Twelve European countries to jointly counter Russia's shadow fleet exporting oil

Twelve European countries have agreed to jointly counter the shadow fleet used by Russia to export oil, bypassing the G7-imposed price cap. Ships will now be checked for valid insurance documents.

Source: Estonian government website

Details: Germany, the United Kingdom, Poland, the Netherlands, five Nordic countries and the three Baltic states have agreed to work together against the shadow fleet Russia uses to circumvent the price cap on oil exports set by the Group of Seven (G7).

Estonian Prime Minister Kristen Michal stated that Russia's shadow fleet poses a threat to Europe’s security, economy and environment.

Quote: "Those who choose to operate in the shadows need to face the consequences. We are taking coordinated steps to deter Russia’s shadow fleet and their attempts to evade sanctions." 

More details: The statement notes that the UK, Denmark, Sweden, Poland, Finland and Estonia will now inspect the insurance documents of suspicious vessels passing through the English Channel, Danish Straits and the Gulf of Finland. The collected information, including details of ships that refuse to respond to inquiries, will be jointly analysed with international partners.

With these measures, the twelve countries aim not only to limit Russia's revenues from energy exports, which fund its war against Ukraine, but also to enhance the region’s environmental safety. Environmental experts have determined that nearly 200 tankers in Russia's oil fleet are outdated and should be decommissioned. These vessels have caused several oil spills in recent years.

Background: While some vessels in Russia's shadow fleet still use Western insurance services, most owners rely on Russian insurers backed by Russia's state-owned reinsurance company.

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