Greek Shipowners Avoiding Russian Oil

Oil tanker owners in Greece, the world’s most powerful shipowning nation, scaled back how much Russian crude they’re hauling, a decision that could ultimately disrupt the flow of Moscow’s petroleum.

The number of Greek-owned tankers going to Russia will fall by a quarter this month compared with last, and is down 60% from June, ship tracking data compiled by Bloomberg show. That may well alarm officials in the Kremlin because the country still needs assistance from foreign vessel operators to get all its barrels to the global market.

Earlier this month, the US Treasury spooked some tanker owners by asking them to explain what they’d done to comply with a Group of Seven price cap on Russian oil. Officials from two Athens-based companies said shortly after that they were treading carefully while they evaluated the situation.

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