An Unknown Fleet Aiding Russia In Shipping Its Oil All Over The World

Russian oil and refined products like diesel. Delivery to distant buyers needs other boats — and ship owners are now willing to deal with added complexities and legal risks, especially after the Group of Seven nations imposed price caps on Russian oil.

The expansion of the shadow fleet highlights the drastic changes the war has brought to the global oil market. To keep operating, the second-largest crude exporter in the world has reshaped decades-old trading habits and split the world’s energy system in two.

As Europe weaned itself off Russia’s energy, purchasers in Asia have also cut their deals. China boosted its imports of Russia’s oil to about 1.9 million barrels each day on average last year, up 19% from the year before –2021, per the International Energy Agency. India had ramped up its purchases more sharply, logging about an 800% rise to an average of about 900,000 barrels daily.