Shipowners have made £4.8bn selling tankers to Russian ‘shadow fleet’

News Snapshot:

European and US shipowners have sold at least 230 ageing tankers into the “shadow fleet” used by Russia to evade western sanctions on its oil exports and help fund its war against Ukraine, an international investigation reveals. The shipowners have made more than $6bn (£4.8bn) since Russia’s 2022 invasion by selling the vessels to buyers in countries such as India, Hong Kong, Vietnam or Seychelles that are not participating in the economic sanctions against Moscow, the investigation found. It said Greek owners had sold the largest number of tankers, offloading 127 vessels, with UK companies selling 22 and German and...