As Brussels sets to blacklist 120 more ships in its 19th sanctions round against Russia, 16 of these tankers operate without any recognized national flag, allowing EU states to intercept them under Article 110 of the UN.
The deceptive practices emerged after Europe banned Russian seaborne imports in late 2022 in response to its aggression in Ukraine, forcing Moscow to redirect sales to India and China via longer, more expensive shipping routes requiring additional vessels.
Ukrainian Security Service drones struck Russia's Primorsk oil port on 12 Sept, damaging two shadow fleet tankers and forcing the first-ever suspension of operations at the Baltic Sea terminal that exports $100 million worth of oil products daily.
Amid the ongoing Russo-Ukrainian war, Britain targets Moscow's shadow fleet, linked to $24 billion in smuggled oil, citing risks to undersea cables, environment, and Europe's infrastructure security.
Despite public declarations of support for Ukraine, most major European powers commit minimal percentages of their economies to aid, while simultaneously purchasing Russian fossil fuels worth €3.2 billion more than their financial assistance to Kyiv in 2024, helping Russia to fund its war against Ukraine.
53 entities across seven countries, including China, India, Kazakhstan, the UAE, and Turkey, have been sanctioned by the EU for supplying Russia with dual-use technologies and military components.
The seizure of the Eagle S by Finnish authorities, a Russian oil tanker suspected of damaging vital subsea cables in the Baltic Sea, might trigger a shift in EU strategy.
Aging tankers doubled in value as Russian buyers sought vessels to circumvent oil sanctions and maintain their source of revenue to fund the war against Ukraine. Greek shipowners dominated these sales, followed by British and German owners.
Economic forecasts show Russian GDP dropping to under 1% in 2025 from 3% currently, while the central bank has pushed interest rates to 21% amid mounting pressure from international sanctions.