Greece helps Russia in the war in Ukraine

Greece assists Russia in the armed conflict in Ukraine by increasing the participation of Greek shipowners in Russian oil transport. According to the Vortex report, Greek tankers dominate the Russian oil transport market, increasing their share since the ban on Russian oil exports on December 5.

Despite pressure from the Ukrainian government, Greek companies continue trading with Russia, which could affect the war situation in Ukraine and international relations. The increasing involvement of Greek shipowners in the Russian oil trade is beginning to get closer to the pre-ban, which may further affect the oil transport market.

The Ukrainian Government puts pressure on some known names in Greek shipping, which continue to trade with Russia. Several Greek companies, such as George Economou's TMS Tankers, George Prokopiou's Dynacom Tankers, Minerva Marine Andreas Martinos, Thenamaris Nikolas Maritnos and Diamantis Diamantidis' Delta Tankers, were added to the list of potential candidates for sanctions on the War and Sanctions website.

It is worth noting that most of the 1900 ships with wider risk potential for Russian sanctions are Greek property. There are also Greek ties to the transport of Russian oil in the Peloponnese region, where Russian STS (ship-to-ship) transfers of Russian oil from the Greek port of Kalamata increased by 60% in February, which accounted for almost half of the total activity of Russian STS.

Greek shipowners seem to play an important role in Russian oil transport, despite the pressure from the Ukrainian government. Their involvement in the trade in raw materials is increasing steadily, which could affect the international situation and the raw materials markets. All points to Greece becoming an increasingly important player in the oil transport market, and their decisions may affect the situation in Ukraine and international relations.

Written by JB