Behind the Money with the Financial Times

Tracking Russia’s ‘shadow fleet’

Behind the Money with the Financial Times

Published: 5 March 2025 at 05:00 UTC

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Episode notes

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.

The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders.

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For further reading:

How Russia’s ‘shadow fleet’ gets its ships

Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

UK cracks down on Russia’s ‘shadow fleet’

EU agrees new Russia sanctions in the face of US push to end Ukraine war

To see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.

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Follow Tom Wilson on X (@thomas_m_wilson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

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