For several years, Iran, Venezuela, and Russia have relied on a sprawling network of aging tankers—known as the shadow fleet—to keep their oil flowing despite Western sanctions. Now, the EU is proposing its most aggressive move yet: a sweeping ban on maritime services that could cut off insurance, brokerage, and port access for vessels carrying Russian crude.
This comes at a time when the Venezuelan shadow fleet has largely been replaced by mainstream tanker operators, while the US continues to impose new restrictions on Iranian vessels. Both developments raise fresh questions about the future of these rogue tankers.
In this episode of Energy Evolution, host Eklavya Gupte explores whether the shadow fleet can survive tighter sanctions and what the consequences might be for global energy security, trade flows, and environmental safety.
Joining the conversation are Kelly Norways and Max Lin, two journalists from Platts, part of S&P Global Energy, who have been tracking the shadow fleet's evolution over the past few years. They break down the mechanics of this shipping network, explain how the EU's proposed ban differs from the price cap system, and reveal the growing risks posed by a fleet of vessels operating outside international safety standards.
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