Speaking at the 8th Capital Link Maritime Leaders Summit Greek tycoons said the EU was shooting itself in the foot with the oil sanctions against Russia. Vangelis Marinakis and George Prokopiou both fired straight shots at EU policy regarding the imposition of sanctions, while present at the same panel were Dr. Ioannis Koustas, Petros Pappas, Nikos Tsakos, and George Economou, in a unique composition of leading Greek shipowners, with a total fleet of over 600 ships.

“Both the pandemic and what is happening in Ukraine is something we have never experienced before. There has been tension in the area for days. Fortunately or unfortunately, shipping with geopolitical changes sees new opportunities,” said Vangelis Marinakis.

He continued: “The EU has decided to impose sanctions on Russia and at the same time to become independent of Russian oil and gas. Independence can not be achieved in one night. It will take time. The Europeans made a mistake. Instead of finding a solution to this serious issue of the energy crisis and helping economies and citizens, they are talking about imposing more sanctions. Russia, on the other hand, sells discounted oil to China and India, and Indian refineries resell petroleum products in Europe at exorbitant prices. So instead of punishing Russia, we are punishing ourselves. Politicians need to find solutions because there will be a deeper economic recession in the future.”

In the aftermath of the war in Ukraine, the president of the Capital Group pointed out that “as a company we work with Ukrainians and Russians. “We provided assistance, especially after the invasion, to Ukrainian sailors and their families.”

At the same time, he referred to the ships where the crew of both nationalities was signed, emphasising that so far there were no serious problems. But – as he said – as long as the war continues, this is a matter of time to happen and the process of separating the mixed crews is in progress.

George Prokopiou stressed: “The EU is shooting itself in the foot and the only winners are China and India.” He added: “Sanctions have never worked. Iran came out stronger and in Venezuela, the people were hungry, while the elites were having a good time.”