Greece extends ban on pumping Russian oil off its coast
Loophole closed for Russian tankers (Getty Images)
The Greek Navy has extended a warning that effectively prohibits vessel movement near the southeastern coast of the Peloponnese and beyond, aiming to prevent the transfer of Russian oil from ship to ship off the Greek coast, according to Reuters.
In recent months, Greece has issued and extended such warnings due to military exercises near the coast of the Laconian Gulf and even further, near the island of Kythira, urging commercial and other vessels to avoid the area.
The latest warning has been extended until September 15, 2024.
"It is obviously effective in preventing transfers of shipments that should not be transferred," explained a source, highlighting the primary reason for the extension.
Since Russia invaded Ukraine in 2022, international sanctions have complicated the trade of Russian oil and oil products, prompting traders to seek loopholes for their exports, including offshore ship-to-ship transfers.
The waters around the southern coast of Greece and the Laconian Gulf have recently become transfer points for tankers carrying Russian oil to other vessels.
Previously, Greek officials said that Greek authorities cannot inspect vessels under a foreign flag in international waters, and such naval advisories help deter ship-to-ship transfers in the open sea.
Shadow fleet
Since Western countries imposed a price cap on Russian oil in an attempt to limit vital funds for the war in Ukraine, Russia has relied on a fleet of aging tankers.
Earlier, the US imposed sanctions on the Russian tanker group Sovcomflot to reduce Kremlin revenues from oil sales.
