Russia’s ability to finance its war in Ukraine remains closely tied to energy exports. In a recent episode of the Utblick podcast by the Utrikespolitiska institutet (UI), experts explored how Russia relies on a so-called “shadow fleet” to transport oil and bypass Western sanctions. The discussion examined how hundreds of aging, hard-to-trace tankers operate under false flags and opaque ownership structures to move Russian oil across global shipping routes, including through the Baltic Sea.
Maria Perrotta Berlin, Assistant Professor at the Stockholm Institute of Transition Economics (SITE) at the Stockholm School of Economics, contributed expert analysis on the economic role of this shadow fleet. In the conversation, Maria Perrotta Berlin explained how these vessels enable Russia to maintain oil exports despite price caps and sanctions imposed after the full-scale invasion of Ukraine.
Her insights highlight how energy revenues remain a central pillar of Russia’s war financing and why enforcement gaps allow sanctions to be circumvented. The episode also explored why stopping the shadow fleet is so difficult. Ships often operate under changing ownership, flags of convenience, and limited insurance oversight, making them difficult to track and regulate. The discussion further addressed the risks posed by older tankers operating in sensitive waters, including the Baltic Sea, where environmental and security concerns intersect with sanctions enforcement.
To explore the full discussion and Maria Perrotta Berlin’s insights on Russia’s shadow fleet, listen to the complete episode on the Utrikespolitiska institutet’s Utblick podcast.
Further Reading: Sanctions Timeline and Evidence Base
Energy exports remain the backbone of Russia’s economy and a major tool of geopolitical leverage. Western sanctions targeting the energy sector aim to reduce state revenues and limit Moscow’s ability to project influence abroad. Explore the Sanctions Portal Evidence Base to access the latest research and analysis on energy-related sanctions against Russia. The database brings together expert studies, policy insights, and data on the economic impact of sanctions. Review the Timeline of Western Sanctions and Russian Countermeasures to see how sanctions policy has evolved since the start of Russia’s full-scale invasion of Ukraine. The timeline tracks key measures and responses, showing how both sides have adapted over time.
