Russia Expands 'Dark Fleet' with Over 50 LNG Vessels to Circumvent Sanctions and Fund Ukraine War

Jul 21, 2024, 10:00 PM

Since the Ukraine war began in February 2022, Russia has been able to continue funding its war in Ukraine despite extensive Western sanctions aimed at crippling its economy. The Kremlin has ramped up liquefied natural gas (LNG) exports to replenish its coffers, with Western pension funds potentially contributing inadvertently. Additionally, Russia has been using a 'shadow fleet' of tankers to circumvent sanctions, making nearly a billion dollars a day from oil sales. This fleet, also known as the 'dark fleet,' poses significant maritime security and environmental risks due to unsafe shipping practices and the use of old vessels, often operating under flags of convenience and turning off location tracking systems. Since the second quarter of 2023, mysterious buyers with suspected links to Russia have acquired over 50 LNG vessels, indicating an expansion of this fleet.