Greek shipping companies have earned billions of dollars transporting Russian oil over the past three years, despite efforts by G7 countries to restrict Moscow’s energy revenues following the invasion of Ukraine, according to an analysis by the Financial Times.
The analysis found that Greek shipowners generated at least $3.8bn in revenue from transporting Russian crude since July 2023, with much of the trade remaining permitted under the Western sanctions system because it operates within the rules of the G7 oil price cap.
The company that earned the most from the trade was Dynacom Tankers, founded by Greek shipping billionaire George Prokopiou. According to Financial Times calculations, Dynacom generated at least $915mn from shipping Russian crude, accounting for almost a quarter of the total revenue earned by Greek shipowners from the trade.
Olympic Shipping and Management, part of the Onassis Group, earned at least $404mn, making it the second-largest Greek beneficiary of Russian oil shipments. Athens-based tanker companies Stealth Maritime and Polembros Shipping each generated more than $200mn from transporting Russian crude, according to the analysis.
The role of Greek shipping companies in moving Russian oil has become a point of tension between Athens and Kyiv. Several Greek tanker operators, including Dynacom, were designated by Ukraine’s sanctions authority in 2023 as “international sponsors of war”, although they were later removed following pressure from the Greek government.
The oil shipments remain legal under current Western sanctions rules as long as the cargo is sold within the G7 price cap framework. However, pressure has increased in recent months from governments seeking to further restrict Russia’s energy income as part of efforts to weaken Moscow’s position ahead of possible peace negotiations with Ukraine.
The push for tighter controls has gained momentum as oil prices have remained relatively stable despite concerns over geopolitical tensions. Russia has also faced domestic fuel supply challenges as Ukraine has targeted its refining infrastructure with long-range drone attacks.
The Financial Times analysis used estimated freight costs for major Russian oil routes collected by Argus Media, combined with ship management information from the International Maritime Organization and tanker movement data from Kpler. The calculations covered only routes for which freight pricing data was available.
The analysis estimated revenue from 389mn barrels transported by Greek tanker companies. A further 153mn barrels were excluded because no relevant freight price estimates were available.
Among the 20 companies worldwide that earned the most from Russian oil shipments since June 2023, eight were Greek. The remaining major operators were largely Russian state-backed shipping companies, including Sovcomflot and Rosnefteflot, or companies linked to them, with Hong Kong-based Prominent being a notable exception.
Greek shipowners have long been regarded as among the most willing in the maritime industry to take on higher-risk markets. Dynacom, in particular, has remained active in areas such as the Strait of Hormuz following the outbreak of the Gulf conflict on February 28.
According to analysis from marine and energy data companies Windward and Vortexa, Greek shipping companies transported nearly 15 per cent of Russian crude exports in May.
“There is money to be made there and no one else will go in and make that money,” maritime intelligence analyst Michelle Wiese Bockmann said, referring to Greek vessels involved in Russian oil shipments.
Shipbrokers familiar with the trade said tankers carrying Russian crude command premiums of around 30 to 40 per cent compared with vessels transporting oil from countries not targeted by Western restrictions.
The G7 price cap on Russian oil was introduced in December 2022 with the aim of limiting Moscow’s revenues while preventing disruption to global oil supplies. Under the system, Western shipping companies can provide transport and related services for Russian oil only if the cargo is sold below the cap, which currently stands at $44.10 per barrel.
However, former sanctions officials and legal experts have questioned the effectiveness of enforcement. Shipping companies must receive documentation confirming that cargo prices comply with the cap, but operators often rely on information provided by charterers or Russian suppliers.
Stefanos Roulakis, a lawyer representing Greek shipping companies, said shipping firms were generally not involved in setting the price of the oil they transported.
“In theory, this works,” Roulakis said. “But in practice we have seen that authorities expect shipowners to evaluate whether the expected price is below the cap and whether a sanctioned party is involved in the supply chain.”
Some Greek companies have reduced their involvement in Russian oil transport. TMS Tankers and Thenamaris largely withdrew from the trade at the end of 2023 after the United States imposed sanctions on maritime operators in Turkey and the UAE accused of transporting Russian cargo above the price cap.
According to Financial Times calculations, Thenamaris earned at least $30mn from Russian shipments, while TMS earned at least $150mn before reducing its activity. Several other Greek companies also scaled back Russian oil operations after US sanctions against Russian energy companies Rosneft and Lukoil in October 2025.
Dynacom said its Russian port calls complied with all applicable legal and sanctions frameworks and argued that the price cap system had reduced Russian revenues while limiting global energy costs.
Olympic Shipping said it complied with EU, UK and US sanctions but declined to comment on individual transactions. Stealth Maritime said its cargoes complied with relevant sanctions requirements and had been reviewed by US and UK lawyers.
TMS said it followed all applicable sanctions rules but declined to comment on commercial matters. Polembros and Thenamaris did not respond to requests for comment.
Svitlana Romanko, director of Ukrainian campaign group Razom We Stand, criticised the continued trade, saying Russian oil revenues remained a significant source of funding because governments had not closed gaps in the sanctions system.
The debate over Greek shipping’s role in transporting Russian oil continues as Western governments weigh further restrictions aimed at reducing Moscow’s energy income while maintaining global oil supply stability.
