HomeMediaLatest NewsPolitico: Greece has joined the refusal to agree on the 11th package of anti-Russian sanctions

Politico: Greece has joined the refusal to agree on the 11th package of anti-Russian sanctions

27 May 2023

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to Business FM on the meaning of the Greek tanker fleet for the transportation of Russian oil cargo:

“In the best of times, until 2022, Greece, as well as Cyprus and Malta, accounted for more than 50% of all Russian oil and oil products transported by sea, that is, these countries were the leaders in terms of the Russian oil cargo freight. At present, this share is unstable, but still occupies up to a third, and mainly these are primarily Greek ships, so today Russian oil suppliers, primarily Urals oil, cannot do without the use of Greek ships. But for Greece itself, for the Greek fleet, Russian companies are also one of the main customers, so the loss of this market, I think, will be very painful. In fact, no one forbids Greek ships from transporting Russian oil if its formal cost is within the price ceiling. The issue of introducing a complete ban on the European freight of Russian oil was discussed, but Greece was one of the countries that protested the most against this, in fact, the price ceiling mechanism was born from this. Greece is defending its quite obvious economic interests. Most likely, given the importance of maritime transportation in the Greek economy, the respective companies have quite large lobbying opportunities in front of the Greek government, so the government is forced, no matter what political position it takes, to take into account the interests of ship owners.”

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