Greek shipowners are returning to the Russian crude market, as its price fell under the 60 dollar ceiling per barrel, allowing them to provide transportation and insurance services while complying with sanctions, three sources said according to Reuters.

The priced ceiling introduced by the G7 does not allow Western companies to provide Russian oil insurance and transport services that sell over $ 60 per barrel at the port of loading.

Most Western shipowners have avoided working with Russian oil since December 2022, as relatively high oil prices have maintained URALS near or above the maximum prices. The tankers managed by companies from countries that did not participate in the priced ceiling policy have since been the main loaders of Russian oil.

In April, the International Agency notes, some Greek shipowners, including Minerva Marine, Dynacom and TMS tankers, provided ships for Russian oil transport, according to three sources from shipping and trade. These companies were not present in the Russian oil market last year, sources said.

The fall in international oil prices this spring due to global commercial tensions pushed the price of Urals well below $ 60 per barrel in Russian ports, allowing Western ships to return to Russian crude.

According to Reuters’ calculations, Urals from the ports of the Baltic and Novorossisk were valued just over $ 50 per barrel on April 24.

According to LSEG data and sources of shipping and commerce, 15 of the 25 tankers loaded with Urals from the ports of Primorsk, Ust-Luga and Novorossiks in April.