Russia has quietly amassed a fleet of over 100 ageing tankers to help circumvent western restrictions on Russian oil sales following its invasion of Ukraine, according to shipping brokers and analysts.
Shipping broker Braemar estimates that Moscow, which relies heavily on foreign tankers to transport its crude, has added more than 100 ships this year, through direct or indirect purchases. Energy consultancy Rystad says Russia has added 103 tankers in 2022 through purchases and the reallocation of ships servicing Iran and Venezuela, two countries under western oil embargoes.
The Kremlin’s push to assemble what the oil shipping industry calls Russia’s “shadow fleet” is an attempt to overcome new international curbs on the country’s oil. These include an EU ban on seaborne imports, which comes into force on Monday, and a new global price cap of $60 per barrel, which the bloc backed on Friday and is part of a broader G7 initiative.