Greek Navy Curbs Ship Traffic to Enforce Russian Oil Sanctions

May 8, 2024

Greek Navy Tightens Control to Deter Russian Oil Transfers

In a strategic move to curb the clandestine trade of Russian oil, the Greek navy has issued an extension to an advisory that prohibits ship traffic off the southeastern coast of the Peloponnese. This decision is primarily aimed at halting the ship-to-ship (STS) transfers of Russian oil that have been occurring in the Laconian Gulf, according to defense ministry officials.

With the backdrop of Russia’s invasion of Ukraine, international sanctions have made trading Russian oil difficult, compelling traders to find alternative routes and methods for exporting their goods. The Laconian Gulf, with its proximity to international waters, has become a hotspot for such transfers. Tankers laden with Russian oil have been anchoring beyond a six-nautical-mile limit from the Greek shore, a distance that places them outside the jurisdiction for cargo and vessel checks by Greek authorities.

A defense ministry source highlighted the limitations faced by Greece in policing these activities, stating, “You cannot perform an inspection on a ship with a foreign flag in international waters. Unless a vessel carries a Greek flag your hands are tied.” The source further explained that the NAVTEX advisories serve as an indirect method to prevent STS transfers close to Greek waters.

Recent reports have indicated that several tankers found themselves stranded near the Laconian Gulf following sanctions imposed by the United States. These sanctions targeted vessels involved in Iranian-related shipping activities. As Russia continues to face challenges due to the loss of insurance and other essential shipping services, Western nations are intensifying their financial sanctions.

Moreover, there is anticipation within the European Union for proposed sanctions targeting the “shadow fleet” that handles Russian oil shipments outside the G7’s agreed oil price cap. These measures, if implemented, could further restrict the movement of Russian oil on a global scale.

The Greek navy’s advisory extension reflects a broader commitment by Greece and its allies to enforce international sanctions and maintain pressure on Russia’s oil trade. By extending military exercise advisories in strategic maritime areas, Athens sends a clear message that it will continue to take necessary actions to prevent sanction evasion through its waters.

The Greek navy has extended an advisory to ban ship traffic off the coast of the southeastern Peloponnese to prevent ship-to-ship transfers of Russian oil
Greece banned ships near Peloponnese due to environmental concerns and to protect the regions marine ecosystem from pollution and overfishing, ensuring sustainable maritime activity.

Can the Greek navys ban deter illicit Russian oil transfers?

Send a request and get a free consultation:

Digging Deeper: Uncover insights on this subject

June 2025
Businesses Secure Long-Term Stability with New Lease Agreements
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
India Sees 22.5% Growth in Tax Collections, Boosted by Lease Revenues
India's net direct tax collections saw a significant boost, growing by 22.5% as of August 11, compared to 19.54% the previous month. This surge was driven by a 30% rise in Personal Income Tax revenues and a 111% increase in Securities Transaction Tax receipts, despite modest corporate tax growth.
Lawmakers Consider Alternatives as Lease Deduction Nears Expiration
Lawmakers are evaluating alternatives to the expiring 20% deduction for qualified business income introduced by the Tax Cuts and Jobs Act. One option is corporate integration, which could address existing distortions. Businesses with a lease may also be impacted by these potential changes.
Hellenic Bank Loans
Hellenic Bank offers a range of loans tailored to various needs, including home loans, car financing, personal loans, educational loans, and professional loans. With flexible repayment options, competitive rates, and easy application processes, these loans help meet your financial goals.

Navigating tax deadlines

  • Income tax deadline
  • Personal tax deadline
  • Tax submission date
  • Tax return deadline
    Thanks for the apply!
    We will get back to you within 1 business day
    You can schedule a call time at your convenience now:
    In the meantime, you can get a free consultation
    with our AI-assistant