Money Works: Russia’s Underground Fleet

Money Works: Russia’s Underground Fleet

In the wake of the US imposing sanctions on Russia’s oil exports due to the invasion of Ukraine, a new shipping industry has emerged known as Russia’s shadow fleet. This secretive fleet aims to circumvent the sanctions on Russian oil, allowing Russia to continue making significant profits. Surprisingly, the very countries that have imposed these sanctions on Russia are inadvertently contributing to the financial success of the Russian shadow fleet.

The shadow fleet plays a crucial role in facilitating crude oil transfers and exploiting loopholes in the sanctions, enabling Russia to continue exporting oil and generating substantial revenue. Despite efforts to restrict Russia’s economic activities, the shadow fleet has managed to thrive and evade detection, underscoring the challenges of enforcing sanctions on a global scale.

As the conflict in Ukraine escalates and economic sanctions take center stage, the shadow fleet represents a significant aspect of Russia’s strategy to maintain its oil exports and sustain its economy. The ongoing tug-of-war between sanctions and loopholes highlights the complexities of international trade, geopolitics, and the interplay between economic interests and political tensions.

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Video “Russia’s shadow fleet | Money Works” was uploaded on 07/04/2024 to Youtube Channel Al Jazeera English