They sell their ships to Russia or to companies with unclear ownership status and withdraw from the Russian oil trade… – Makeleio.gr

However, Vladimir Putin has increased oil exports to compensate for the lower price, and it still brings in significant revenues, which also has to do with the fact that the $60 ceiling that was set was too high.

He says countries such as Greece, Cyprus and Malta have fiercely resisted a lower cap, adding that there is nothing the West can do to stop Russian oil exports to China and that India uses the oil, especially the tankers of Greek shipping companies.

• «We often see Greek shipowners selling their ships to Russia or to companies with a complex and unclear ownership status and withdrawing from the Russian oil business.

In the Black Sea, we see this very clearly and this is a big problem because only if the West retains control of the tanker fleet can it ensure that the price ceiling is respected.

Recently, Greek tankers have been transporting 45% of Russian oil in the Black Sea. The West loses control of the tanker trade to RussiaRobin Brooks notes.

He then explains that due to the age of the Greek tankers, making it nearly impossible to insure them, Greek shipowners take the opportunity to sell them to Russia for high financial considerations.

The Russians, for their part, if they have these tankers, on which they have relied so far, can ignore the oil price cap and the sanctions.

Finally, the economist of the Institute of International Finance argues that the EU can dictate the sale of tankers only to Western companies and put a ceiling at $ 50, and countries such as Germany and France should make it clear to the Greek government that it is necessary to lower the price of Russian oil.

«It is inconceivable that this fails because of the Greek veto.”, comments, finally, t. brooks.