Greek shipowners earn $4 bn transporting Russian oil under price‑cap

Greek shipping firms have earned almost $4 billion in freight fees carrying Russian crude since the G7 price‑cap regime began in December 2022, according to a Financial Times analysis. At the peak of the scheme they moved roughly 20 % of all Russian crude flows, with eight Greek operators among the 20 largest carriers of the oil.

The price‑cap allows Western‑flagged, insured tankers to transport oil sold below the $44‑per‑barrel threshold, creating a risk premium that lifted freight rates and tanker values. Greek owners, who control the world’s largest tanker fleet, entered the lane quickly and secured margins of 30‑40 % on the voyages.

The earnings have provoked criticism because the revenue supports Russia’s war effort. Ukrainian authorities once listed three Greek firms as "international war sponsors," though the companies say they complied with all sanctions rules. Dynacom, for example, claimed the transports helped "dampen electricity bills, fuel costs and inflation pressure." The case highlights the tension between EU sanctions objectives and the commercial interests of its maritime sector.