According to four merchants who spoke to Reuters and shipping statistics, three significant Greek shipping companies have ceased transporting Russian oil in recent weeks in order to evade the U.S. penalties now placed on certain shipping companies who do so.
Ceased Shipping Russian Oil
Although traders claimed Moscow still had enough shipping companies for the time being, the news is a blow to Russia as it reduces the number of shipping companies willing to deliver Russian oil to consumers in Asia, Turkey, the Middle East, Africa, and South America.
According to the four dealers, Greek shippers Minerva Marine, Thenamaris, and TMS Tankers have ceased shipping Russian oil in recent weeks.
According to Thenamaris, it doesn’t comment on business-related issues. Requests for comments from TMS Tankers and Minerva Marine went unanswered. The Greek shippers’ withdrawal from the trade coincided with the US imposing stricter sanctions on the supplies of Russian oil.
The first penalties were imposed by Washington in October on owners of tankers in Turkey and the United Arab Emirates that were transporting Russian oil above the $60 per barrel price threshold set by the G7. It levied penalties on three additional ships last week.
Russian Oil Sold Less
Photo From: Kera News
A price ceiling on Russian oil was imposed by the G7 nations in late 2022, although it had not yet been put into effect. If Russian oil is sold for less than $60 per barrel, the price cap permits Western companies to ship and insure the oil. The cap’s purpose is to restrict.
Due to production cuts by the OPEC+ group of oil producing nations, Russia’s primary export grade, Urals, has been trading above the $60 per barrel cap since mid-July. This has led many market observers to claim that the price cap is ineffective.
But for the time being, dealers added, Russia seemed to be managing as other shipping companies stepped in.
According to traders and shipping data, Russia is currently depending on its shipping company, Sovcomflot, as well as other obscure shipping companies registered in the UAE, India, Hong Kong, Seychelles, Ghana, and other places.
