US tightens sanctions, Greek businesses stop doing this with Russian oil

Three major Greek shipping companies have stopped transporting Russian oil in recent weeks to avoid US sanctions.

The US has imposed heavy sanctions on companies transporting Russian oil above the ceiling of $60/barrel. (Source: Getty Images)

Specifically, Greek owners Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russian oil. According to data from traders and shipping agents, all three companies were active shippers of Moscow's oil and fuel until September and October.

Greek shippers have been gradually withdrawing from this market, following the tightening of US sanctions on Russian oil shipments.

According to experts, the above development will reduce the number of transport companies ready to transport Russian oil to consumers in Asia, Türkiye, the Middle East, Africa and South America.

The Group of Seven (G7) of leading industrialized nations has set a price ceiling for Russian oil by the end of 2022. The ceiling allows Western companies to provide transportation and insurance services for Russian crude as long as it is sold for less than $60 a barrel.

The sanctions are aimed at limiting Russia's export revenue.

Urals oil, Russia's main export, has been trading above the $60/barrel ceiling since mid-July, leading many market observers to suggest that the price limit is not working.

In October, Washington imposed its first sanctions on tanker owners in Türkiye and the United Arab Emirates (UAE) transporting Russian oil above the $60/barrel ceiling.

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