We assume that the world looked on in horror as Russian missiles began to fall on Ukrainian homes in February 2022, and at the war crimes that Russian soldiers committed in their wake. Most of the world did: hundreds of companies closed their Russian operations and abandoned their assets in Russia. But one group of Western businesses, run from one EU country, headed in the other direction. Around the world, tankers owned by Greek shipping companies turned towards Russian ports.
As other shipping lines refused to take Russian exports, the fees for carrying Russian oil rose, and Greek shipping companies capitalised on the opportunity. As their profits have grown, Greece has lobbied successfully to dilute sanctions on Russian oil. A merchant navy, run by a small group of Western oligarchs, keeps money flowing into Putin’s regime.
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