Cetracore-Jetoil Suspends Operations in Greece Due to EU Sanctions Linked to Russia

Athens, Greece – Greek petroleum trading company Cetracore-Jetoil SA has unexpectedly suspended its operations, citing compliance with recent European Union sanctions imposed due to connections with Russia.

The decision, announced on Tuesday, has surprised the Greek fuel market and the company's network of partners. According to sources, the suspension is directly linked to a recent EU Council decision imposing restrictive measures on entities and individuals with exposure to or ties falling under the sanctions regime against Russia. The company has opted for a temporary halt in activities, with no indication at present of a permanent exit from the Greek market.

Cetracore-Jetoil informed its partner network about the cessation of operations without providing a clear timeline for resumption or details on future operational steps, heightening uncertainty for gas stations operating under its brand.

Market sources emphasize that there is no immediate risk to fuel supply adequacy. Under existing regulatory frameworks, stations bearing the Cetracore-Jetoil signage can continue to be supplied by other trading companies. The sole requirement is that the company's logos must be covered during supplies from third parties to avoid displaying commercial activity under the suspended brand.

Questions remain regarding the company's facilities in Northern Greece, where the suspension is expected to cause operational reshuffling. However, industry insiders note that major players such as Helleniq Energy and other traders maintain strong storage presence in the region, mitigating the risk of significant supply disruptions.

Cetracore-Jetoil entered the Greek market relatively recently, commencing operations in March 2018 when Austria-based Cetracore Energy GmbH acquired the historic Jetoil brand. This revived the longstanding trademark under a new corporate structure, following a turbulent period for the original company associated with the well-known Mamidakis business dynasty.

This development adds to the growing list of indirect impacts from ongoing geopolitical tensions and sanctions on the European energy market, underscoring the vulnerability of even purely commercial activities to supranational decisions.

The suspension stems from the inclusion of the company's ultimate beneficial owner in an EU sanctions list, prompting full compliance measures. The company is reportedly working closely with legal advisors and relevant national and European authorities to facilitate a swift resumption of activities.