Baltic Firms Fuel Russia’s ‘Shadow Fleet’ Tankers, Investigation Reveals

Latvian, Lithuanian, and Estonian companies reportedly supplied essential fuel to Russian oil tankers trying to bypass Western sanctions and export crude oil.

The Shadow Fleet Connection

A recent investigation by Lithuanian public broadcaster LRT uncovered a supply network. It showed firms in Latvia, Lithuania, and Estonia provided fuel. This fuel went to tankers in Russia’s “shadow fleet.” Moscow uses these vessels to skirt Western sanctions and move oil globally.

Fueling Operations Identified

Reporters identified the fueling operations. These were conducted by the Fast Bunkering group of companies. They used the bunker tankers Rina and Zircone. These ships refueled 177 oil and oil product tankers. This took place across the Baltic Sea from June 2024 to March 2025.

Russian Port Links

The report stated that at least 159 of these tankers had visited Russian ports. This occurred just before or right after getting their fuel supply. Anatolii Kravtsev, an analyst at the Kyiv School of Economics, reviewed the data. He told LRT that at least 20 tankers clearly looked like part of Russia’s shadow fleet.

Lack of Standard Insurance

Kravtsev explained their shadow status to LRT. “Specifically, these vessels lacked insurance coverage from any member of the International Group of P&I Clubs,” he said. He added that their owners and managers were registered outside the Oil Price Cap Coalition’s control. Though not sanctioned during refueling, several tankers later faced new sanctions. These were imposed by the EU, the U.S., and the U.K., as LRT noted.

Wider European Fueling

S&P Global reported widespread fueling activity. At least 3,100 ship-to-ship fueling operations took place. These involved Russia’s shadow fleet between April 2023 and April 2024. This activity occurred near the coasts of Malta, Greece, Spain (Gibraltar), the Netherlands, and other European nations.

New Zealand Insurer’s Role

A separate Reuters investigation revealed another key enabler. A small New Zealand insurer played a major role. It helped with the maritime oil transport from Russia and Iran to Asian markets. Maritime Mutual, run by Paul Rankin (75) and his family, insured many such tankers. Reuters found they insured nearly one in six tankers linked to Russia’s shadow fleet.

Massive Oil Transport

Research by the Center for Research on Energy and Clean Air (CREA) estimated the scale. Ships insured by Maritime Mutual moved huge amounts of oil. Since 2018, they transported at least $18.2 billion worth of oil from Iran. They also moved $16.7 billion from Russia. New Zealand authorities are now investigating the company. They are coordinating with U.S., U.K., and Australian officials. Searches are being conducted at the Auckland and Christchurch offices, Reuters confirmed.

Company Denial

Maritime Mutual issued a statement to Reuters. It “categorically denies” engaging in conduct that breached any international sanctions. They also maintain a “zero-tolerance policy” on sanction breaches. Latvia, Lithuania, and Estonia are strong allies of Ukraine. These former Soviet republics are all members of the EU and NATO.