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Greek companies earned $3.8 billion from transporting Russian oil

2026-07-07 18:14:28Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Greek companies earned $3.8 billion from transporting Russian oil

Greek shipping companies have profited at least $3.8 billion from transporting Russian oil over the past three years, despite efforts by G7 countries to limit the Kremlin's revenues from energy exports, the Financial Times reports.

According to the report, Dynacom Tankers, Stealth Maritime and Olympic Shipping and Management, part of the Onassis Group, have increased revenues from transporting Russian oil under the price cap regime imposed by the G7.

The biggest beneficiary appears to be Dynacom Tankers, founded by Greek shipping magnate George Prokopiou. According to Financial Times estimates, the company has secured at least $915 million in revenue from transporting Russian oil since July 2023.

Meanwhile, Olympic Shipping and Management has benefited from at least $404 million, while the Athenian companies Stealth Maritime and Polembros Shipping have each collected over $200 million from this activity.

The role of Greek companies in transporting Russian oil has become a source of tension between Athens and Kiev.

In 2023, the Ukrainian authority responsible for sanctions included several Greek shipping companies, including Dynacom, on the list of “international war sponsors,” but they were later removed from this list after pressure from the Greek government.

Russian oil trading remains permitted, as long as it respects the price limit set by the G7 countries.

However, pressure to strengthen the sanctions regime has increased in recent months, as the United States and the European Union aim to weaken Russia's energy revenues ahead of any possible peace deal with Ukraine.

According to the Financial Times, Western governments are considering new measures that could further limit Moscow's energy revenues, also endangering the activity of Greek companies in this sector.

The report also notes that of the 20 companies that have benefited the most from the transport of Russian oil since June 2023, eight are Greek. The rest are mainly made up of Russian state-backed shipping companies, such as Sovkomflot and Rosnefteflot.


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