Greek shipping companies are profiting by masking the transport of Russian oil, report says
- Data analysed by London's Sunday Times showed companies are masking the origin of Russian
- Greek-owned companies are switching oil between ships, or travelling directly to Russian ports.
Greek shipping companies are engaging in "ship-to-ship" switches to disguise the transport of Russian oil, according to data reviewed by London's Sunday Times newspaper.
The data suggested "ship-to-ship" transfers in the Russian port of Kavkaz, where a Russian ship will unload oil from its vessel onto another vessel coming from a neutral company, has been on the increase since
Findings by the newspaper also showed Greek ports had become a hotspot, with transfers in the port of Kalamata rising by 20% in a month.
The Sunday Times cited one example of a Russian-flagged ship, the Vladimir Monomakh, entering the port of Kavkaz on March 1, before transferring its oil to the 25,000 tonne Greek-owned, Maltese-flagged Minerva Emily, thereby masking the oil's origins.
The report said Andreas Martinos, the owner of Minerva Marine, was making large profits by transferring Russian oil in this way. There was no evidence of sanctions being breached and Minerva was not attempting to conceal its actions, the Sunday Times said.
It also cited data from Lloyd's List showing that ships owned by Greek billionaire George Economou transported 1.9 million tonnes of oil directly from four Russian ports in April.
Oil prices following Russia's invasion have hit 14-year highs, fueling Russia's war efforts. Moscow is thought to be making $800 million a day from oil exports as Western countries try to reduce their reliance on Russian
This week the European Union reached an agreement to ban Russian oil arriving by sea by the end of this year, but supplies sent through pipelines will be exempt. Russia supplies just over a quarter of the EU's oil.
Minerva Marine and Economou didn't immediately respond to Insider's request for comment made outside normal working hours.
- Vijay Shekhar Sharma steps down as Paytm Payments Bank Chairman
- Goa partners with World Bank to tackle sea level rise, coastal erosion and other climate change-related hazards
- Samsung unveils Galaxy Ring with health-tracking features at MWC
- Govt may look at enhanced KYC requirements for certain class of corporates
- Sebi cautions investors against fraudulent trading platforms offering stock mkt access via FPI route