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Greek shipowners secure $3.8 billion transporting Russian oil despite G7 sanctions pressure

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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

Russia relaxes diesel export curbs after talks with Trump

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Russia has announced that it will ship 500,000 tonnes of diesel fuel to the global market under a partial lifting of its diesel export ban, enacted as part of measures concerning the Ukraine crisis and energy markets.

A statement from the Russian government said the decision was implemented in accordance with understandings reached between Russian President Vladimir Putin and US President Donald Trump.

Under the decision, which came into effect on 10 October, an initial phase of 500,000 tonnes of diesel fuel will be supplied to the global market.

“Following the rescinded decision, Russian oil companies, in coordination with the government, will immediately begin signing diesel fuel supply contracts with foreign business partners,” the government statement said.

Assessing the matter, Deputy Prime Minister Aleksandr Novak stressed that the decision would not affect the interests of Russian consumers.

Noting that diesel fuel is produced from Russian crude at domestic refineries, Novak stated that production volumes are sufficient both to meet all domestic market requirements in full and to ship the specified quantities to the global market.

The ban on diesel fuel exports in Russia was initially put into effect on 31 January 2026, covering only non-producing companies.

The government tightened the restrictions on 9 July by expanding them to include direct producers. Previously announced to remain in place until the end of October, the ban was partially relaxed in light of current developments.

Vladimir Putin and Donald Trump held a telephone conversation on 9 October. Following the call, US President Trump announced that an agreement had been reached on the supply of Russian diesel.

Trump said Russia had agreed to send more than 300,000 tonnes of fuel to American and global markets in the initial phase, 500,000 tonnes in November, and 1 million tonnes thereafter.

Trump also stated that an additional shipment of 3 million tonnes could follow at a later stage, adding that they expect this agreement to reduce diesel fuel prices rapidly.

Following the conversation, the US Department of the Treasury, on Trump’s instructions, issued a temporary general licence exempting Russian diesel fuel transactions and shipments to the US—previously prohibited under sanctions—until 7 April 2027.

Putin, in a statement after the call, confirmed Russia’s readiness to supply crude oil and petroleum products to American and global markets, noting that this would have a positive impact on the world economy.

Putin also noted that the two leaders discussed prospects for resolving the conflict in Ukraine, the situation surrounding Iran, and bilateral relations, agreeing to maintain contacts through presidential envoys, intelligence agencies, and other institutions.

A statement issued by Novak’s office after the call said Russia was prepared to ship diesel to the US within October.

Novak stated that export volumes could be increased in November and December as refineries emerge from scheduled maintenance.

Novak also conveyed that Moscow views positively Washington’s steps towards stabilising the global energy market and normalising energy trade.

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Drone strike shuts down Yandex data centre in Russia’s Ryazan region

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A drone strike has hit a data centre belonging to Russian internet company Yandex in the town of Sasovo, located in the Ryazan region.

The company announced that a fire triggered by the attack damaged part of the infrastructure and resulted in a complete shutdown of the facility’s operations. No casualties or injuries were reported in the incident.

In a statement, Yandex said competent authorities and relevant teams were working at the scene to remediate the damage.

Owing to the facility being knocked offline, it was noted that some of the company’s online services might temporarily become inaccessible to users.

The company provided no details regarding the financial scale of the damage or when the data centre would be brought back into service.

Shares slide, cloud infrastructure curbs introduced

Following the developments, Yandex shares fell by more than 3.4% as of 10:10 Türkiye time.

A drone threat alert was reportedly communicated to residents of the Ryazan region at 23:48 on the night of 7 October, with the alarm lifted at 02:46 on the morning of 8 October. The facility in Sasovo had commenced operations in 2014.

In an advisory issued via the Yandex Cloud Alerts channel, it was reported that power issues were occurring in the system’s “ru-central1-b” availability zone.

The company stated that efforts to transfer data workloads to other availability zones had been completed and that services in other zones continued to operate normally.

However, it was noted that temporary restrictions could be imposed on the creation of new resources within the cloud infrastructure. According to data from outage-monitoring platform Downdetector, an increase in user complaints concerning Yandex, Yandex Cloud, and the real estate platform CIAN was recorded on the morning of 8 October. Reports were observed to have originated predominantly from Moscow and surrounding regions.

Data centre targeted for first time after logistics warehouses

Whether the attack directly targeted the data centre remains unconfirmed. Nevertheless, as of 8 October, this went on record as the first drone strike directed at data centres in Russia.

Beginning in the summer months of 2026, warehouses belonging to Russia’s leading e-commerce platforms had faced drone attacks.

Fires at several warehouses owned by the company Wildberries caused hundreds of billions of roubles in losses for sellers, after which logistics centres belonging to the company Ozon were also targeted.

Both companies amended their contractual terms, shifting liability for damages arising from attacks onto sellers.

Yandex facilities had previously experienced a widespread outage on 30 March 2025 due to a transformer failure, which temporarily disabled services including Yandex Cloud, Yandex Music, and Yandex Lavka.

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US and Russian figures discuss American stake in Nord Stream lines

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Senior officials from Russia and the US have reportedly discussed involving an American investor in the Nord Stream natural gas pipelines.

According to a report by the Reuters news agency based on five sources, those taking part in contacts included Kirill Dmitriyev, head of the Russian Direct Investment Fund (RDIF) and the Russian president’s special representative for investment and economic cooperation with foreign states, and Jared Kushner, son-in-law of the US leader.

Two sources providing information on the scope of the discussions said that while it remains unclear how detailed the consideration of the Nord Stream topic was, the matter nevertheless remains on the agenda.

Kushner reportedly views business-oriented cooperation as an instrument in initiatives aimed at ending the war in Ukraine.

A potential agreement could reportedly offer US investors an opportunity to profit from energy shipments to Europe once the war ends.

White House states no recent contacts have taken place

A White House official told Reuters that no negotiations regarding Nord Stream have been conducted recently.

The official emphasised that any agreement with Russia would require approval from the US International Development Finance Corporation (DFC) and the US Department of the Treasury, adding that such steps must yield benefits for US taxpayers and companies.

Another US official described reaching an understanding in the medium term as unlikely due to existing obstacles.

The natural gas pipelines are subject to US and European Union sanctions. A spokesperson for the German Federal Ministry for Economic Affairs and Energy stated that the approval of the German federal government is mandatory for the pipelines to be brought back into service, adding that the Berlin administration does not support such a step.

The spokesperson also recalled that Germany has secured alternative supplies to Russian gas.

The ownership structure of Nord Stream also features among the issues complicating the ground for negotiations.

In the consortium operating the project, Russian energy giant Gazprom holds a 51% stake, while the combined share of two German partners stands at 31%.

The remaining shares are held by France- and Netherlands-based companies.

A source speaking to the agency stated that the German partners wish to retain their stakes in order to preserve their influence in the project should Gazprom’s shares be sold.

What had American investor Lynch proposed?

The concept of involving a US financier in the Nord Stream projects had also surfaced in 2024.

American investor Stephen Lynch, founder of Monte Valle Partners, who conducted commercial activities in Russia for 20 years, had applied to the US administration for a licence allowing him to bid if the Nord Stream 2 pipeline were put up for auction.

Lynch described this potential move as an opportunity to keep Europe’s energy supply under control until the fossil-fuel era ends, as well as leverage against Russia in peace negotiations.

The Alternative for Germany (AfD) party described the possibility of transferring the pipeline to Lynch as an illustration of the German government’s irrational policy.

Separately, The New York Times (NYT) reported earlier this month that Ukraine-related contacts between Russia and the US were expanding to include a multi-billion-dollar oil deal covering Lukoil’s foreign assets.

The assets in question included Lukoil’s refineries in Eastern Europe as well as filling stations in the US.

NYT sources reported that discussions in this framework were also addressed during a meeting between Russian President Vladimir Putin, Steven Witkoff, and Kushner.

The sabotage of the Nord Stream pipelines took place in September 2022, with three of the four lines damaged by explosions.

One string of the Nord Stream 2 pipeline, which had not yet been commissioned at the time, remained intact.

The Federal Security Service of the Russian Federation (FSB) classified the incident as an act of international terrorism, while Putin claimed that “Anglo-Saxons” were behind the attack.

In investigations into the incident, judicial proceedings were pursued against several Ukrainian citizens, including professional diver Vladimir Juravlyov, suspected of planting explosives off the island of Bornholm, and Sergey Kuznetsov, who allegedly skippered the yacht Andromeda.

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