Ships owned by the Alafouzos family and the NYSE-listed company Okeanis Eco Tankers Corp. (NYSE: ECO) are at the forefront of transporting Russian oil, raising critical concerns about compliance with U.S. and EU sanctions. Evidence of ship-to-ship transfers involving Venezuelan oil and the recent sale of a tanker that ultimately serviced Russian ports further intensifies these concerns.
Shipping Activities and Compliance Risks
The Alafouzos family, through its New York Stock Exchange-listed company Okeanis Eco Tankers and the privately held Kyklades Maritime, has been systematically involved in transporting Russian crude oil. Investigations using maritime tracking databases and verified shipping industry sources highlight ship-to-ship transfers involving tankers previously linked to Venezuelan oil shipments—operations widely recognized as sanction-evading practices.
In stark contrast, other international tanker companies listed on U.S. stock exchanges—such as Frontline PLC (NYSE: FRO), Double Hull Tankers (NYSE: DHT), and International Seaways Inc. (NYSE: INSW)—have abstained from Russia-related trades to avoid exposing their investors to sanctions-related risks. This leaves Okeanis Eco Tankers as the sole U.S.-listed tanker company engaged in such trades, many of which appear to have been conducted with questionable compliance regarding the price cap imposed by the current EU and U.S. sanctions regime.
Three Major Areas of Concern
1. Legal Compliance
EU sanctions impose strict price caps on Russian oil: $60 per barrel for crude oil (CN2709), $100 per barrel for premium refined products, and $45 per barrel for lower-value refined products. Shipping operators must document compliance, ensuring each cargo adheres to price caps, has verifiable origins, maintains AIS signal transmission, and meets proper insurance requirements. Data indicates that vessels operated by the Alafouzos family engaged in shipments when the international benchmark for Russian oil (Urals) exceeded the stipulated $60 price cap, raising the possibility of sanctions breaches.
2. Ethical Considerations
The Alafouzos family’s media enterprises publicly align with pro-European, pro-American, and pro-Ukrainian sentiments. However, their shipping operations actively facilitate Russia’s economic lifeline, indirectly sustaining Vladimir Putin’s military campaign in Ukraine. This contradiction between declared values and economic activities raises fundamental ethical questions.
3. Potential Breach of EU Sanctions (Article 3q of Council Regulation 833/2014)
The scale of trades conducted by the Alafouzos group, including those by NYSE-listed Okeanis Eco Tankers, could be interpreted as systematically supporting the Russian energy complex. Legal experts have raised concerns that such actions may violate Article 3q of Council Regulation (EU) No 833/2014, which restricts the sale, supply, transfer, or export of tankers to Russian entities or those involved in the Russian oil trade.
Sanctions and “Grey Zones”
Sanctions were initially designed as a tool to economically pressure Russia into ceasing its aggression against Ukraine. However, given Russia’s pivotal role in global energy markets, outright bans could have triggered severe disruptions. Additionally, key non-Western countries, including China, refused to enforce sanctions, diluting their impact.
To address this, Western nations introduced price caps on Russian oil transported to third countries, enforced through stringent documentation requirements. Despite these regulations, contradictions in the sanctions framework created significant loopholes or “grey zones.” Western authorities often appear to overlook these ambiguities, enabling certain shipping firms to profit from oil transportation—both within and potentially above the price cap—while engaging in practices that facilitate sanction evasion.
The Alafouzos Family’s Extensive Russian Oil Operations
Maritime tracking data reveals extensive involvement of Alafouzos family-linked vessels in the Russian oil trade following the invasion of Ukraine. Tankers from Okeanis Eco Tankers frequently transported shipments from key Russian ports such as Novorossiysk, Primorsk, and Ust-Luga to destinations in China, India, and Southeast Asia.
Further scrutiny reveals that two Okeanis Eco Tanker vessels, Kimolos and Folegandros, conducted ship-to-ship transfers off the coast of Malaysia in 2021 with tankers (M/T Mirame and M/T Kitakaze) known for transporting sanctioned Venezuelan oil. According to the maritime industry publication Tradewinds, these operations involved vessels that had deliberately disabled AIS signals—an established method of circumventing sanctions.
The Suspicious Sale of the Nissos Delos
Another troubling instance involves Kyklades Maritime’s recent sale of the Nissos Delos tanker for $45.3 million to a minor Bangladeshi firm. Soon after the transaction, maritime records revealed the vessel docking at Russia’s Primorsk port before heading to Singapore. This transaction appears to contradict explicit EU directives prohibiting ship sales that could bolster the “shadow fleet” transporting Russian oil outside sanction controls.
The Boast Heard Around Wall Street
In May 2024, Okeanis CEO Aristidis Alafouzos tweeted a hand-drawn performance comparison of his company’s revenues versus peers—an apparent display highlighting OET’s earnings outperformance. Analysts have noted that such financial overperformance likely stems from premium profits associated with high-risk Russian trades.
The Need for Greater Scrutiny
These findings highlight the urgent need for closer scrutiny by U.S., European, and Greek regulatory authorities responsible for sanction enforcement. As an EU member state, Greece has a particular responsibility to ensure its domestic shipping sector complies with international sanctions. Failure to do so risks undermining the effectiveness of Western sanctions and allowing the continued flow of revenues that finance Russia’s war in Ukraine.
List of Russian oil shipments facilitated by Alafouzos family controlled and OET vesels:
Suezmaxes:
1) Zeno I ex Novorossiysk to Cochin – 23 Oct 2024
2) Zeno I ex Primrorsk to Vadinar – 19 Aug 2024
3) Zeno I ex Murmansk to Tianjin – 15 Mar 2024
4) Zeno I ex Murmansk to Ma Day Island – 29 Dec 2023
5) Zeno I ex Ust-Luga to Cochin – 14 Oct 2023
6) EM Faith ex Ust-Luga to Sikka – 04 Sep 2024
7) EM Faith ex Murmansk to Tianjin – 20 May 2024
8) EM Faith ex Murmansk to Ma Day Island – 18 Feb 2024
9) EM Faith ex Murmansk to Sikka – 10 Dec 2023
10) EM Faith ex Murmansk to Vadinar 16 Mar 2023
11) EM Faith ex Novorossiysk to Tutunciftlik – 10 Feb 2023
12) EM Faith ex Taman to Tanjung Pelepas – 04 Nov 2022
13) EM Faith ex Ust-Luga to Sikka – 09 Aug 2022
14) Constantios ex Ust-Luga to Sea of Marmara – 20 Nov 2023
15) Constantios ex CPC to Tianjin – 25 May 2023
16) Constantios ex Ust-Luga to Sikka – 27 Oct 2022
17) Constantios ex Ust-Luga to Sikka – 18 Aug 2022
18) Nissos Antimilos ex CPC (Novorossiysk) / Rotterdam – 27 Dec 2024
19) Nissos Antimilos ex Primorsk / Aliaga – 14 Nov 2024
20) Nissos Antimilos ex CPC (Novorossiysk) / Thessaloniki – 21 Oct 2024
21) Nissos Antimilos ex Ust-Luga / Tutunciftlik – 23 Sep 2024
22) Nissos Antimilos ex CPC (Novorossiysk) – Rotterdam – 23 Aug 2024
23) Nissos Antimilos ex Primorsk – Tutunciftlik – 17 Jul 2024
24) Nissos Antimilos ex Novorossiysk to Varna – 28 Apr 2024
25) Nissos Antimilos ex Ust Luga to Singapore – 16 Dec 2023
26) Nissos Antimilos ex Novorossiysk to Ma Day Island – 26 Aug 2023
27) Nissos Antimilos ex Primorsk to Paradip – 08 Jun 2023
28) Nissos Antimilos ex Taman to Tanjung Pelepas – 05 Mar 2023
29) Nissos Antimilos ex Murmansk to Mumbai – 04 Jan 2023
30) Nissos Antimilos ex CPC to Rotterdam – 27 Nov 2022
31) Nissos Antimilos ex Novorossiysk to Tutunciftlik – 04 Nov 2022
32) Nissos Antimilos ex Novorossiysk to Tutunciftlik – 23 Oct 2022
33) Nissos Antimilos ex Novorossiysk to Aliaga – 09 Oct 2022
34) Nissos Antimilos ex Novorossiysk to Aliaga – 23 Sep 2022
35) Nissos Antimilos ex Novorossiysk to Tutunciftlik – 01 Sep 2022
36) Nissos Antimilos ex Novorossiysk to Aliaga – 18 Aug 2022
37) Nissos Antimilos ex Novorossiysk to Aliaga – 29 Jul 2022
38) Nissos Antimilos ex Ust-Luga to Dongjiangkou – 08 May 2022
39) Nissos Antimilos ex Novorossiysk to Paradip – 01 Mar 2022
40) Nissos Tinos ex Primorsk – Sea of Marmara — 26 Dec 2024
41) Nissos Tinos ex Primorsk – Aliaga — 14 Oct 2024
42) Nissos Tinos ex Primorsk – Tutunciftlik — 16 Aug 2024
43) Nissos Tinos ex Murmansk to Tema – 08 Aug 2023
44) Nissos Tinos ex Novorossiysk to Huizhou – 20 Apr 2023
45) Nissos Tinos ex Novorossiysk to Aliaga – 21 Mar 2023
46) Nissos Tinos ex Novorossiysk to Sikka – 18 Jan 2023
47) Nissos Tinos ex CPC to Tianjin – 01 Nov 2022
48) Nissos Tinos ex Ust-Luga to Tanjung Bin – 10 Aug 2022
49) Nissos Tinos ex CPC to Qingdao – 22 Mar 2022
50) Kinyras ex Primorsk – Bayuquan — 31 Oct 2024
51) Kinyras ex Ust-Luga – Aliaga — 17 Sep 2024
52) Kinyras ex Primorsk – Aliaga — 09 Aug 2024
53) Kinyras ex Ust-Luga – Aliaga — 15 May 2024
54) Kinyras ex Ust-Luga – Tutunciftlik — 16 Mar 2024
55) Kinyras ex Novorossiysk to Pakistan / WCI – 24 Nov 2023
56) Kinyras ex Novorossiysk to Cochin – 01 Oct 2023
57) Kinyras ex CPC to Sikka – 20 Jul 2023
58) Kinyras ex Ust-Luga to Aliaga – 04 Jun 2023
59) Kinyras ex Ust-Luga to Tanjung Pelepas – 02 Jan 2023
60) Nissos Koufonissi ex Primorsk – Tutunciftlik — 02 Jan 2025
61) Nissos Koufonissi ex CPC (Novorossiysk) – Yosu – 26 Jun 2024
62) Nissos Koufonissi ex Novorossiysk – Constantza – 13 Jun 2024
63) Nissos Koufonissi ex Primorsk – Tutunciftlik — 02 May 2024
64) Nissos Koufonissi ex Novorossiysk to Lanshan – 21 Sep 2023
65) Nissos Koufonissi ex Ust-Luga to Aliaga – 22 Aug 2023
66) Nissos Koufonissi ex Murmansk to Lanshan – 26 Apr 2023
67) Nissos Koufonissi ex Ust-Luga to Gulei – 27 Sep 2022
68) Nissos Ios ex Novorossiysk – Mediterranean – 17 Jan 2025
69) Nissos Ios ex Primorsk – Tutunciftlik – 28 Nov 2024
70) Nissos Ios ex Novorossiysk – Falconara – 28 Sep 2024
71) Nissos Ios ex Ust-Luga – Aliaga – 25 Aug 2024
72) Nissos Ios ex CPC (Novorossiysk) – Muara – 18 Mar 2024
73) Nissos Ios ex Novorossiysk to North China – 09 Nov 2023
74) Nissos Ios ex Novorossiysk to Cochin – 11 Aug 2023
75) Nissos Ios ex Murmansk to Paradip – 18 May 2023
76) Nissos Ios ex Murmansk to Visakhapatnam – 12 Mar 2023
77) Nissos Ios ex Murmansk to Sikka – 27 Dec 2022
78) Nissos Ios ex Ust-Luga to Ningbo – 10 Sep 2022
79) Nissos Ios ex Novorossiysk to Sikka – 28 Jun 2022
80) Nissos Ios ex Novorossiysk to Vadinar – 25 Apr 2022
81) Milos ex CPC to Sikka – 14 Sep 2023
82) Milos ex CPC to Incheon – 03 Apr 2023
83) Milos ex CPC to Aliaga – 04 Feb 2023
84) Milos ex Ust-Luga to Quanzhou – 23 Aug 2022
85) Milos ex Ust-Luga to Cochin – 27 May 2022
86) Milos ex Ust-Luga to Vatika Bay – 03 Apr 2022
87) Folegandros ex Primorsk to Sikka – 24 Oct 2023
88) Folegandros ex Murmansk to Paradip – 07 May 2023
89) Folegandros ex Murmansk to Vadinar – 27 Feb 2023
90) Folegandros ex Novorossiysk to Dongjiangkou – 28 Apr 2022
91) Kimolos ex Ust-Luga to Tutunciftlik – 03 Nov 2023
92) Kimolos ex to – Sikka – 15 May 2023
93) Kimolos ex Ust-Luga to Sikka – 26 Mar 2023
94) Kimolos ex Kozmino to Sikka – 10 Oct 2022
95) Kimolos ex Kozmino to Lanshan – 11 Sep 2022
96) Kimolos ex Ust-Luga to Lanshan – 12 Jul 2022
97) Poliegos ex CPC to Port Said – 15 Dec 2024
98) Poliegos ex Ust-Luga to Sikka – 31 Jul 2023
99) Poliegos ex CPC to Sikka – 21 May 2023
100) Poliegos ex CPC to Sikka – 31 Mar 2023
101) Poliegos ex Murmansk to Vadinar – 05 Feb 2023
102) Poliegos ex Ust-Luga to Tanjung – Bin 24 Sep 2022
103) Poliegos ex Ust-Luga to Lanshan – 07 Jun 2022
104) Poliegos ex CPC to Quanzhou – 24 Feb 2022
105) Poliegos ex Novorossiysk to Constantza – 03 Feb 2022
106) Nissos Sikinos ex CPC (Novorossiysk) – Trieste – 02 Oct 2024
107) Nissos Sikinos ex CPC (Novorossiysk) – Rotterdam – 08 May 2024
108) Nissos Sikinos ex CPC (Novorossiysk) – Augusta – 02 Apr 2024
109) Nissos Sikinos ex CPC to Tianjin – 03 Nov 2023
110) Nissos Sikinos ex Novorossiysk to Zhanjiang – 07 Jan 2023
111) Nissos Sikinos ex Novorossiysk to Aliaga – 04 Sep 2022
112) Nissos Sikinos ex CPC to Daesan – 11 Jun 2022
113) Nissos Sifnos ex CPC to Pakistan / WCI – 13 Jan 2025
114) Nissos Sifnos ex Novorossiysk to Le Havre – 30 Mar 2024
115) Nissos Sifnos ex CPC to Yosu – 18 Aug 2023
116) Nissos Sifnos ex Ust-Luga to Sikka – 13 Oct 2022
117) Nissos Sifnos ex Ust-Luga to Aliaga – 01 Jul 2022
118) Nissos Sifnos ex Ust-Luga to Tutunciftlik – 25 May 2022
119) Nissos Sifnos ex CPC to Shuidong – 10 Mar 2022
Aframaxes:
120) Khalissa ex Primorsk to Vadinar – 06 Oct 2023
121) Khalissa ex Ust-Luga to Chennai – 06 Jul 2023
122) Khalissa ex Saint Petersburg fb Ust-Luga to Shuqaiq – 18 Apr 2023
123) Khalissa ex Saint Petersburg fb Ust-Luga to Rabigh – 28 Feb 2023
124) Osperous ex Primorsk to Lanshan – 18 Jun 2023
125) Osperous ex Ust-Luga to Singapore – 05 Feb 2023
126) Osperous ex Primorsk to Chennai – 31 Oct 2022
127) Nissos Christiana ex Primorsk – Pakistan / West Coast India — 15 Jan 2025
128) Nissos Christiana ex Primorsk – Tutunciftlik — 03 Oct 2024
129) Nissos Christiana ex Ust-Luga – Aliaga — 13 Jun 2024
130) Nissos Christiana ex Saint Petersburg – Tanjung Bin — 19 Dec 2023
131) Nissos Christiana ex Ust-Luga to Mundra – 06 Sep 2023
132) Nissos Christiana ex Ust-Luga to Sikka – 19 May 2023
133) Nissos Christiana ex Ust-Luga to Tanjung Pelepas – 03 Mar 2023
134) Nissos Christiana ex CPC to Aliaga – 26 Jan 2023
135) Nissos Christiana ex Novorossiysk to Milazzo – 22 Dec 2022
136) Nissos Christiana ex Novorossiysk to Singapore – 28 Sep 2022
137) Nissos Christiana ex Primorsk to Sikka – 09 Jul 2022
138) Nissos Christiana ex Novorossiysk to Trieste – 04 Jun 2022
139) Nissos Christiana ex CPC to Pachi – 16 May 2022
140) Nissos Christiana ex CPC to Aliaga – 09 Mar 2022
141) Nissos Delos ex CPC (Novorossiysk) – Santa Panagia – 08 Nov 2024
142) Nissos Delos ex Novorossiysk – Tutunciftlik – 16 Oct 2024
143) Nissos Delos ex Ust-Luga – Tutunciftlik – 09 Sep 2024
144) Nissos Delos ex Ust-Luga – Sikka – 14 May 2024
145) Nissos Delos ex Novorossiysk – Santa Panagia – 19 Jan 2024
146) Nissos Delos ex Ust-Luga to Tutunciftlik – 02 Nov 2023
147) Nissos Delos ex Primorsk to Mundra – 30 Jun 2023
148) Nissos Delos ex Novorossiysk to Lanshan – 29 Mar 2023
149) Nissos Delos ex Tuapse to Sikka – 14 Dec 2022
150) Nissos Delos ex Primorsk to Sikka – 05 Oct 2022
151) Nissos Delos ex Primorsk to Cochin – 04 Jul 2022
152) Nissos Delos ex Novorossiysk to Colombo – 23 Mar 2022
153) Nissos Serifos ex Novorossiysk – Tutunciftlik – 06 Jan 2025
154) Nissos Serifos ex Primorsk – Tutunciftlik – 05 Dec 2024
155) Nissos Serifos ex Ust-Luga – Tutunciftlik – 26 Sep 2024
156) Nissos Serifos ex Novorossiysk – Aliaga – 23 Jul 2024
157) Nissos Serifos ex Ust-Luga – Aliaga – 20 Jun 2024
158) Nissos Serifos ex Ust-Luga – Aliaga – 22 Apr 2024
159) Nissos Serifos ex Ust-Luga to Duqm – 12 Oct 2023
160) Nissos Serifos ex Ust-Luga to Chennai – 03 Aug 2023
161) Nissos Serifos ex Primorsk to Mundra – 23 May 2023
162) Nissos Serifos ex Novorossiysk to Tutunciftlik – 10 Jan 2023
163) Nissos Serifos ex CPC to Fos – 04 Dec 2022
164) Nissos Serifos ex Kozmino to Dongjiangkou – 13 Aug 2022
165) Nissos Serifos ex Primorsk to Dongjiangkou – 09 Jun 2022
166) Nissos Serifos ex CPC to Bilbao – 17 May 2022
167) Nissos Serifos ex Novorossiysk to Augusta – 28 Apr 2022
168) Nissos Serifos ex Novorossiysk to Burgas – 11 Apr 2022
169) Nissos Serifos ex Novorossiysk to Midia – 25 Mar 2022
170) Nissos Serifos ex CPC to Trieste – 23 Feb 2022
171) Hai II ex Kozmino to Longkou – 12 Jul 2023
172) Hai II ex Kozmino to Dongjiangkou – 27 Jun 2023
173) Hai II ex Kozmino to Lanshan – 28 May 2023
174) Hai II ex Kozmino to Lanshan – 16 May 2023
175) Hai II ex Kozmino to Yantai – 27 Apr 2023
176) Hai II ex Kozmino to Yantai – 05 Mar 2023
177) Hai II ex Kozmino to Yantai – 17 Jan 2023
178) Hai II ex Ust-Luga to Qingdao – 06 Nov 2022
179) Nissos Paros ex CPC (Novorossiysk) – Genoa – 07 Jan 2025
180) Nissos Paros ex CPC (Novorossiysk) – Uncertain – 04 Dec 2024
181) Nissos Paros ex Ust-Luga – Tutunciftlik – 26 Oct 2024
182) Nissos Paros ex Ust-Luga – Tutunciftlik – 06 Sep 2024
183) Nissos Paros ex Ust-Luga – Tutunciftlik – 10 Jul 2024
184) Nissos Paros ex Ust-Luga to Fujairah – 20 Jul 2023
185) Nissos Paros ex Saint Petersburg fb Ust-Luga to Shuqaiq – 24 Apr 2023
186) Nissos Paros ex Novorossiysk fb Taman to Fujairah – 09 Feb 2023
187) Nissos Paros ex Ust-Luga to Milazzo – 01 Nov 2022
188) Nissos Paros ex Primorsk to Aliaga – 02 Sep 2022
189) Nissos Paros ex Novorossiysk to Trieste – 28 Jul 2022
190) Nissos Paros ex Primorsk to Sikka – 03 Jun 2022
191) Nissos Paros ex CPC to Rotterdam – 12 Apr 2022
An amazing history of continuous and even conservative voyages in and out Russian ports with Russian Oil performed by vessels of a Wall Street listed company and from the Alafouzos private company vessels.
Source: tovima.com
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