The National Committee for War and Sanctions has listed five Greek shipping companies for allegedly continuing to work with Russia despite the ongoing conflict in Ukraine and the imposition of Western sanctions, as reported by Greek Reporter.
TMS Tankers, Minerva Marine, Dynacom Tankers Management, Thenamaris, and Delta Tankers were the five businesses listed on the sanctions list. Many of the companies are run by powerful Greek families and business tycoons.
The Greek shipping firms have been charged by the Ukrainian government with supporting Russia’s war effort by carrying oil and continuing to do business with Moscow.
Greek shipping firms placed on the Ukrainian sanctions list
The five companies were listed as “sponsors of war” on Ukraine’s War and Sanctions list. The businesses are charged with assisting Moscow in getting over European Union oil restrictions.
Several prominent members of the Greek maritime and commercial communities, including George Economou, George Prokopiou, Andreas Martinos, Nikolas Maritnos, and Diamantis Diamantidis, are in charge of the shipping firms.
The Ukrainian government names “International enterprises that, despite the international community’s designation of Russia as an aggressor country and sanctions restrictions, continue to cooperate with it,” according to the War and Sanctions website.
The commercial firms and people who have been sanctioned in relation to the crisis in Ukraine are listed on the sanctions portal, which has been operational since April 2022. The list includes features of entities and people who, in the opinion of the Ukrainian government, should be subject to sanctions.
According to the website, companies who supply essential goods and services to both the public and private sectors as well as contribute to the nation’s budget and thus finance the war are the “prime candidates” for sanctions.
Shipping and ties with Russia
In an effort to restrict Moscow’s capacity to conduct war, Western nations have slapped many sanctions on Russia since the invasion of Ukraine. The main goal of the most severe sanctions has been to reduce Russia’s revenue from the sale and export of natural resources like gas and oil.
Russian crude oil imports were prohibited by the US in October of last year, and the European Union followed suit in December with identical penalties.
Nonetheless, several media and private intelligence agencies have asserted that Greek ships have evaded sanctions by carrying other products in addition to Russian crude oil.
Greek maritime companies reportedly contributed significantly to the shipment of Russian oil both before and after the European Union implemented sanctions, according to Lloyd’s List Intelligence.
Greek-owned tankers transported 40% of the oil exported by Russia from its major ports along the Baltic and Black Seas in January, the last month in which they can benefit from trading premiums for doing business there before EU sanctions force them out of the market.
The number of Greek-owned tankers stopping at important Russian oil export ports in the Black and Baltic seas decreased to 31% the following month, according to Lloyds List Intelligence.
According to the European Council, “EU warships are not allowed to transfer Russian crude oil or petroleum products to third countries. Additionally, it has made it unlawful to provide related technical help, brokerage services, financing, or financial assistance.”
To be clear, “This ban doesn’t apply if the crude oil or petroleum products are acquired at or below the oil price ceiling.”
The twenty-nine tankers owned by Greek shipowners that made port calls in Russian ports after the sanctions were imposed on February 5 were carrying cargoes that complied with the oil price cap, according to Lloyd’s List Intelligence.
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Source: Greek Reporter
