For the first time, new Greek tankers, rather than older vessels from the shadow fleet, have been involved in transporting Russian oil. Shipowners have been pushed by a sharp increase in freight rates and a shortage of available ships.
Bloomberg writes about this.
The reason is that the US and EU blacklisted a large number of tankers involved in the trade in Russian oil in late 2025. Analysts estimate that more than 50 tankers that previously transported Russian oil are missing.
Formally, the transportation of Russian oil is not prohibited if the price of the cargo does not exceed the price ceiling. But such flights often remain without the support of Western insurance companies. That is why for a long time this niche was covered by a shadow fleet of old and worn-out vessels, which are not too bad to lose.
Due to falling prices, Russian oil is now being sold with a large margin above the sanctions ceiling, so shipowners are less afraid to violate the restrictions. Dynacom Tankers Management and Capital Ship Management joined the transportation — both companies used their new tankers.
The Argeus I, owned by Capital Ship Management, delivered more than 700 000 barrels of Urals to the Indian port of Paradip, its first voyage carrying Russian oil. The Rodos tanker delivered the cargo to China, and the Samothraki to the Indian port of Vadinar. Both vessels are controlled by Dynacom.
The use of new tankers does not eliminate risks: insurance companies may avoid such vessels due to the threat of future sanctions. However, shipowners believe that current profits compensate for this.
At the end of December, the average rate for shipping Urals crude oil from the port of Primorsk to the west coast of India exceeded $60 per ton, the highest level in two years. For comparison, at the beginning of last year it was around $25.
Price ceiling for Russian oil
The history of restrictions on the price of Russian oil began in December 2022, when the G7 countries, as well as Australia and the EU, set a maximum price for Russian oil at $60 per barrel. In February 2023, separate restrictions were introduced on petroleum products: $100 per barrel for diesel and $45 for lubricants.
On July 18, 2025, the EU adopted the 18th package of sanctions against Russia. According to it, the maximum price for Russian oil was reduced from $60 to $47.6 per barrel. The decision came into effect on September 3, 2025.
In September 2025, Canada also lowered its price ceiling on Russian oil by 12%, aligning its sanctions with its allies and increasing economic pressure on Moscow. Britain joined in.
Already in January 2026, the European Union announced a reduction in the price of Russian oil to $44.1 per barrel from February 1, 2026. The price ceiling is calculated twice a year according to the following scheme: the average market price for the last three months minus 15%.
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