Greek shipping companies have earned at least $3.8 billion over the past three years from transporting Russian oil, bypassing attempts by G7 countries to limit the Kremlin’s revenues.
This is reported by the Financial Times.
According to the publication’s estimates, the top 20 companies that have made the most profits from this business since June 2023 include eight Greek firms.
The rest are Russian state-owned giants (“Sovcomflot”, “Rosnefteflot”), their subsidiaries, intermediary companies, and one firm from Hong Kong (Prominent).
Who earned the most?
- Dynacom Tankers (owned by billionaire George Prokopio) received the largest profit – at least $915 million. This is almost a quarter of all revenues of Greek shipowners in this segment since July 2023.
- Olympic Shipping and Management (part of the Onassis Group) earned at least $404 million (the second highest in Greece).
- Stealth Maritime and Polembros Shipping received over $200 million each.
The calculations are based on the transportation of 389 million barrels of oil, for which official price data from the Argus agency is available.
Real profits may be higher, as another 153 million barrels were not included in the statistics due to the lack of accurate data on the cost of cargoes.
Why is this business profitable and legal?
The transportation of Russian crude remains legal as long as the price “ceiling” mechanism set by the G7 is adhered to (currently the ceiling price is $44.1 per barrel). However, compliance with the limits is extremely rare.
At the same time, freight rates for transporting Russian oil are 30-40% higher than for working with sanctioned countries.
According to analysts Windward and Vortexa, in May, Greek tankers provided almost 15% of all Russian oil exports.
Dynacom, Olympic Shipping, and Stealth Maritime officially stated that their vessels entered Russian ports in full compliance with current international norms and sanctions regimes.
Political tension and market exit
The participation of Greek companies in Russian oil traffic has long provoked tension between Athens and Kyiv.
In 2023, Ukraine added several companies (including Dynacom) to the list of “international war sponsors,” but after pressure from the Greek government, they were removed from the list. In closed meetings of the European Union, diplomats from Greece and Cyprus have consistently spoken out against strict price caps.
At the same time, some shipowners began to abandon toxic voyages .
At the end of 2023, TMS Tankers (earned $150 million) and Thenamaris (earned $30 million) ended their work with the Russian Federation after the United States imposed sanctions on operators from the United Arab Emirates and Turkey.
An additional wave of refusals was recorded after US sanctions against Rosneft and Lukoil in October 2025.
Western governments are currently discussing new packages of restrictions that could permanently block European tankers from carrying Russian oil.
World oil prices and production in the UAE
It is worth noting that on July 7, oil prices began to rise amid market caution regarding the truce between the US and Iran.
Meanwhile, in June 2026, the United Arab Emirates increased crude oil production to a near record level of over 3.8 million barrels per day.
Fighting the Russian “shadow” fleet
More than half of the oil tankers of the “shadow fleet” that transport sanctioned oil are destroyed
Recall that earlier, an investigation by the publications LRT, 15min, Eesti Ekspress, and Nekā showed that, despite strict sanctions, Russian tankers are exporting oil through the Baltic Sea every day , and companies from Lithuania, Latvia, and Estonia are helping in this.
It has previously been reported that the European Union is preparing a joint maritime declaration that would allow the union’s countries to conduct inspections of Russia’s “shadow fleet” by agreement with the flag states of these vessels.
Previously, Denmark announced tighter regulation of the passage of oil tankers through its waters, particularly regarding older vessels that are more often used by Russia’s “shadow fleet.” Джерело: https://censor.net/n4012250
(C)CENSOR.NET 2026
[This seems relevant, given that numerous articles have been posted talking about Farage’s former love of ruSSia.]
U.K. Live Updates: Farage Resigns and Says He Will Run Again in Special Election
Nigel Farage, leader of the populist right-wing party Reform U.K., has come under increasing pressure after a series of revelations about undisclosed gifts and donations.
Nigel Farage, the leader of the populist right-wing Reform U.K. party, on Tuesday said he would resign his seat in Parliament and run for re-election in his Clacton seat to answer criticism of his financial affairs.
The unexpected move comes after recent revelations about gifts and financial support received by Mr. Farage, both from a cryptocurrency billionaire and from a political ally who was once convicted of fraud in the United States.
“I have decided that the people of Clacton should be the judges of my actions,” Mr. Farage said in a statement that was broadcast on his party’s YouTube channel. “This will be a ‘people versus the establishment’ by-election,” he added, referring to a special parliamentary election.
The success of Mr. Farage, whose anti-immigration party has led in opinion polls for more than a year, was instrumental in destabilizing Prime Minister Keir Starmer, who announced his resignation last month.
But Mr. Farage has suffered several setbacks lately amid growing scrutiny of his financial affairs.
In May, it emerged that he had received an undisclosed gift of 5 million pounds (about $6.7 million) from a cryptocurrency billionaire, Christopher Harborne, a Briton who lives in Thailand.
Mr. Farage argues that the gift was unconditional, was made before he won a seat in Parliament in the general election in 2024 and that there was no requirement to declare it. However, Daniel Greenberg, Parliament’s standards commissioner, has opened an investigation into whether the money should have been made public under rules that require new lawmakers to declare some financial benefits received in the 12 months before their election.
Over the weekend, the Sunday Times of London reported that Mr. Farage had separately failed to declare benefits provided by a political ally, George Cottrell, a convicted fraudster who served prison time in the United States.
According to the newspaper, Mr. Cottrell’s support included providing social media staff who worked for Mr. Farage in the year before he was elected, as well as the use of a property rented by Mr. Cottrell near Buckingham Palace.
Mr. Farage has insisted he followed all the rules and has accused journalists of “despicable behavior” and of hounding his family.
In his statement on Tuesday, Mr. Farage suggested that the Sunday Times article had prompted a second investigation, saying, “Despite the fact that many of the things that were written in the article were inaccurate or irrelevant, yet another standards investigation is underway.”
If Mr. Greenberg finds that the gift from Mr. Harborne should have been declared, Mr. Farage might, under British parliamentary rules, have been suspended from Parliament and forced to fight for re-election in his parliamentary constituency of Clacton, in eastern England. The announcement on Tuesday pre-empts that possible outcome, although it would not stop the findings from being published.
Here’s what else to know:
Special election: Mr. Farage, a highly effective campaigner and a longtime disrupter of British politics, is likely to be confident of winning the seat again, with polling suggesting he remains very popular in Clacton.
£5 million gift: Mr. Farage said in May that the gift at the center of the criticism of his finances was “a reward for campaigning for Brexit.” Previously, he had argued that it was for his personal security, something he repeated on Tuesday.
Reform’s gains and losses: The party was the big winner in local elections in May. It gained more than 1,400 seats on municipal councils across England. But it has lost three recent special elections, prompting questions about whether its support may have peaked. In national polls, the party’s support has fallen from 30 percent last year to about 25 percent now.
https://www.nytimes.com/live/2026/07/07/world/nigel-farage-reform-uk/nigel-farage-reform-uk?smid=url-share
If you google “George Cottrell russia links”, you get a shitload of damning evidence that he shills for the Kremlin.
Cottrell is a convicted fraudster on both sides of the pond and is a major Farage donor.
Krasnov, who loves putinoid scum, has has had an article in the DT about this :
“Donald Trump has backed Nigel Farage in a row about a £5m gift given to him by a cryptocurrency billionaire.
The Reform leader is the subject of an ongoing parliamentary sleaze inquiry over allegations that he did not correctly report donations from Christopher Harborne before the last general election. If upheld, Mr Farage could be suspended from the Commons, which could trigger a by-election in his Clacton constituency.
He is also facing a second investigation over undeclared donations by George Cottrell, one of his closest associates, who has been convicted of wire fraud in the US.
Mr Farage insists he did not break any rules and parliamentary authorities directed him not to report the donations.
Posting to his Truth Social platform on Monday, Mr Trump shared an article on The National Pulse website titled: “They’re Running the 2024 Anti-Trump Playbook on Nigel Farage.”
Funny how Farage donors always turn out to be pro-russia.
Funny how Trump purposefully seeks the friendship of pro-russia politicians, such as Orban and Farage.
Funny how certain people are willing to support such corrupt sleazeballs.