Three major Greek shipping companies, namely Minerva Marine, Thenamaris, and TMS Tankers, have ceased transporting Russian oil in recent weeks to evade U.S. sanctions, according to sources reported by Reuters. This move is considered a setback for Russia as it reduces the number of shipping firms willing to transport Russian oil to consumers in various regions. Although other shipping firms are still available, the withdrawal of these Greek companies impacts Russia's shipping options. These Greek firms, which operate over 100 oil tankers, had been involved in shipping Russian oil for decades but started scaling down their activities in September-October. Russia is now relying on its own shipping company Sovcomflot and several lesser-known firms registered in various locations to handle its oil exports. Washington imposed sanctions on tanker owners in Turkey and the UAE in October, targeting those transporting Russian oil above a $60 per barrel price cap set by the G7. Last week, the U.S. added sanctions on three more ships.

SOURCE: GOOGLE