Despite sanctions, the volume of Russia’s shadow fleet has increased by 70% in one year.

According to KSE analyses, Moscow has increased the volume of its shadow fleet of oil tankers by almost 70% despite restrictions targeting insurers and shipping companies.

The volume of Russian oil transported by these poorly maintained and uninsured tankers increased from 2.4 million barrels per day in June 2023 to 4.1 million in June 2024. The increase comes despite the fact that the US, Canada, Japan, and European allies are increasingly targeting global insurers and shipowners. They also added companies and individual vessels associated with the Russian shadow fleet to the sanctions list. In June, 70% of Russian marine oil was transported by the shadow fleet, on the formation of which Russia spent $10B.

Bloomberg writes that 21 of the 72 tankers on which sanctions were imposed loaded 24 cargoes of Russian oil. Almost 66% of the total cargo was transported by vessels under British sanctions.