Greece’s Fleet Retreats From Russian Crude
The volume of Greece-owned tankers loading Russian crude has plunged to its lowest level since the invasion of Ukraine. This drastic and immediate withdrawal reflects widespread market disruption and caution ahead of a critical US sanctions enforcement deadline targeting major Russian producers Rosneft and Lukoil, Windward reports.
Preliminary data from Windward and Vortexa confirm the rapid retreat: only three of the 65 Russian crude cargoes loaded between November 1 and 16 were carried on Greek-owned ships. The sharp shift in the global fleet composition comes as a US sanctions waiver expires on November 21.
The United States announced sanctions on October 22 on Rosneft and Lukoil, Russia’s two largest producers, which collectively export more than half of the federation’s seaborne crude—an estimated 3.6 million barrels per day (bpd). The UK had announced sanctions on the two producers a week earlier.
Major shift in US sanctions strategy
The sanctions targeting Russia’s key producers signal a fundamental shift in strategy for the Trump administration, which had largely concentrated its efforts on Iranian oil and shipping since January. This move—to directly block exports rather than merely attempting to limit the sale price—undercuts the core principle of the Oil Price Cap mechanism. The cap’s objective was to keep Russian oil flowing to stabilize global supply while curbing Moscow’s revenue.
Greek-owned tankers have historically been crucial to cap-compliant Russian crude shipments since the start of the war. When Russia’s Urals grade was priced below the $60/bbl cap (from January through July), Greece-owned tonnage lawfully shipped up to 40% of all crude from Russia, alongside sanctioned vessels and the “shadow fleet” of elderly, poorly maintained vessels operating under opaque registries and insurance.
However, the EU and UK lowered the Oil Price Cap by 15% to $47.60/bbl starting in September. This price adjustment pushed much of Russia’s crude above the cap, subsequently curbing Greek-owned liftings.
Related: China’s State Oil Giants Halt Russian Crude Imports Amid New US Sanctions
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