An investigation revealed that European and US shipowners sold at least 230 ageing tankers to a shadow fleet that aids Russia in evading sanctions imposed for its actions in Ukraine. The sales generated approximately $6 billion for shipowners since 2022, primarily involving tankers sold to countries not participating in sanctions. A majority of these ships were otherwise heading for scrap. Concerns have arisen that these vessels are not only transporting Russian oil but also involved in espionage and infrastructure damage against the West, with the shadow fleet estimated to control 70% of Russian oil exports.
European and US shipowners have sold at least 230 ageing tankers to Russia's shadow fleet to evade sanctions, generating over $6 billion in profits since 2022.
Greek owners sold the most tankers, with a total of 127 vessels being offloaded, demonstrating the significant role of European shipowners in supporting Russia.
Western governments are concerned that the shadow fleet is not only transporting Russian oil but also involved in espionage activities and infrastructure sabotage.
Following the introduction of an oil price cap, the demand and prices for vessels that could be registered in non-western jurisdictions skyrocketed.
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