Greece’s Maritime Industry Plays Critical Role in Russian Oil Exports
Greece has emerged as a significant player in the global oil trade, with its maritime industry playing a critical role in Russia’s oil exports despite EU sanctions. According to a recent report by the Financial Times, Greek shipping companies have generated at least $3.8 billion in revenue over the past three years by transporting Russian oil.
The report highlights Dynacom Tankers, owned by magnate George Prokopiou, as the top performer, with revenues of $915 million earned from Moscow since July 2023. Olympic Shipping and Management, part of Aristotle Onassis’s commercial empire, came in second, with $404 million in earnings. Stealth Maritime and Polembros Shipping also featured prominently on the list, with each generating $200 million.
The Financial Times based its estimates on traffic monitored by Argus Media, which translates to a volume of 389 million barrels. However, this figure only accounts for vessels tracked by Argus, leaving room for additional revenue from Greek shipping companies that are not covered by the agency’s data.
A total of eight Greek shipping companies have been involved in Russia’s oil exports since 2023, with state-owned Russian entities like Sovcomflot and Rosnefteflot also participating. The contribution of Greece‘s maritime industry to Russia’s oil exports amounts to around 15% of the total, according to estimates by Windward and Vortexa for May 2026.
Greek shipping companies are reportedly paid a premium of 30-40% compared to oil from non-sanctioned countries, making it an attractive option for those looking to capitalize on the lucrative trade. As Michelle Wiese Bockmann, an intelligence maritime analyst, noted in a comment to the Financial Times: “There’s a lot of money to be made and nobody else is going to make it.”
However, there are concerns that Greek shipping companies may not always comply with EU sanctions regulations. According to Stefanos Roulakis, a lawyer representing Greek shipowners: “Companies often rely on the word of the vessel owner or Russian supplier. In theory, the system works. But in practice, we’ve seen authorities expect shipowners to evaluate whether the price is below the cap and if there are sanctioned entities involved in the supply chain.”
Not all Greek shipping companies have continued to transport Russian oil. TMS Tankers and Thenamaris Shipping stopped such operations in 2023, while others withdrew in 2025. Dynacom Tankers, however, has maintained that its calls at Russian ports are in full compliance with sanctions and that the price cap has reduced Russia’s revenue and limited global energy prices.
The importance of Greece‘s maritime industry is often overlooked but is immense. Greek shipping companies control 19% of the world’s cargo capacity and 61% of Europe’s, with a total of 5,500 vessels, including 32% tankers. As analyst Robin J. Brooks noted on February 11, 2026: “Few realize that Greece has been opposed to new EU sanctions packages targeting Russia.”
Original Article: Petrolio russo, affare miliardario per la Grecia — Laverita (Italian) | View English Translation