Greek Shipowners and Russian Oil: Shipping Continues Despite the War

Despite the ongoing war in Ukraine since 2022 and successive European sanctions, the transport of Russian crude oilremains an active sector for some Greek shipping companies.

A key focal point is the Laconian Gulf, where ship-to-ship transfers (STS) take place—operations that allow crude to be transferred between tankers at sea, often obscuring the cargo’s origin or ownership.

Why the Laconian Gulf?

The gulf, south of the Peloponnese, offers:

• Calm waters, ideal for STS transfers
• A “neutral” status within international shipping
• Geographic proximity to major maritime routes to the Mediterranean, Egypt, and the Suez Canal
• Experience of Greek companies in complex energy logistics

This has made it a strategic hub for the transfer of Russian oil.

Greek Shipowners and the “Grey” Legal Zone

Greek shipping companies, controlling a significant portion of the world’s tanker fleet, operate in a complex legal environment:

• The EU prohibits the import of Russian crude into member states.
• STS transfers to third countries are not explicitly forbidden if rules regarding price caps and insurance are followed.
• The US and UK control insurance platforms, making compliance essential for international shipping routes.

Thus, while Europe has closed its doors to Russian oil, pathways for its transportation remain technically open.

Economic Reality Behind STS Transfers

STS transfers are a critical method for Russian oil reaching markets such as:

• China
• India
• Turkey
• Malaysia and Singapore

High demand in these countries drives cargo flow, while shipowners benefit from elevated freight rates and transfer fees.

Diplomatic Tensions and “Silent Acceptance”

This activity has led to:

• Concern among European governments, who fear sanctions may be undermined
• Scrutiny of vessels involved
• Yet, quiet tolerance, since global energy stability depends on smooth oil circulation

European authorities warn that STS transfers increase the risk of marine pollution and reduce market transparency.

Greek shipping—a global powerhouse—remains at the center of a complex web of geopolitics, energy, and economics.

The war in Ukraine has not stopped the flow of Russian oil.It has simply moved it from pipelines to tankers.

And one of the most crucial hubs of this parallel market is in Greece.

Source: pagenews.gr