A newly released investigation by Greek media outlets Inside Story and Solomon, in collaboration with the international journalistic project Shadow Fleet Secrets, uncovers how Greek-owned tankers have become a key link in the covert transport of Russian oil, effectively sidestepping Western sanctions. Published on Friday, the findings reveal how Moscow continues to export its crude despite strict EU and G7 restrictions designed to choke off its energy revenues.
Following Russia’s invasion of Ukraine in 2022, Western nations sought to curb its oil revenue by imposing a price cap of $60 per barrel and banning Western shipping companies from providing transportation or insurance services for Russian crude. However, according to research from the Kyiv School of Economics (KSE), Greek-owned tankers have been instrumental in sustaining Russia’s shadow fleet. At least 127 Greek vessels were sold to third-country buyers, only to later be discovered transporting Russian oil.
Greece has emerged as the leading supplier of second-hand tankers to this illicit network, with Greek interests responsible for 55% of such sales. The financial scale of these transactions is significant, with Greek shipping companies reportedly generating more than $3.7 billion from these sales between 2022 and 2024.
The report reveals that Russia’s shadow fleet operates through an intricate web of shell companies registered in jurisdictions such as the United Arab Emirates, India, Hong Kong, and the Seychelles. These entities acquire vessels and integrate them into a covert supply chain that facilitates the continued flow of Russian crude to global markets.
Data from Lloyd’s List shows that the number of tankers connected to the shadow fleet has grown to 591 in 2024, now accounting for over 10% of the world’s total tanker fleet.
Greek shipping companies, which have long dominated the global tanker trade, maintain that their operations are fully compliant with international law. They argue that they conduct due diligence on buyers and adhere to all regulations. However, Inside Story and Solomon’s ainvestigation underscores how vessels frequently change ownership, obscuring their final purpose and making oversight nearly impossible.
To counter this practice, the European Union imposed new restrictions in December 2023, banning the sale of tankers to Russian-linked entities and tightening regulations on vessel transactions. However, these measures have so far failed to close key loopholes, as ships continue to be resold through intermediaries in third countries. EU officials now acknowledge the limitations of their sanctions and are considering additional measures targeting the shipping companies involved.
Beyond its geopolitical implications, Inside Story and Solomon warns that the shadow fleet poses serious risks to global maritime safety. Many of these vessels are old and poorly maintained, increasing the likelihood of accidents and oil spills. They often engage in high-risk maneuvers such as switching off AIS tracking systems and conducting ship-to-ship oil transfers in international waters—practices that make it nearly impossible to monitor their movements. Additionally, these ships often lack insurance from reputable international firms, raising concerns about potential environmental disasters.
