The Group of Seven democracies have implemented measures to restrict Russia's oil export earnings, which are used to finance the war against Ukraine. However, Russia has devised a strategy involving a shadow fleet of hundreds of aging tankers to circumvent sanctions and maintain its oil revenue.
The shadow fleet comprises used tankers acquired by non-transparent entities based in countries not imposing sanctions, such as the United Arab Emirates and the Marshall Islands. These tankers are flagged in locations like Gabon or the Cook Islands and are utilized to help Russian oil exporters evade the $60 per barrel price limit set by Ukraine's allies.
