Ukrainian President slams Greek shipping owners over Russian Oil

Ukrainian President Volodymyr Zelensky has slammed Greek shipping companies for transporting Russian oil and demanded an explanation from Greece.

“We see Greek companies providing almost the largest tanker fleet for the transportation of Russian oil,” Ukrainian President Volodymyr Zelensky said in a speech to a conference in Athens via video link.

“Once again: this is happening precisely when another Russian energy resource is being used as a weapon against Europe and against the family budget of every European. I am sure that this does not meet the interests of Europe, Greece, or Ukraine,” Zelensky added

European shipping companies, including Greek ones, are not breaking any law by transporting Russian oil in the meantime. However an EU ban on seaborne Russian oil imports which comes into force in December will prohibit Greek tanker operators from shipping Russian oil.

According to Oil Price magazine, a much bigger blow to Russian oil exports that will have dramatic consequences on the global oil tanker market and oil prices comes from provision number two in the sixth sanctions package - EU operators will be prohibited from insuring and financing the marine transportation of Russian oil to third countries.

'Greek vessel owners made 151 port calls from Baltic and Black Sea Russian ports between May 1 and June 27, up by 41% compared to the same period last year, according to data compiled by Lloyd’s List using Lloyd’s List Intelligence. Almost half of all crude and refined products exported from key Baltic or Black Sea ports were shipped on vessels Greek tanker owners beneficially own, the data showed. TMS Tankers of billionaire George Economou is the biggest Greek player in the Russian market and second overall, second only to Russia-owned Sovcomflot, which is under Western sanctions, according to the data. ' writes Tsvetana Paraskova in Oil Price magazine.