---
title: "Billions under sanctions: how Greek tankers bypass restrictions on Russian oil"
description: "🚢 Greek tankers earned $3.8 billion transporting Russian oil over 3 years — despite sanctions. 🇬🇷🇷🇺 Some companies were added to Ukraine's \"blacklist\" but were removed under pressure from Athens. 💰 Traders pay 30–40% more for sanctioned cargoes. #oil #sanctions #Greece #Russia"
date: 2026-07-07T13:14:00.000Z
lang: en
url: https://xab.info/en/posts/billions-under-sanctions-how-greek-tankers-bypass-restrictions-on-russian-oil
tags: []
publisher: "XAB.info"
---

# Billions under sanctions: how Greek tankers bypass restrictions on Russian oil

![Greek tanker Maran Homer, symbolizing the bypass of sanctions on Russian oil](https://xab.info/media/2026/07/07/grecheskie-tankery-zarabotali-milliardy-na-perevozke-rossiyskoy-nefti/grecheskie-tankery-zarabotali-milliardy-na-perevozke-rossiyskoy-nefti-1.webp)

The Greek fleet continues to remain one of the key players in the global logistics of Russian energy carriers, despite strict restrictions imposed by G7 countries. According to The Financial Times, over the past three years, Greek shipping companies have earned about $3.8 billion from transporting Russian oil. This figure is likely underestimated: calculations are based only on routes with known prices — 389 million barrels. Another 153 million barrels (almost 40%) were not included in the statistics due to a lack of transparent data on freight costs.

### Who is transporting oil and how much they earn

Among the leaders in terms of transportation volume are Dynacom Tankers, Stealth Maritime, and Onassis Group. These companies continue to actively work with Russian cargoes, despite the risks. In May 2025, their share amounted to about 15% of all crude oil exports from Russia. Traders are willing to pay 30–40% more for transporting sanctioned cargoes, making such contracts extremely profitable.

### Political tension and diplomatic pressure

The activities of Greek tankers have become a source of tension in relations between Greece and Ukraine. In 2023, several companies, including Dynacom, were included in Ukraine's list of "international sponsors of war." However, under pressure from the Athens government, they were removed from the registry. This sparked criticism from Kyiv, which believes that such actions undermine the effectiveness of the sanctions regime.

### How price caps are bypassed

G7 countries established a price cap on Russian oil at $44.1 per barrel. Western operators can transport cargo only if this condition is met. However, control over compliance with the quota remains weak. Shipowners are required to provide written confirmation of the price, but often rely on verbal statements from charterers or even Russian suppliers. At closed meetings, the governments of Cyprus and Greece consistently opposed tightening price restrictions, creating a favorable environment for bypassing the rules.

### Consequences of sanctions and changes in strategy

Not all Greek companies continue to work with Russia. TMS Tankers and Thenamaris significantly reduced transportation volumes at the end of 2023 after the introduction of US sanctions against Turkish and UAE maritime operators for suspicions of transporting cargoes above the established limit. Several other companies ceased cooperation with the RF after sanctions against "Rosneft" and "Lukoil" in October 2025.

At the same time, the US Treasury Department launched an online portal for submitting applications for removal from blacklists. This allows sanctioned persons to formally request the lifting of restrictions, although the process remains complex and lengthy.

### The future of the sanctions regime

The European Union will extend the validity of sectoral economic sanctions against Russia for another year. The decision was approved by the ambassadors of EU member states on June 24. However, the effectiveness of these measures is being questioned due to the continuing activity of Greek shipowners, who demonstrate a high tolerance for risks. As FT notes, Dynacom, for example, showed activity even in the Strait of Hormuz during the conflict between the US and Iran.

Thus, despite formal restrictions, the Greek fleet remains an important link in the Russian oil supply chain, bringing in billions in revenue and causing political disputes at the international level.