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Greek companies ceasing Russian oil transportation excluded from 'war sponsors' list

Greek companies ceasing Russian oil transportation excluded from 'war sponsors' list Photo: Three Greek companies excluded from list of war sponsors (Vitalii Nosach, RBC-Ukraine)

The National Agency on Corruption Prevention (NACP) has removed three Greek companies from the list of international sponsors of war after they ceased the transportation of Russian oil. The affected companies are Thenamaris Ships Management Inc., Minerva Marine, and TMC Tankers LTD, according to the NACP press service.

The NACP granted the "war sponsors" status to five Greek companies in the summer of 2022, including Minerva Marine, Thenamaris, and TMS Tankers. These companies were involved in transporting Russian oil and oil products, thereby contributing to the budget of the aggressor state.

"It is crucial for more international companies to refrain from cooperating with Russia, especially in the oil sector. Primarily, this weakens the economic capabilities of the aggressor's military machine. It's not just about the integrity and responsibility of such companies but also the possibility of avoiding sanctions," emphasized NACP Chairman Oleksandr Novikov.

Background on Greek companies and sanctions avoidance

Recently, the three largest Greek shipping companies stopped transporting Russian oil to avoid U.S. sanctions. They were active carriers of Russian oil and fuel until September-October when they began reducing their involvement. All three companies rejected requests for vessels to load Russian oil in November.

About NACP's list

The National Agency on Corruption Prevention is responsible for compliance in the private sector. During compliance procedures, contractors undergo checks for integrity, including socially responsible business conduct according to OECD standards.

The "International war sponsors" list serves as a reputational tool to achieve supply chain integrity on an international scale, encouraging global businesses to exit Russia and thus reduce the financial and technological capabilities of the terrorist state.

Previously, leading companies such as Irish Peninsula Petroleum Limited, diamond production and export giant Shree Ramkrishna Exports (SRK), and British paper and packaging group Mondi were removed from the list of international war sponsors.