SIMIC

Data suggests transfers in the Russian port of Kavkaz, where a Russian ship will unload oil from its vessel to another coming from a neutral company.

Such transfers off the Greek port of Kalamata rose 20 per cent in a month as a result.

For example, the Russian 65,141-gross tonne Vladimir Monomakh, entered the port of Kavkaz on March 1, before transferring its oil to the 25,000-tonne Greek-owned Maltese-flagged Minerva Emily.

Minerva Marine owner Andreas Martinos made large profits by transferring Russian oil in this way.

However, there was no evidence of sanctions being breached and Minerva was not attempting to conceal its actions.

Greek billionaire George Economou also transported 1.9 million tonnes of oil directly from four Russian ports in April.

Oil prices following Russia's invasion have hit 14-year highs, fueling Russia's war efforts.

Moscow is making US$800 million a day from oil exports as Western countries try to reduce their reliance on Russian energy.