Follow the Money: The Podcast The Western oil tankers that fund Putin's war
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Jul 30, 2025 Birte Schohaus, Deputy Editor-in-chief at Follow the Money, dives into the shadow fleet of oil tankers aiding Russia’s war efforts. She reveals how Russia has generated over €900 billion from fossil fuel exports since the Ukraine conflict began. Schohaus highlights the paradox of Western shipowners profiting from sales to this fleet while circumventing sanctions. The discussion also examines the environmental risks posed by aging vessels and the moral complexities of European nations balancing economic interests with ethical considerations.
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Scale Of The Shadow Fleet
- Russia assembled a Shadow Fleet of roughly 600 aging oil tankers to dodge sanctions and the G7/EU oil price cap.
- The fleet lets Moscow keep selling oil and funding its war despite Western restrictions.
Purpose Of The Oil Price Cap
- The G7/EU price cap aimed to reduce Russia's oil revenues by limiting sale prices per barrel.
- The cap's goal was to cut funds Russia could use for its war economy.
Old Tankers Repurposed Rapidly
- Birte Schohaus described how Russia quickly bought and repurposed old, near-scrap tankers to build the fleet.
- Many purchases came from Western sellers who profited by offloading aging vessels.