Greek Shippers Withdraw from Russian Oil Trade Amid US Sanctions Pressure

Three major Greek shipping firms, Minerva Marine, Thenamaris, and TMS Tankers, have stopped transporting Russian oil in recent weeks to avoid U.S. sanctions imposed on shipping firms carrying Russian oil. This development narrows the number of shipping firms available to transport Russian oil to consumers in Asia, Turkey, the Middle East, Africa, and South America. The Greek shippers' exit from the trade followed tighter U.S. sanctions imposed on Russian oil shipments, including a price cap of $60 per barrel. While Russia still has enough shipping firms for now, it is relying on its shipping company Sovcomflot and other little-known shipping firms registered in various locations.