Three Greek companies stop transporting Russian oil to avoid sanctions – Reuters

Three major Greek shipping companies have stopped transporting Russian oil in recent weeks to avoid US sanctions now being imposed on some shipping companies carrying Russian oil.

Source: Reuters, citing the four traders

Greek shippers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russian oil in recent weeks.

Thenamaris said it does not comment on commercial matters. Minerva Marine and TMS Tankers did not respond to requests for comment.

All three companies were active shippers of Russian oil and fuel until September-October, when they began to reduce their participation, traders and shipping agent data indicate.

Traders who previously worked with the three firms say that all three companies turned down requests for ships to load Russian crude oil in November and further on.

The withdrawal of Greek shippers from the trade occurred after the strengthening of US sanctions imposed on Russian oil shipments.

In October, Washington imposed its first sanctions against tanker owners in Türkiye and the United Arab Emirates carrying Russian oil above the G7 price cap of US$60 a barrel. Last week, it imposed sanctions on three more ships.

Background:

• Russia's export revenue from fossil fuels in October was the second largest in 2023, with notable growth in seaborne and pipeline crude oil shipments. Half of the oil products were transported by "shadow" tankers, which are not subject to the policy of price restrictions.

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