Western shipowners have earned billions from selling old oil tankers to companies that assist Russia in circumventing sanctions, according to research by Follow The Money (FTM). Oil remains a key revenue source for Russia; however, due to Western sanctions, the country can no longer use Western tankers for exports, and many ports have barred Russian ships.
This situation has led to the emergence of the so-called “shadow fleet,” comprising around 600 old oil tankers with undisclosed ownership, often registered in places like the Seychelles, Hong Kong, or Vietnam. Russia uses these vessels to transport oil, primarily to India, China, and Turkey, where it is sometimes processed into products like diesel and subsequently re-enters Europe.
Over a third of this fleet originates from Western shipowners, who have sold 230 tankers since the Russian invasion of Ukraine, earning over 6 billion euros. Greek shipping companies are the largest contributors, followed by British, German, and Norwegian owners.
Notably, Dutch companies were not involved, though some German-affiliated Amsterdam-based entities were. The practice of selling these often outdated ships to opaque entities suggests sellers might have been aware of their entry into the Russian shadow fleet.
Concerns include not only bolstering Putin’s war economy but also increasing environmental risks and potential for espionage or sabotage involving these vessels. Recently, Western governments have begun sanctioning specific ships, with the U.S. sanctioning 183 tankers in January, raising its total to 235, while the EU has sanctioned 68.
Source: NOS