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Greek Tankers Reportedly Abandon Russian Oil Trade as US Sanctions Hit Moscow’s Energy Lifeline
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![Photo of Cyril Barabaltchouk]( "Photo of Cyril Barabaltchouk")
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Greek shipping companies, long key players in transporting Russian oil, are pulling back from the trade following new US sanctions targeting Moscow’s energy sector, The Moscow Times reported on October 27.
According to the Brookings Institution, Greek tankers have carried nearly one-third of Russia’s seaborne oil exports this year.
But their participation has dropped sharply in recent weeks after US President Donald Trump’s administration imposed blocking sanctions on Rosneft and Lukoil, which account for about half of Russia’s oil output, The Moscow Times wrote.
The withdrawal of Greek vessels has left much of the export burden to Russia’s so-called shadow fleet, which now handles most Urals crude shipments.
Freight rates for voyages from Russia’s Baltic ports to India have risen to over $8 million per cargo, with some tankers demanding as much as $10 million, The Moscow Times reported.
The EU has also tightened restrictions, blacklisting 117 additional tankers linked to Russia’s shadow fleet, bringing the total to 558.
According to The Moscow Times, the sanctions have severely limited Moscow’s ability to conduct transactions in US dollars, complicating oil trade with India, one of its key buyers.
Energy expert Alexei Gromov noted that while Russia continues to trade with China in yuan and rubles, negotiations with India over payments in national currencies remain unresolved.
Previous US sanctions on Gazprom Neft and Surgutneftegaz, he added, forced both companies to redirect nearly all exports to China, The Moscow Times stated.
Earlier, it was reported that approximately 17% of all active oil tankers in the world are part of Russia’s so-called shadow fleet, which allows Moscow to bypass Western sanctions on its energy exports.
