In 2024, Russia used its “shadow fleet” to transport over 60% of its seaborne oil exports, including 78% of crude oil and 37% of oil products, according to Ukraine’s Defense Intelligence (HUR).
A shadow fleet refers to ships that operate outside standard maritime regulations to evade international sanctions. These vessels often use deceptive tactics, such as turning off identification systems and conducting ship-to-ship transfers at sea, to obscure their activities and maintain plausible deniability.
Russia’s total seaborne oil exports are valued at over €80 billion—€57 billion in crude oil and €26 billion in oil products.
The Ukrainian War&Sanctions portal has published an updated list of “shadow fleet” vessels, adding 35 new tankers. The list also includes information on vessels that recently changed their identification data and ownership structures to circumvent sanctions.
HUR reports that Russia’s shadow fleet now consists of 387 tankers, with a combined deadweight exceeding 57 million metric tons.
Intelligence indicates that Russia is adapting its shadow fleet management model. In addition to previously used jurisdictions such as the UAE, India, Seychelles, and the Marshall Islands, Moscow is increasingly registering companies tied to these vessels in China, including Hong Kong, as well as domestically in Russia.
Russia is also placing these vessels under newly favored “flags of convenience,” including those of the Comoros, Curaçao, Djibouti, Guyana, Gambia, São Tomé and Príncipe, and Tanzania.
The updated list includes ships linked to Russian tanker operators such as Fractal Marine Shipping (UAE), Gatik ShipManagement (India), Sun Ship Management (UAE), and Hennesea Holdings Limited (UAE). Since 2022, these companies have frequently changed ownership, employing a “vessel juggling” tactic to evade sanctions, HUR notes.
HUR emphasizes that over 90% of the vessels listed on the War&Sanctions portal lack proper Western insurance. This means that, in the event of accidents or oil spills, affected coastal nations may receive no compensation.
