Three major Greek shipping companies have stopped shipping Russian oil in recent weeks to avoid U.S. sanctions now being imposed on shipping companies that transport Russian oil, four traders told Reuters, citing shipping data.

The layoffs are a blow to Russia as they reduce the number of shipping companies willing to transport Russian oil to consumers in Asia, Turkey, the Middle East, Africa and South America, although Moscow still has enough shipping companies, traders said.

Greek carriers Minerva Marine, Thenamaris and TMS Tankers have stopped transporting Russian oil in recent weeks, four traders said.

Tenamaris said he does not comment on commercial matters. Minerva Marine and TMS Tankers did not respond to requests for comment. All three companies were active carriers of Russian oil and fuel until September-October, when they began to reduce their participation, according to data from traders and shipping agencies seen by Reuters.

All three have turned down requests for ships to load Russian oil in November and beyond, according to traders who previously worked with the three companies.

The exit of Greek carriers took place after the tightening of sanctions imposed by the United States on the supply of Russian oil.

In October, Washington imposed its first sanctions against oil tanker owners in Turkey and the United Arab Emirates that transported Russian oil above the G7 price threshold of $60 a barrel.

Washington imposed sanctions on three more ships last week.

The G7 countries introduced a cap on the price of Russian oil at the end of 2022, but it had not been applied before.

The price cap allows Western companies to provide transportation and insurance services for Russian crude if oil is selling below $60 a barrel.

The ceiling is designed to limit revenues from Russian exports.

Russia’s main oil export, Urals, has been trading above $60 a barrel since mid-July amid output cuts by the OPEC+ group, prompting many market watchers to say the price cap is not working.

In addition, Russian Pacific ESPO Blend oil is trading above the maximum mark, according to the US Treasury.

Three Greek firms have transported Russian oil for decades and continued to do so when most other Western companies stopped shipping to avoid increasing the risks of sanctions and imposing price caps.

The routes were profitable. Trading in Russian oil last year brought record profits to shippers who took risks and stayed in business.

Tariffs for transporting Russian oil rose to $15 million per tanker from Baltic ports to India last winter as carriers charged higher rates because of the risk. It cost several times more than unauthorized supplies of crude oil.

The three Greek companies operate more than 100 tankers capable of handling almost all of the oil exports from Russia’s European ports of Primorsk, Ust-Luga and Novorossiysk, about 10 million tons a month, or 2.4 million barrels a day.

It also operates a fleet of smaller fuel tankers.

“The dark fleet may not be enough to carry all the Russian oil,” said one Russian oil trader, referring to the emergence of a so-called “dark fleet” of shippers carrying oil from sanctions-hit Russia and Iran. which is not covered by Western insurance.

He cited the main reason that now Russian oil reaches customers in Asia in 8-10 weeks, instead of two weeks before the sanctions, when oil was sold in Europe.

This means more tanks are needed to trade.

For now, however, Russia appears to be coping with interference from other shipping companies, traders say.

Russia now relies on its shipping company Sovcomflot and many lesser-known shipping companies registered in the United Arab Emirates, India, Hong Kong, Seychelles, Ghana and elsewhere, according to traders and shipping data.

The ships sail under the flags of various states, from Liberia to the Cook Islands.