Greek-Operated Tankers Ship Less Russian Crude Amid Rising Urals Prices

Last year, Greece emerged as a new hub for Russian oil via ship-to-ship (STS) loadings shortly after the U.S. and Europe slapped heavy sanctions on Russian crude. At the height of the Russia-Greece trade, shipments of Russian fuel oil clocked in at nearly a million tonnes, several times the volumes before the sanctions.

But now Greek-operated tankers are cutting their volumes of Russian crude after the price of Urals surpassed the US$60/bbl price cap for the first time in July. According to Argus Media, Greek tanker operators, who control…