Western companies have earned $6.3 billion from the sale of tankers for the Russian shadow fleet

Western shipowners have earned at least $6.3 billion by selling hundreds of outdated tankers to shell companies that have become part of Russia’s shadow fleet. This is reported by UNN with reference to analysis by Follow the Money and by the Center for the Study of Corruption and Organized Crime (OCCRP).

Details

According to Follow the Money and the OCCRP, ships sold in Europe and the United States account for approximately 40% of Russia’s shadow fleet – 230 ships.

Despite the sanctions in place, more than half of the tankers identified in the Follow The Money and OCCRP investigation were sold by 54 Greek companies for at least $3.7 billion.

In addition to Tsakos, other companies that sold tankers included Marla Tankers, Prime Marine, Thenamaris, and Toro Corp. The latter, for example, sold six tankers in two years and made a profit of more than $111 million. After five vessels were found to be in the shadow fleet, the UK imposed sanctions on each of them.

Russia’s shadow fleet: Sanctions circumvention, environmental threats and war financing10.01.25, 18:45 • 241533 views

Representatives of numerous companies, including Chemikalien Seetransporte GmbH and Euronav, claim that they comply with all international rules and verify buyers. At the same time, in some cases, the vessels have changed flags and operators before entering Russia.

Tsakos Energy Navigation Ltd. spokesman Clio Khatsimichali said the company allegedly complies with all sanctions. At the same time, he did not comment on the sale of the Aris tanker, which ended up in the shadow fleet of the Russian Federation after it was transferred to a buyer registered in the Marshall Islands. The OCCRP found no evidence that Tsakos Energy Navigation deliberately facilitated the circumvention of sanctions.

Zelenskyy discusses tougher sanctions against Russia’s shadow fleet with OSCE chief08.01.25, 21:09 • 31350 views

Despite the G7 restrictions, Russia has earned more than 800 billion euros from fossil fuel exports since the start of its full-scale invasion of Ukraine.

The KSE Institute at the Kyiv School of Economics has identified vessels in this network, considering a tanker to be part of the shadow fleet if it transports Russian oil, has an opaque ownership structure, and lacks reliable Western oil spill insurance. The direct sale of oil tankers to Russian companies is prohibited by EU sanctions imposed in 2023. However, indirect sales to companies from non-sanctioned countries are not illegal, opening a significant loophole in efforts that are supposed to limit Russia’s ability to finance its war against Ukraine

According to Benjamin Hilgenstock, senior economist at the KSE Institute, the current sanctions are not effective enough if tankers end up in the shadow fleet.

You can resell a tanker three times in three weeks. Companies that sell tankers know well what to do to avoid problems

The EU Special Representative for Sanctions, David O’Sullivan, emphasized that European sellers should make sure that their vessels are not used by Russia to circumvent sanctions.

People who sell ships must prove that they have checked that the sale does not contribute to the circumvention of sanctions or violation of price restrictions

He added that although it is impossible to completely stop the circumvention of sanctions, the main question is whether they are gradually weakening the Russian economy.

According to the Center for the Study of Corruption and Organized Crime, in , as part of the ban on direct sales to Russian companies, the EU ruled that European shipowners must report to national authorities when they sell a ship to a buyer outside the bloc. Sanctions officials cannot block these transactions, but the ruling is intended to make companies stop and think before making sales that could circumvent sanctions.

More than 50 vessels of the Russian “shadow fleet” belong to Dubai companies – Yle12.01.25, 03:04 • 56672 views

In response to the growth of the shadow fleet, the US, UK, and EU have joined forces to impose sanctions on individual vessels. So far, Western governments have imposed restrictions on approximately 300 tankers. In January 2025, the US sanctioned 155 tankers, the largest attempt to weaken the shadow fleet. Almost 80 of these vessels, according to investigations by Follow The Money (FTM) and OCCRP, were linked to Western companies.

Sanctions against Russia are a response to its aggression against Ukraine. The EU faces a fundamental challenge: imposing swift and tough sanctions requires the unanimous approval of all 27 member states, which makes it difficult to act effectively

Outdated tankers in Russia’s shadow fleet not only undermine Western attempts to put financial pressure on Russia, but also increase the risk of maritime disasters.

Recall

On December 25, 2024, an emergency situation was declared in the Krasnodar Territory of the Russian Federation due to the spill of more than 3000 tons of fuel oil after the accident of two tankers. This caused pollution of 50 km of the coast.

Russia’s “shadow” fleet includes 230 tankers from the US and EU – media04.02.25, 17:48 • 25046 views