President Volodymyr Zelensky announced on Dec. 13 that Ukraine’s sanctions against nearly 700 vessels linked to Russia’s shadow fleet had entered into force.

Zelensky said the vessels account for a large share of Russia’s fleet used to transport oil and other energy resources, providing funding that helps sustain the war, and noted that they operate under the flags of more than 50 jurisdictions.

Russia relies on its fossil fuel revenue to fund its war against Ukraine. Since Feb. 24, 2022, Russia has exported some 958 billion euros worth of fossil fuels — 68% of which was oil, 20% gas, and 12% coal, according to the Russia Fossil Tracker project led by CREA.

“We will continue working to ensure that each of these vessels, every shipowning company, and the entire infrastructure of Russia’s exports of oil and other energy resources also get blocked by our partners,” Zelensky said.

“Pressure on Russia and diplomacy aimed at ending the war must go hand in hand to achieve the necessary result,” he added.

Russia’s shadow fleet has been increasingly targeted by Western sanctions as Ukraine’s international partners seek to limit Russian oil revenues.

The shadow fleet includes hundreds of older, often uninsured or poorly maintained tankers. These typically operate under the flags of other countries and have little transparency, making it difficult for regulators to enforce sanctions.

Source: The Kyiv Independent