Greek shipping companies reaped at least 3.8 billion dollars from transporting Russian oil over the last three years, despite efforts by G7 countries to restrict the Kremlin's revenues from energy exports. According to an analysis by the Financial Times, the company with the highest revenues from this specific activity was Dynacom Tankers, founded by Greek shipowner George Prokopiou. The company reportedly recorded revenues of at least 915 million dollars from transporting Russian crude oil, an amount that corresponds to nearly a quarter of the total earnings accumulated by Greek shipowners in this particular sector from July 2023 to the present.
The Greek companies with the highest revenues
In second place among Greek companies is Olympic Shipping and Management of the Onassis Group, with estimated revenues of at least 404 million dollars. Following closely are the Athens-based shipping firms Stealth Maritime and Polembros Shipping, which are estimated to have pocketed more than 200 million dollars each from transporting Russian oil.
Source of tension between Athens and Kyiv
The participation of Greek shipping lines in transporting Russian oil has been a point of friction between Athens and Kyiv in recent years. In 2023, several Greek tanker companies, including Dynacom, were included by the Ukrainian sanctions authority on the list of "international sponsors of war". However, they were later removed from the relevant list following pressure from the Greek government.
Permitted under certain conditions
The transport of Russian oil remains permitted, provided that the price cap imposed by G7 nations is respected. However, in recent months, pressure has been mounting from both the United States and the European Union to tighten the sanctions regime, aiming to further restrict Russia's energy revenues ahead of a potential peace agreement with Ukraine. If new measures are adopted, the activity of Greek shipping companies in this specific market could be significantly restricted or even terminated.
The drop in oil prices changes the data
Governments pushing for stricter sanctions believe there is now greater room for new measures, as international oil prices have moved downward over the last three years and did not rise as much as initially estimated, even during the recent crisis with Iran. The Financial Times analysis was based on data from the pricing agency Argus Media, which since June 2023 has been recording chartering costs on key Russian oil transport routes. This information was combined with ship management data from the International Maritime Organization (IMO) and tanker tracking information from the analytics firm Kpler. The calculations concern only routes for which pricing data was available. Specifically, they cover approximately 389 million barrels transported by Greek tankers, while an additional 153 million barrels were excluded from the analysis due to a lack of pricing data.
Eight Greek companies in the top 20
Out of the 20 companies with the highest revenues from transporting Russian oil after June 2023, eight are Greek. The rest are primarily Russian state-owned enterprises, such as Sovcomflot and Rosnefteflot, their subsidiaries or affiliates, with the sole exception of the ship manager Prominent, based in Hong Kong.
"There is money and few are taking the risk"
Greek shipowners have historically been considered among the most willing to take commercial risks. Dynacom ranks among the most active companies in the Straits of Hormuz following the outbreak of the Gulf crisis on February 28. According to data from analytics firms Windward and Vortexa, nearly 15% of Russian crude oil exports in May were transported by Greek shipping companies. Shipping intelligence analyst Michelle Wiese Bockmann notes characteristically: "There are significant profits available, and very few are willing to undertake this work". Market sources report that charterers pay 30% to 40% higher freight rates for transporting Russian oil compared to cargoes coming from countries not subject to Western sanctions.
The price cap and enforcement loopholes
The G7 price cap on Russian oil came into effect in December 2022 with the objective of limiting Russian revenues without disrupting the global energy market. Today, the upper limit stands at 44.10 dollars per barrel. Western companies can provide transport and other services only if the cargo has been purchased below this threshold. However, according to former officials and lawyers specializing in sanctions, the enforcement and monitoring of the measure present significant weaknesses. Shipowners are required to hold a written declaration that the cargo complies with the price limit. Attorney Stefanos Roulakis, who represents Greek shipping companies, points out that shipowners usually rely on assurances from either the charterer or the Russian supplier. As he states, shipping companies are not typically involved in determining the purchase price of the cargo. "In theory, the system works. In practice, however, authorities expect shipowners to evaluate whether the price is below the cap and if a sanctioned person is involved in the transaction chain," he emphasizes.
Some companies withdrew from the Russian market
Certain Greek shipping corporations restricted or halted their operations in Russia. TMS Tankers and Thenamaris significantly reduced their transport of Russian oil in late 2023, following US sanctions on shipping entities in Turkey and the United Arab Emirates for transporting cargoes that allegedly exceeded the permitted price cap. According to Financial Times calculations, Thenamaris generated at least 30 million dollars, while TMS Tankers made around 150 million dollars before halting this specific activity. Legal experts and analysts point out that other Greek companies also exited the Russian market following American sanctions against Rosneft and Lukoil in October 2025.
The responses of the companies
Dynacom argued that all port calls made by its vessels to Russian ports were executed "in full compliance with the applicable legal framework and sanctions regime". At the same time, it noted that the price cap system contributed both to reducing Russian revenues and limiting pressure on international energy prices. "Electricity bills, fuel costs, and inflationary pressures were contained thanks in part to the contribution of Greek shipping," the company stated. Olympic Shipping stated that it fully complies with European Union, United Kingdom, and United States sanctions, without however commenting on individual commercial transactions. Stealth Maritime reported that all cargoes it transported were compatible with current sanctions regimes and had been vetted by legal advisors in the US and the UK. The company also recalled that one of its tankers, which was transporting Russian ammonia, was the target of a suspected Ukrainian attack the previous year, an event that caused concern over crew safety. TMS Tankers stated that it does not comment on commercial matters, emphasizing however that it strictly enforces all international sanctions. Polembros Shipping and Thenamaris did not respond to requests for comment.
The Ukrainian criticism
The director of the Ukrainian organization Razom We Stand, Svitlana Romanko, argued that Russia's revenues from oil exports still amount to billions of dollars because governments have not closed the system's loopholes. As she pointed out, "Russian oil still brings billions to the Kremlin because governments failed to close the obvious loopholes in the system. The Greek government has repeatedly chosen to protect the interests of the shipping industry over stricter sanctions and peace".
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