Greek companies earned almost $4 billion from transporting Russian oil in three years

Greek shipping companies have earned almost $4 billion from transporting Russian oil since the start of the full-scale war in Ukraine.

This is reported by  Ukrinform with reference to the Financial Times.

Thus, Greek shipping companies have earned at least $3.8 billion from transporting Russian oil over the past three years, despite attempts by the G7 countries to limit the Kremlin’s oil revenues.

The company Dynacom Tankers received the largest profit from transporting Russian oil. It was founded by Greek shipping billionaire George Prokopio. According to FT estimates, the company earned at least $915 million – almost a quarter of the total income of Greek shipowners from this business since July 2023.

Olympic Shipping and Management, part of the Onassis Group, earned at least $404 million from these shipments – the second largest result among Greek companies. Stealth Maritime and Polembros Shipping earned more than $200 million each.

In 2023, Ukraine included several Greek tanker companies, including Dynacom, in the list of “international war sponsors”, but they were later removed from the list due to pressure from the Greek government.

The FT calculations only cover routes for which Argus had cargo cost data. Therefore, the estimate is based on the transportation of 389 million barrels of Russian oil by Greek tanker companies. Another 153 million barrels were not taken into account due to the lack of relevant price data.

Among the 20 companies that received the largest revenues from the transportation of oil from Russia since June 2023, eight are Greek. The rest are Russian shipping companies, in particular Sovcomflot and Rosnefteflot, their subsidiaries and intermediaries. The only exception was the ship management company Prominent from Hong Kong.

Earlier, USM reported that new Greek tankers had joined the Russian “shadow fleet” for the first time.