Sanctioned tankers lifted 36% of all oil shipped from Russia in July, underscoring the sustained pressure Western regulators have placed on the dark fleet over most of 2025.Alongside volumes loaded on sanctioned tankers, Windward analysis of monthly tanker activity shows that 30% of Russia-origin crude and refined products were shipped on Greek-owned vessels. These shipments on Greek tankers are considered compliant with the G7 price cap, which allows Western marine service providers to export oil to third countries if the price is below a certain threshold. The cap is $60/bbl for crude, $100/bbl for refined products, and $45/bbl for fuel oil, and was put in place between December 2022 to February 2023.

Sanctioned Vessels Now Central to Russia’s Export Trade

Based on data compiled from Windward’s Maritime AI™ platform and Vortexa’s commodities tracking data, sanctioned ships lifted 60 million barrels of the 165 million barrels tracked leaving major export ports.

Half of all crude exported in July was shipped on sanctioned tankers, Windward and Vortexa analysis shows.

The assessed price of Russia’s Ural crude, the biggest export grade, averaged below the price cap in July at $58.99/bbl for a sixth consecutive month, according to price reporting agency Argus Media. ESPO grade crude shipped from Kozmino, on Russia’s east, averaged nearly $65/bbl, above the cap.

Greek Tankers Set to Exit Russian Crude Trade as Price Cap Tightens

Greek-owned tankers were used to ship 38% of refined products, including diesel. The global assessed price of diesel and gasoline has remained below $100/bbl for at least the past 18 months.

Greek-owned vessels shipped 20% of crude by volume, slightly lower than the prior month’s figure of 27%.

Greek crude shipments are likely to hit zero in the coming months as the price cap set by the UK and EU lowers to $47.80/bbl in September and October, as part of expanded sanctions announced over July. This will effectively lock out Greek shipowners from the Russian crude market and presents a significant dilemma for sellers and buyers who need to charter tonnage.

With more than 400 Russia-trading ships blacklisted by regulators, there’s a looming shortfall of tankers to fill the 20% gap left by Greek owners.

The biggest buyers of Russian crude, China and India, have continued to receive cargoes loaded on EU- and UK-sanctioned tankers, blunting any wider trading impact. However, U.S.-sanctioned tankers face greater trading difficulties.

Refined products, including diesel, were shipped on tankers sailing for 25 different countries, Vortexa data shows.

Compliance Risks Deepen for Russia-Trading Fleet

Of the nearly 300 tankers that loaded Russian oil in July, Windward Maritime AI™ showed high sanctions compliance risk for 63%. 31% of tankers were sanctioned, and 5% showed ‘medium risk’. 98% of all sanctioned vessels were flagged as ‘high risk’ by Windward prior to their designation.

As the EU implements the lower price cap and Greek shipowners exit the market, Russia’s reliance on its shadow fleet will deepen – raising both compliance risks for global trade and mounting challenges for enforcement.

Source: Windward