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’s seaborne crude oil exports have reached their highest level since the beginning of 2022.

According to tanker tracking data cited by Bloomberg, the sharp increase in shipment volumes has not translated into higher budget revenues, as declining global oil prices have weighed on export earnings.

The data showed that Russia exported an average of 4.13 million barrels of crude per day by sea during the four weeks ending June 28.

In the latest one-week period alone, shipments rose to 32.39 million barrels carried by 43 tankers, compared with 28.79 million barrels transported by 38 vessels the previous week.

Meanwhile, the volume of Russian crude in transit to buyers climbed by about one-third from mid-April to 133 million barrels.

Some of those cargoes were reported to be waiting off the coasts of Egypt and Singapore. According to Bloomberg analysts, this could indicate that finding new buyers for all exported cargoes is becoming increasingly difficult.

Falling prices weigh on revenues

Despite higher shipment volumes, oil export earnings declined. Calculations showed that average weekly export revenue stood at $1.9 billion over the latest four-week period.

That marks the lowest weekly revenue level since March.

The decline was primarily attributed to weaker global oil prices. Russia’s benchmark Urals crude fell to around $62 a barrel, tracking broader declines in international benchmarks.

Crude loaded via the East Siberia-Pacific Ocean (ESPO) pipeline also declined, with prices falling to $74 a barrel.

Progress in negotiations between the United States and Iran has fueled expectations of increased oil supplies from Gulf producers, adding further downward pressure on prices.

Asia remains the leading market

Asia continued to account for the largest share of Russian crude purchases. Average shipments to the region reached 3.98 million barrels per day during the latest four-week period, setting a new record since the beginning of 2022.

Bloomberg said some tankers have yet to declare their final destinations, although a significant share of those cargoes could eventually be routed to India.

Another factor behind the increase in exports is the decline in processing capacity at Russian refineries. Crude that would otherwise have been refined domestically may instead have been redirected to export markets.

Bloomberg had previously reported that seaborne exports remained at elevated levels.

At the time, the agency said higher shipments reflected increased competition in the Indian market as Iranian crude regained market share, together with reduced refinery activity inside Russia. It noted that although physical export volumes had increased, weaker global prices had limited revenue growth.

Global market outlook weakens

According to a Reuters survey published on Tuesday, analysts lowered their oil price forecasts for the first time in five months.

Analysts attributed the revision to easing concerns over supply disruptions following the normalization of shipping through the Strait of Hormuz, expectations that Gulf producers will gradually restore exports, and planned output increases by the OPEC+ alliance.

Weaker-than-expected demand from China is also weighing on the market.

In addition, following the lifting of the US blockade over the Strait of Hormuz, Iran and other Gulf producers have rapidly increased their oil exports.

Sellers of Iranian crude in the Chinese market have also reportedly cut prices in response to rising supply.

Russia’s oil exports have reached their highest volume of the year so far, despite intensifying competition in the Indian market, one of the country’s key destinations for crude shipments.

According to Bloomberg, citing vessel-tracking data and port agency reports, competition in India has increased after Iran boosted its exports following the suspension of US sanctions.

Weekly data showed that Russia’s average daily oil shipments rose to 4.11 million barrels in the week ending June 21, marking the highest level recorded this year.

The figure stood at 3.9 million barrels per day the previous week. During the latest reporting period, 38 tankers loaded a total of 28.79 million barrels of Russian crude, compared with 27.29 million barrels transported by 37 vessels in the preceding week.

The volume of Russian oil at sea also climbed to 125 million barrels, up 26% from the roughly 100 million-barrel low recorded in April. The report noted that nearly all of this volume was aboard vessels in transit.

Declining global prices weigh on revenues

According to analysts, the gross value of Russia’s oil exports declined as Urals crude prices fell in line with lower prices for global benchmarks including Brent, WTI and Dubai crude.

During the four-week period ending June 21, weekly export revenues fell to $1.72 billion from $2.02 billion in the period ending before June 14.

The decline in prices was attributed to progress in US-Iran talks.

The price of Urals crude fell by $8.10 per barrel to $69.98 at Baltic ports and by $7.90 to $69.37 at Black Sea ports.

Russia’s ESPO blend declined by $7.40 to $79.87 per barrel, while prices for oil delivered to India fell for a ninth consecutive week, dropping by $8.80 per barrel to $90.36, according to Argus Media data.

Russia’s oil shipments to its Asian customers rose to 3.73 million barrels per day, the highest level since 2022.

However, volumes aboard tankers with China and India explicitly listed as destinations declined, while shipments carried by vessels without a specified final destination increased to approximately 1.95 million barrels per day. Of that total, 1.56 million barrels per day was carried by tankers departing western ports and heading toward intermediary locations such as Port Said or the Suez Canal, as well as Pacific tankers without a clearly identified delivery point.

Bloomberg said Russia’s global oil exports could decline if shipments from the Middle East increase following the US-Iran understanding that envisages the reopening of the Strait of Hormuz.

Before the war, approximately 20% of the world’s oil consumption was transported through that route.

Reuters, citing data from international analytics firm Kpler, reported that Russian oil and coal shipments to India are expected to reach a record 2.55 million barrels per day in June, up from 2.13 million barrels per day in May.

India’s increased purchases of Russian oil came after the administration of US President Donald Trump temporarily lifted sanctions on Russian oil purchases amid an energy crisis triggered by the war in Iran. Trump said in June that the sanctions waivers could soon be withdrawn because of falling global oil prices.

The reopening of the Strait of Hormuz accelerated the return of Iranian oil to the market after the United States pledged to ease sanctions and allow its sale.

Bloomberg reported that Iran’s openly declared oil shipments through the Strait of Hormuz had risen to their highest level since the start of the war.

The United States and Iran signed a memorandum of understanding on the night of June 18 providing for a cessation of hostilities, negotiations on a final agreement within 60 days, the gradual lifting of sanctions, the reopening of the Strait of Hormuz and discussions on Iran’s nuclear programme.

Following the announcement of the agreement, Brent crude fell below $83 per barrel for the first time in three months.

However, two days later Tehran announced that it had closed the strait again, accusing Washington of violating the agreement and citing Israeli attacks on Lebanon.