European Ships Keep Russia’s Shadow Fleet Afloat

The report details how a “shadow fleet” of aging oil tankers—moving cargo such as over 150 million liters from Ust-Luga—circumvents the G7 price cap to maintain Russia’s fossil-fuel revenues (over €800B since 2022), while the U.S., U.K., and EU have sanctioned roughly 300 vessels (including 155 by the U.S. in Jan 2025); however, enforcement remains inconsistent due to resistance from shipping-dependent EU states like Greece, Cyprus, and Malta, compounding environmental risks and highlighting the EU’s unanimity constraint on imposing stronger collective measures.