EU, US Shipowners Made $6 Billion Selling Tankers To Russia’s Shadow Fleet

An investigation has revealed that US and European shipowners sold at least 230 old tankers to Russia’s “shadow fleet,” which helps Russia evade sanctions on oil exports. These sales have earned more than $6 billion since Russia invaded Ukraine in 2022.

Greek shipowners sold the most tankers, totalling 127 vessels, while companies from the UK, Germany, and Norway sold smaller amounts. The ships sold are now used to transport Russian oil and even engage in espionage activities.

Despite new EU rules introduced in late 2023 to prevent sanction evasion, 32 European-owned tankers were still sold to the shadow fleet. Around 70 tankers have been sanctioned by the EU for transporting Russian oil, and more are expected to be sanctioned soon.

The “shadow fleet” comprises around 600 ships, which Western shipowners are selling to shell companies that then end up operating under Russian control. This network allows Russia to continue its oil exports despite sanctions.

These ships are often old, aging tankers, which Western owners are selling at high prices. The total amount earned from these…

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