Greek Shipowners Seize the Moment as Russian Oil Prices Dip Below Sanctions Cap

In a quiet but significant shift, Greek shipping firms have re-entered the market for Russian crude—just as global trade tensions created an unexpected loophole in Western sanctions. Data reveals that over half the tankers transporting Urals oil from Russian ports in April were managed by Greek companies, marking their first major return to the trade since late 2022.

The $60 Loophole

The resurgence hinges on a precise economic trigger: the G7’s price cap mechanism, designed to curb Moscow’s oil revenue without strangling global supply. Instituted in December 2022, it bars Western insurers and transporters from facilitating Russian crude sold above $60 per barrel at loading ports. For over a year, Urals prices hovered near or above that threshold, pushing most Western shippers—including Greeks—to the sidelines. But by late April 2024, Urals traded at just over $50 per barrel (FOB) from Baltic and Black Sea ports, well under the cap. “It’s a compliance green light,” notes one trade analyst. “Suddenly, the math works.”

“Suddenly, the math works.”

The Greek Gambit

According to LSEG and industry sources, 15 of the 25 tankers hauling Urals from Primorsk, Ust-Luga, and Novorossiisk in April flew under the management of Greek firms—notably Minerva Marine, Dynacom, and TMS Tankers. Their re-entry underscores how price volatility can reshape sanctions enforcement. While non-Western players dominated Russian oil transport during the cap’s early months, the Greeks’ return suggests a nimble, profit-driven calculus. None of the three companies responded to Reuters’ requests for comment, leaving their exact strategies opaque.

Geopolitics as an Unwitting Ally

The timing wasn’t accidental. Broader trade frictions in spring 2024—including slowed demand from China and OPEC+ supply adjustments—depressed global oil benchmarks, dragging Urals below the cap. For Greek shippers, long versed in high-stakes commodity plays, the dip presented a rare opportunity: resume lucrative Russian trades without breaching Western rules. Whether this signals a sustained comeback remains uncertain. But for now, the calculus is clear: when prices align, so do the ships.