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Behind the Money

Tracking Russia’s ‘shadow fleet’

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4350 Ratings

🗓️ 5 March 2025

⏱️ 25 minutes

🧾️ Download transcript

Summary

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.


The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders. 


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For further reading:

How Russia’s ‘shadow fleet’ gets its ships 

Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’

UK cracks down on Russia’s ‘shadow fleet’

EU agrees new Russia sanctions in the face of US push to end Ukraine war

To see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.

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Follow Tom Wilson on X (@thomas_m_wilson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.


Read a transcript of this episode on FT.com



Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0

Behind the Money by the FT is supported by Tide Business. Tide's Instant Sabre account offers 3.81% AER variable interest, unlimited deposit and no withdrawal fees.

0:09.8

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with no interest on balances over 75K. Terms apply. Visit tide.co slash savings. Rate correct

0:28.7

as of February 6.25. It's a very cold morning in northern Bosphorus.

0:40.3

I'm very close to the Black Sea.

0:42.3

Yorak Eshek is looking out across the Bosphorus Strait, the waterway that separates Europe and Asia in Istanbul.

0:50.3

I'm from Istanbul and I currently live in downtown downtown Istanbul by the Bosford, which is one of

0:55.6

world's busiest waterways.

0:57.9

And the reason York's been hanging out around here is because he's a ship spotter.

1:02.5

He's been helping the FT investigate Russia's so-called Shadow Fleet.

1:07.7

On this particularly blustery morning, he's armed with a camera, trying to spot a ship called Swift Sea Rider.

1:15.8

And I'm hoping to see Swift Sea Rider today, but the traffic slowed down due to rough weather.

1:21.6

And Swift Sea Rider changed names several times and changed flag since the Russian war on Ukraine has started.

1:32.9

And now I'm further interested with Swifsy Rider because it's one of the dark fleet vessels

1:39.7

identified by financial times.

1:45.0

York's talking about the ships that are helping Moscow circumvent sanctions that Western governments put on the country's oil exports.

1:52.0

These sanctions were put in place after Russian President Vladimir Putin launched a full-scale invasion of Ukraine three years ago.

2:00.0

From the banks of the Bosphorus, York and Istanbul can see these vessels sailing past him.

2:06.4

And yet, little is known about who owns these ships, how they were acquired, or who oversees

2:12.4

their operations.

...

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