Greek shippers quit Russian oil trades after US toughens scrutiny of price cap

Three major Greek shipping firms – Minerva Marine, Thenamaris, and TMS Tankers – have stopped transporting Russian at the same time as the US DoJ has taken a tougher line on the need for shippers to ensure that their vessels were not carrying oil that had been bought at above the G7-prescribed price cap ($60 a barrel for crude).

The three shipping companies, reported previously to have been active in Russian oil transportation, have since September gradually reduced their involvement in Russian oil trade, reported Reuters, citing information from oil traders and shipping data accessed by the news agency.

In October the US imposed sanctions on tanker owners in Turkey and the United Arab Emirates for carrying Russian oil at a price that exceeded the G7 cap.

According to traders that worked with the three Greek shipping companies, all of them rejected requests for vessels to load Russian crude in the future. The three companies were reported to manage a fleet of more than 100 oil tankers, with the capacity to handle nearly all of Russia’s oil exports from European ports, including Primorsk, Ust-Luga, and Novorossiisk – equal to some 10m tonnes a month. The companies also oversee a collection of smaller tankers dedicated to the transportation of fuel.