Russia to Rely on ‘Shadow Fleet’ of Oil Tankers

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https://www.wsj.com/articles/russia-will-rely-on-shadow-tanker-fleet-to-keep-oil-flowing-11670036535

Whether the world’s biggest crude exporter succeeds in skirting harsh sanctions starting Monday depends on a non-Western aligned fleet

Oil is Russia’s economic lifeblood and key to funding its war in Ukraine. Alexander Ryumin/Zuma Press

Updated Dec. 3, 2022 9:10 am ET

Shipping companies have snapped up dozens of secondhand oil tankers this year, paying record prices for ice-class ships that can navigate frozen seas around Russia’s Baltic ports in winter.

A driving force behind the purchases, say people familiar with the deals: To get Russian oil to market after the harshest sanctions to date strike Russia’s energy industry next week.