Greek shipowners return to Russian oil trade as crude prices slip;

Greek shipowners piled back into the Russian oil trade in June taking advantage of lower crude prices in recent months to extend their operations in the region, a new study finds. The Maritime AI™ company Windward analysis of June tanker activity shows that 37% of Russian-origin crude and refined products were shipped on Greek-owned vessels. The report also reveals that Greek-owned ships legally transported 7.8 million tonnes despite the “high-profile crackdown.”

Based on data compiled from Windward’s Maritime AI™ Platform and Vortexa’s commodities tracking data, Greece-owned ships legally transported 7.8 million tonnes out of the total 22.2 million tonnes of Russia-origin crude, fuel oil, and refined products exported from the federation in June.

Greek shipping companies, which have long dominated the global tanker trade, maintain that their operations are fully compliant with international law.

They argue that they conduct due diligence on buyers and adhere to all regulations.

Under the G7 oil price cap imposed in December 2022, Western marine service providers, including shipowners, charterers, insurers and oil traders, are allowed to ship to third countries only if the oil was sold below $60 per barrel.

The previous month, UK tightened its sanctions on Russia’s so-called shadow fleet, slapping bans on