Wall Street-listed tanker firm linked to Russian oil trade despite sanctions - report
A new report by a Greek newspaper says there may be only one US-listed tanker company still transporting Russian oil amid global sanctions.
A Greek-owned shipping company listed on the New York Stock Exchange has been linked to the continued transport of Russian oil following the introduction of international sanctions, according to an investigation by Greek newspaper To Vima.
The report focuses on Okeanis Eco Tankers Corp., which is controlled by the Alafouzos family, one of Greece’s most prominent media and shipping dynasties. The investigation claims the company is the only US-listed oil tanker firm still involved in transporting Russian crude, at a time when many of its publicly traded competitors have exited the trade due to legal and reputational risks.
Citing maritime tracking data and industry sources, To Vima reports that vessels operated by Okeanis Eco Tankers and the family’s privately held company, Kyklades Maritime, have participated in ship-to-ship transfers of Russian oil, a method commonly used to mask the origin or destination of sanctioned cargo.
The report states that some of the tankers used in these transfers had previously been involved in transporting oil from Venezuela, another country subject to US and EU sanctions. It also refers to publicly available pricing data that suggests some shipments may have been made while the price of Russian Urals crude was above the $60-per-barrel cap imposed by the European Union.
Legal experts quoted by the report raise concerns that such activity could potentially breach Article 3q of Council Regulation (EU) No. 833/2014, which restricts the transport of Russian oil above the price cap by EU-linked companies or vessels.
The article notes that while other listed tanker companies - including Frontline PLC, Double Hull Tankers, and International Seaways Inc. - have largely avoided Russia-related oil transport since the start of the Ukraine conflict, Okeanis Eco Tankers has continued operating in this sector.
The To Vima investigation also highlights what it describes as a “contradiction” between the Alafouzos family's business practices and the editorial stance of their media holdings, which have publicly supported Ukraine and taken a firm pro-European line.
Giannis Alafouzos said in Okeanis’ annual report he was “deeply shocked by the atrocities perpetrated against the innocent people of Ukraine” and condemned “the Russian state’s invasion.”