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.”