Maritime Sanctions Taskforce Report Outlines Threat of Russia’s Shadow Fleet
RUSI’s Centre for Finance and Security has published its first Maritime Sanctions Taskforce report, outlining recommended policy responses to address the mounting threats posed by Russia’s shadow fleet.
Russia’s war in Ukraine continues to be fuelled by the revenue extracted from the country’s energy exports. To evade sanctions, Russia has invested billions on expanding its shadow fleet, which is estimated to comprise 1,000 poorly maintained and uninsured vessels. The shadow fleet not only undermines the G7 sanctions imposed on Russia, but its risky practices of disabling navigation systems to avoid tracking and ship-to-ship oil transfers without adequate insurance pose grave risks to international shipping and the environment.
The new RUSI Maritime Sanctions Taskforce, led by the Institute’s Centre for Finance and Security (CFS), brings together government officials and experts from the maritime industry to identify opportunities to counter the growing shadow fleet and disrupt its illicit practices. The Taskforce held its first meeting in November 2024 and published its first report laying out a series of recommendations to strengthen maritime sanctions and maximise their impact.
Reflecting on the timely creation of the Taskforce, CFS Director Tom Keatinge said:
The recent oil spill from two old and unsuitable vessels off the coast of Crimea is the first of many potential disasters to come if we continue to allow Russia’s illicit activities at sea. This Taskforce brings together the top experts from the maritime industry to counter this growing threat to international security, shipping and the environment.
Tom Keatinge
Director, CFS
After the publication of its first report, the Taskforce will deepen its efforts in 2025. As outlined in the report:
As the shadow fleet evolves, sustained efforts will be required to safeguard the principles of international law and ensure a level playing field in global trade. The taskforce will continue to refine its strategies and engage with stakeholders to build a resilient and accountable maritime governance system and restrict Russia’s access to its key revenue source, oil.
Extract from the first Maritime Sanctions Taskforce Report
About RUSI’s Centre for Finance and Security
The Centre for Finance and Security (CFS) was established at RUSI in 2014 by its Founding Director, Tom Keatinge.
The CFS specialises in the intersection of finance and security and is currently celebrating ten years of evidence-based research and insight which have provided solutions to some of the biggest challenges in the finance and security landscape.
Its analysis and actionable ideas aim to challenge the status quo and build resilience in the global response to illicit finance. The group’s work covers a range of state- and non-state-based security threats, which it examines through a financial lens across two primary areas: Financial Crime Policy, and Sanctions, State Threats and Economic Security.
You can read more about CFS’s work here.