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Troy's EU horse - Greek companies evade sanctions, buy Russian oil through old trick

2022-06-07 21:24:49Biznes SHKRUAR NGA REDAKSIA VOX

Troy's EU horse - Greek companies evade sanctions, buy Russian oil through

According to data revised by the Londine Newspaper Sunday Times, Greek shipping companies have found a way to avoid American and European sanctions on Russian oil and gas and are continuing business with even greater profits than before.

"Sunday Times" investigation data shows fuel transfers "from ship to ship" to the Russian port of Kavkaz, where Russian ships unload oil to another ship coming from a sanctions-neutral company and then thrown at greek company ships.

The paper's findings also showed that Greek ports had become a hot spot, with transfers to the port of Kalamata increasing by 20 percent in one month.

The Sunday Times cited an example of a Russian-flagged ship, Vladimir Monomakh, that entered the Port of Kavkaz on March 1, before transferring its oil to the Maltese-flagged, 25,000-tonne Minerva Emily ship, which is Greek-owned, thus masking the origin of the oil.

Andreas Martinos, the owner of Minerva Marine, is making big profits by transferring Russian oil through this route. But, there is no evidence that he is violating sanctions and Minerva is not trying to hide her actions, the Sunday Times said.

The investigation also cited data from Lloyd's List showing that ships owned by Greek billionaire George Economou transported 1.9 million tonnes of oil directly from four Russian ports in April.

Oil prices after the Russian invasion of Ukraine have reached 14-year highs. Moscow is thought to be making $800 million a day from oil exports as Western countries try to reduce their dependence on Russian energy.

This week, the European Union reached an agreement to stop Russian oil from arriving from the sea by the end of this year, but supplies sent through pipelines will be excluded. Russia supplies just over a quarter of the EU's oil.


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