Greek Shipping Corporations Financial gain From Transporting Russian Oil: Report

  • Data analysed by London’s Sunday Situations showed providers are masking the origin of Russian oil.
  • Greek-owned providers are switching oil involving ships, or travelling directly to Russian ports.
  • The companies are not imagined to be in breach of recent sanctions.

Greek shipping and delivery businesses are partaking in “ship-to-ship” switches to disguise the transportation of Russian oil, in accordance to information reviewed by London’s Sunday Moments newspaper. 

The information advised “ship-to-ship” transfers in the Russian port of Kavkaz, where a Russian ship will unload oil from its vessel on to another vessel coming from a neutral corporation, has been on the increase given that Russia invaded Ukraine in February.

Conclusions by the newspaper also confirmed Greek ports had develop into a hotspot, with transfers in the port of Kalamata mounting by 20% in a thirty day period. 

The Sunday Instances cited just one illustration of a Russian-flagged ship, the Vladimir Monomakh, moving into the port of Kavkaz on March 1, just before transferring its oil to the 25,000 tonne Greek-owned, Maltese-flagged Minerva Emily, thus masking the oil’s origins. 

The report explained Andreas Martinos, the owner of Minerva Marine, was building substantial profits by transferring Russian oil in this way. There was no evidence of sanctions being breached and Minerva was not making an attempt to conceal its actions, the Sunday Instances mentioned. 

It also cited details from Lloyd’s Listing exhibiting that ships owned by Greek billionaire George Economou transported 1.9 million tonnes of oil specifically from 4 Russian ports in April.

Oil charges next Russia’s invasion have strike 14-year highs, fueling Russia’s war initiatives. Moscow is believed to be earning $800 million a working day from oil exports as Western nations try to lower their reliance on Russian electricity.

This week the European Union arrived at an agreement to ban Russian oil arriving by sea by the stop of this calendar year, but materials despatched by means of pipelines will be exempt. Russia materials just more than a quarter of the EU’s oil.

Minerva Maritime and Economou did not right away react to Insider’s ask for for remark made outside ordinary doing the job hrs.