Greek shippers profit billions from Russian oil despite sanctions

Greek shipping companies have amassed significant profits, earning close to $25 billion by transporting Russian oil over the past three years. This lucrative business has continued despite the European Union's increasingly stringent sanctions aimed at curbing Russia's war funding.

While the EU has prohibited the transport of certain Russian oil to cut off financial flows to Moscow's war chest, Greek firms have capitalized on the situation. Since July 2023 alone, these companies have generated approximately $3.8 billion from these operations.

This financial activity occurs against a backdrop of broader EU actions. The bloc intends to place Russian drone manufacturers on its blacklist following recent attacks. Meanwhile, in Denmark, a new ship carrying Russian gas has docked at the shipyard of billionaire Karsten Ree, who previously faced criticism.