, and the air intake.
In April 2025, Rosoboronexport proposed sending a delegation of around twenty experts to Iran for technical consultations.
Military cooperation between the two countries deepens
The programme is regarded as part of a deepening military partnership between Tehran and Moscow. Iran had previously supplied Shahed-type armed unmanned aerial vehicles used by Russia in the Ukraine war and assisted in their production within Russia.
Western officials also accuse Russia of providing satellite imagery and weapon components to Iran during the ongoing hostilities with the US and Israel.
The report recalled that Russian President Vladimir Putin, during his meeting with Iranian President Masoud Pezeshkian in Kyrgyzstan, said Moscow was “striving to provide the necessary aid and goods in this difficult period”.
Nicole Grajewski of Sciences Po University in Paris stated that the covert ramjet programme demonstrated “Russia’s effort to widen the war in Ukraine and draw the US to different fronts”, noting that Moscow no longer attached as much importance to regional red lines as it once did.
Leaked correspondence reveals that the C430L programme continued into 2026, with the parties continuing to negotiate technical reports and the next phase of the development process.
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