Max Lin, a data-driven Platts journalist on crude and shipping flows, and Kelly Norways, a Platts reporter tracking on-the-ground shipping shifts, discuss the shadow tanker network. They unpack how ageing tankers moved sanctioned oil, the EU’s proposed maritime-services ban versus the price cap, and rising environmental and safety risks from vessels operating outside international rules.
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Shadow Fleet Emerged To Evade Price Cap
The shadow fleet exploded after 2022 to bypass G7 price-cap measures and keep Russian oil flowing despite sanctions.
Thousands of older tankers (18–20+ years) operate off-AIS and outside international norms, creating opaque trade channels and safety risks.
insights INSIGHT
Shadow Fleet Represents Major Share Of Russian Exports
About 1,000 vessels form the global shadow network, with roughly 600 over 27,000 dwt supporting Russian shipments.
Roughly 70% of Russian oil flows have been handled by non-G7 or shadow tankers, making them dominant cargo carriers.
insights INSIGHT
EU Maritime Services Ban Would Be Far More Sweeping
The EU proposed a full maritime services ban to block insurance, brokerage and port services for vessels carrying Russian crude.
The ban is legally broader than the price cap and needs unanimous EU approval and likely G7 backing to be effective.
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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This comes at a time when the Venezuelan shadow fleet has largely been replaced by mainstream tanker operators, while the US continues to impose new restrictions on Iranian vessels.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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