International trade data and reports from energy market analysts

Russia's 'Shadow Fleet' Grows 70% Despite Sanctions, Lukoil Acquires 25 Tankers

Oct 14, 2024, 04:19 AM

A recent investigation by the Financial Times has revealed that Russia's 'shadow fleet' of oil tankers has significantly expanded despite Western sanctions. The report highlights that Moscow's capacity to transport oil on old, underinsured ships has increased by 70% since last year. The investigation also uncovers the involvement of a British accountant, a London-based broker, and Dubai companies in facilitating the acquisition of these vessels. Nearly one-third of the blacklisted ships are back at work, with the speed of their return increasing. Additionally, the Russian oil giant Lukoil has acquired 25 shadow tankers in less than a year. The report, supported by KSE Institute research, underscores the failure of sanctions to curb Russia's oil trade, which continues to thrive through various workarounds.