Reuters: Greek tankers to continue shipping Russian oil despite new EU sanctions

Greek tanker operators are expected to continue transporting Russian oil exports that fall within legal limits, despite a newly imposed 18th package of European Union sanctions aimed at tightening restrictions on Moscow’s lucrative energy sector, shipping sources revealed on July 18, Reuters reports.

Although much of Russia’s oil is now moved via a so-called "shadow fleet" of unregulated tankers, shipping data indicates that Greek-owned vessels—part of the world’s largest tanker fleet—have also played a key role in carrying Russian crude that remains outside the sanctions framework or below the Western-imposed price cap.

The latest sanctions package, agreed on July 18, includes a new mechanism targeting Russian crude purchases that undercut global prices. The revised EU price cap mandates that Russian oil must be sold at no less than 85% of the average market price. With current benchmarks, this places the new cap at approximately $47.60 per barrel—significantly lower than the previously ineffective $60 ceiling set by the Group of Seven (G7) countries.

Despite this development, Greek shipping firms, responsible for about 20% of Russian oil trade and dozens of shipments each month, are preparing to continue operations under the new rules.

"While it will be more difficult, such transactions remain 'doable'," said a source at a Greek shipping company involved in the trade. "As long as traders keep buying oil at that price, things won’t change much, we'll respect the new cap."

Greek shipping ministry officials did not immediately respond to requests for comment.

By Vugar Khalilov