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Greek companies have earned nearly $4 billion from transporting Russian oil over the past three years — media reports

Greek companies have earned nearly $4 billion from transporting Russian oil over the past three years — media reports

07 July 2026, 16:32

Greek companies have earned nearly $4 billion from transporting Russian oil over the past three years — media reports — Dynacom Tankers made the highest profit from this business

Since July 2023, Greek shipping companies have earned at least $3.8 billion from transporting Russian oil.

The Financial Times reports this, citing its own calculations.

According to their figures, the company founded by George Prokopiou, Dynacom Tankers, received the largest sum (at least $915 million), Olympic Shipping and Management received at least $404 million, whilst the Greek companies Stealth Maritime and Polembros Shipping each received over $200 million.

However, of the 20 companies that have received the most funds since June 2023, only eight are Greek; the others are Russian state-owned shipping companies, their subsidiaries or front companies, and the Hong Kong-based shipping operator Prominent.

These figures include only 389 million barrels shipped by Greek tanker companies (a further 153 million barrels were not included in the list). At the same time, almost 15 per cent of Russian crude oil exports in May were shipped by Greek companies.

However, some Greek companies have already withdrawn from this business after the US began penalising Turkish and Emirati operators who were breaching price caps. The West now wants to tighten sanctions to reduce Russia’s revenue from oil sales, whilst Moscow is ‘suffering’ from a fuel shortage due to Ukrainian drone strikes on its refineries.

The transport of Russian oil is legal provided the price ‘cap’ mechanism set by the G7 countries is adhered to — currently $44.10 per barrel.

As a reminder, in early June, President Volodymyr Zelenskyy reported that Russia had lost almost 40 per cent of its crude oil refining capacity.

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