Sanctions against Russia are proving ineffectual as it has spent $10bn on secondhand tankers since 2022, according to the Kyiv School of Economics (KSE).
Russia has invested heavily in building its shadow fleet, allowing its government to evade the G7+ oil price cap and bank additional export earnings to finance its war in Ukraine, according to the research team from the KSE Institute lead by Benjamin Hilgenstock, Anatoliy Kravtsev, Yuliia Pavytska and Anna Vlaysuk.
