Recent developments indicate a notable increase in the activity of Russian fuel tankers operating off the Greek coast. In response, Greek naval exercises have been implemented in an attempt to mitigate such clandestine operations in the region.
Rising Activity of the Shadow Fleet
According to the analytics firm Vortexa, an estimated 1 million barrels of diesel, fuel oil, and other petroleum products are being transferred monthly near the islands of Lesbos and Chios in the Aegean Sea. This area has become a popular site for these activities following naval exercises by the Greek navy around the Laconian Gulf, a previously preferred transfer location in Europe.
This influx of Russian oil across Europe has raised safety and insurance concerns for the vessels involved. The often covert nature of these operations helps obscure the oil’s origin, facilitating sanctions evasion and complicating the supply chain links between sellers and buyers.
Transfers persist near the Laconian Gulf, albeit at a reduced rate due to ongoing naval maneuvers, leaving a narrow corridor of water available for such operations. Since the initiation of Greek naval exercises in May, more transfers have been recorded near the Italian port of Augusta. The exercises have been extended until March, compelling tankers to explore alternative routes.
Expansion of the Shadow Fleet
The so-called "shadow fleet"—comprising ships that operate under international sanctions—enables Russia to continue exporting substantial volumes of diesel and fuel oil, approximately 3.5 million tons monthly, through complex logistical procedures. Beyond the Aegean Sea, similar operations are carried out in international waters near Africa, Turkey, and the Red Sea, highlighting a global trend in sanctions evasion.
Source: Bloomberg Report