EU sanctions package: Russia now just charters Greek tankers

Business EU sanctions package

Russia now just charters Greek tankers

“Vladimir Putin will not sit idly by”

“Vladimir Putin has an opportunity to retaliate against an upcoming oil embargo,” Russian correspondent Christoph Wanner said. He explains what immediate measures the Russian head of state could take to punish the EU.

The EU ban on Russian ships entering European ports has no effect on Russia’s oil exports. On the contrary, Greek ships are rushing to the aid of the country to transport the oil elsewhere.

DAccording to information from WELT AM SONNTAG, the ban on Russian vessels from entering European ports imposed in the fifth package of sanctions imposed by the European Union has not yet had an impact on oil exports from the Russia.

The reason: according to data from the London shipping register Lloyd’s List, Moscow managed to stabilize oil exports at the previous level, mainly with the help of Greek shipowners. Many energy companies, traders and shipowners in Europe and the United States have now ended their commercial relations with Russia.

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According to Lloyds figures, 190 tankers cast off at Russia’s oil ports of Primorsk, Novorossiysk, Ust-Luga and St. Petersburg during the month of April, of which 76 alone were sailing under the Greek flag. The Greeks thus almost tripled their share in Russian oil transport compared to the previous year.

In the Russian port of Primorsk, Greek tankers are increasingly responsible for transporting oil

In the Russian port of Primorsk, Greek tankers are increasingly responsible for transporting oil

Credit: dpa/dpa/Alexander Ryumin

According to the Association of German Shipowners, Greece has the largest tanker fleet in the world with 716 ships, as WELT AM SONNTAG still reports. Since the start of the war on February 24, Russia has exported an average of 4.5 million barrels of oil per day, worth $509 million, according to a Lloyd’s report.

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Vladimir Putin may initially welcome an oil embargo

Additionally, there were approximately 2.2 million barrels of refined products such as diesel. It’s almost the same as before the invasion of Ukraine, although shipments are now increasingly heading to India and the Far East.

Last week, European Commission President Ursula von der Leyen proposed a sixth sanctions package to stop all oil imports from Russia by tanker or pipeline within six months. At a meeting of EU member states’ ambassadors in Brussels on Wednesday, Greece’s representative expressed reservations about the oil embargo.

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