Baltic Fuel Suppliers Connected to Russia’s Evasive ‘Shadow Fleet’ Uncovered in Investigation

A consortium of businesses based in Latvia, Lithuania, and Estonia has been found to supply fuel to tankers associated with Russia’s “shadow fleet,” which Moscow utilizes to bypass Western sanctions and export oil, according to an investigation by the Lithuanian public broadcaster LRT.

The investigation revealed that these fueling operations were conducted by a collective known as Fast Bunkering, employing the bunker vessels Rina and Zircone.

Between June 2024 and March 2025, these ships provided fuel to 177 oil and oil product tankers at various locations across the Baltic Sea. Notably, at least 159 of these tankers had previously docked at Russian ports shortly before or after receiving fuel, as reported.

Anatolii Kravtsev, an analyst from the Kyiv School of Economics who assessed the information, informed LRT that at least 20 of the vessels displayed clear indicators of being part of Russia’s shadow fleet.

“Notably, these ships did not have insurance coverage from any members of the International Group of P&I Clubs, and their ownership and management were registered outside the jurisdictions of the Oil Price Cap Coalition,” Kravtsev remarked.

While none of the tankers were directly sanctioned at the time of refueling, several were subsequently included in sanctions lists by the EU, the U.S., and the U.K., according to LRT.

S&P Global reported that there were at least 3,100 ship-to-ship fueling practices involving Russia’s shadow fleet from April 2023 to April 2024 near the shores of Malta, Greece, Spain (Gibraltar), the Netherlands, and other European nations.

Another investigation by Reuters indicated that a small insurer from New Zealand played a significant role in facilitating the maritime transportation of oil from Russia and Iran to Asian markets.

Maritime Mutual, overseen by 75-year-old British citizen Paul Rankin and his family, was found to have insured nearly one in six tankers linked to Russia’s shadow fleet.

Research conducted by the Center for Research on Energy and Clean Air (CREA) estimated that vessels insured by Maritime Mutual have transported at least $18.2 billion worth of oil and petroleum products from Iran and $16.7 billion from Russia since 2018.

New Zealand authorities are currently investigating the company in collaboration with U.S., U.K., and Australian officials, conducting searches at its offices in Auckland and Christchurch, as reported by Reuters.

In a statement to Reuters, Maritime Mutual firmly denied any involvement in activities that violate international sanctions and asserted a “zero-tolerance policy” regarding breaches of these sanctions.

Latvia, Lithuania, and Estonia—former Soviet republics that are now EU and NATO members—are among Ukraine’s most steadfast supporters.