Greek ships transport Russian oil

3 mins read
Greek ships transport Russian oil

Greek shipowners have been transporting 51 percent of the oil that Russia has shipped around the world since the start of the Ukraine war.

Greek ships transport Russian oil

Greek shipping companies make so-called “ship-to-ship” transshipments to disguise the transportation of Russian oil. This is according to data analyzed by the British newspaper “Sunday Times”.
The data suggest that “ship-to-ship” transshipments, in which a Russian ship transfers oil to a neutral company’s vessel, have increased at the Russian port of Kavkaz since the Russian invasion of Ukraine in February. / (german website)
The EU Commission had announced a “destructive” oil embargo against Russia. But it buckled under pressure from Greek shipping companies. As a result, Putin can even expand his business with the help of their tankers, as research by Monitor shows. / (german website)

While European companies are trying to minimize their trade with Russia, Greek ships have increased their capacity to transport Russian oil since the start of the Ukraine war. EU sanctions against Russian oil will take effect in December 2022 for crude oil and February 2023 for petroleum products. The sanctions only apply to EU insurers not insuring these shipments. However, this sanction is not expected to act as a deterrent as it is Russian companies that provide the insurance.

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Russian oil is the most important source of business for Greek ships. Ukrainian President Vladimir Zelensky’s video message to a conference in Athens asking Greece to stop transporting Russian oil did not make any difference. Greek shipowners transport 51 percent of Russian oil worldwide.

According to estimates by the S&P analysis company, Greek shipowners transport 51 percent of Russian oil, while Chinese ships transport 19 percent and Russian ships transport 6 percent of Russian oil to various ports around the world.

With transportation becoming more difficult and Western companies refraining from transporting Russian oil, transport prices have risen considerably. A small Greek tanker charges $1.6 million to transport oil from an oil terminal in Waldiwostok to China. This is three times more than before the war.

While some Greek shipowners refrain from transporting Russian oil for fear of tarnishing their image, for most Greek companies transporting Russian oil is an indispensable trade. In May and June, Greek shipowners carrying Russian oil increased their capacity by 41 percent.

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The fact that Greece plays such an active role in oil transportation is a natural consequence. Greeks are a “world power” in maritime transportation. Greek shipowners’ fleet of tankers carrying liquids is equivalent to 59 percent of Europe’s and 21 percent of the world’s fleets. 5,500 tankers belonging to Greek shipowners carry liquid cargo in the world seas.

Salih Demir

Salih Demir lives in Germany. He is interested in politics and economy. Germany editor of -ancient idea-

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