Greek shipowners face lockout from lucrative Russian trade by lower price cap

The European Union’s plan to cut the oil price cap for the first time in more than two years will hit Greek operators that have surged back to the market as the global cost of crude has tumbled.

Nine different Greek operators were responsible for 40% of loadings from the key Baltic port of Primorsk over the past month, as falling global oil prices have seen Urals crude average below the $60 a barrel price cap all year, according to TradeWinds analysis of Kpler data.