- Greek Tankers Resume Russian Oil Trade: After a decline due to sanctions, Greek-owned tankers are once again transporting Russian crude, particularly to India and Turkey.
- Compliance with G7 Price Cap: The resurgence is driven by Russian Urals crude trading below the $60 price cap, allowing legal participation by Western tankers.
- Greek Tankers’ Market Share Rebounds: In February 2024, Greek-linked vessels accounted for 33% of Russian crude exports, up from 30.1% in January.
American sanctions have reduced Russia’s ability to ship oil on lightly regulated “shadow fleet” tankers, but Moscow is maintaining its fossil fuel export revenues at about $700 million per day, in part thanks to the renewed participation of Greek tanker owners. Greek owners have emerged as crucial players in keeping Russian crude flowing to global markets, particularly to India and Turkey, reports Maritime Executive, citing Vortexa.
Greek operators return to the Russian crude trade
Greek tanker owners are re-engaging in the Russian oil trade, significantly impacting global energy markets. After a period of reduced involvement due to heightened sanctions and enforcement, these operators are now transporting Russian crude oil, particularly to India and Turkey. This resurgence is attributed to Russian Urals crude trading below the $60 per barrel price cap, allowing Western tankers to participate legally.
In early 2024, Greek-owned tankers had reduced their presence in the Russian crude trade, with numbers dropping from over 40 in May 2023 to just eight by January 2024. This decline was largely due to stricter U.S. sanctions targeting entities involved in transporting Russian oil above the G7 price cap.
Despite these challenges, Greek operators have regained their share in Russian crude exports. In February 2024, tankers linked to G7 countries, including Greece, accounted for 33% of seaborne Russian crude exports, up from 30.1% in January. This resurgence is driven by strong freight rates and the adaptation of Greek companies to comply with the G7 price cap regulations.
The renewed participation of Greek tanker owners has been crucial in maintaining Russia’s fossil fuel export revenues, which remain around $700 million per day. Their involvement underscores the dynamic nature of global oil markets and the significant role that shipping companies play in navigating complex geopolitical landscapes.
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Source: Maritime Executive
