Greek Shipping Companies Pocket Nearly $4 Billion on Russian Oil Transport

Greek shipping companies have generated at least $3.8 billion in revenues from transporting Russian crude over the past three years, navigating western sanctions regimes designed to restrict Moscow’s energy profits.

The multi-billion-dollar trade occurred despite curbs under the G7 mechanism and has driven significant diplomatic friction between Athens and Kyiv.

Analysis reveals that eight of the top 20 companies capitalizing on Russian oil shipments since June 2023 are Greek, with the remainder consisting almost entirely of Russian state-backed entities such as Sovcomflot and Rosnefteflot, or shell companies, according to the Financial Times.

The Top Earners

Dynacom Tankers, established by Greek shipping billionaire George Prokopiou, led the private sector trade. The firm generated at least $915 million in revenues from shipping Russian oil since July 2023.

Other prominent Athens-based operators captured substantial market share.

The Onassis Group’s Olympic Shipping and Management secured at least $404 million, while Stealth Maritime and Polembros Shipping each surpassed $200 million in revenues from the trade.

These operations have drawn severe criticism from Ukrainian advocacy groups.

Several Greek firms were designated by Ukraine as "international sponsors of war" in 2023, though the Greek government successfully pressured Kyiv to remove them from the list.

Price Cap Exploitation

The longevity of the trade stems from the structural design of the G7 price cap, which currently stands at $44.10 per barrel.

Introduced in December 2022, the framework allows Western operators to service Russian oil transport, provided the cargo is priced at or below the threshold.

However, enforcement has faced systemic vulnerabilities. Shipowners routinely verify compliance with printed attestation forms, relying heavily on unverified assertions from Russian suppliers or charterers.

The financial incentives remain high. Traders frequently pay a premium of 30 to 40 percent for tankers willing to service Russian crude routes compared to non-sanctioned origins, rewarding the industry's traditional risk tolerance.

Geopolitical Realignment

Pressure from Washington and Brussels is now threatening the future of the trade.

The U.S. and the EU are actively seeking broader restrictions on Moscow’s energy revenues ahead of potential diplomatic negotiations regarding Ukraine.

Regulatory pressure has already forced some maritime consolidation. Companies such as TMS Tankers and Thenamaris exited the trade late in 2023 following U.S. sanctions against Turkish and UAE maritime operators.

U.S. measures targeting Rosneft and Lukoil in October 2025 prompted further withdrawals.

Despite these exits, Greek vessels maintained a commanding presence, carrying nearly 15 percent of all Russian crude exports as recently as May.

Diplomats note that both the Greek and Cypriot governments have consistently opposed stricter energy caps during closed-door EU sessions to protect their domestic maritime interests.