The sanctions have failed. A Russian “ghost fleet” is now sailing the world’s oceans. According to several studies, these ships account for nearly 10% of the global fleet. Invisible, constantly changing their identities, and operating on the fringes of international law, these tankers circumvent sanctions and secretly fuel the Kremlin’s war economy. 632 have already been identified. But how many others are sailing in secret?
Thanks to this clandestine fleet, revenues from Russian oil exceeded 150 billion euros in 2025 – an all-time record. For Moscow, this fleet is both a source of revenue, a tool of influence… and a strategic weapon.
The routes taken by these ghost ships trace an opaque map of global trade. Shell companies and flag-of-convenience firms based in Dubai, cargoes sold through discreet purchasing channels in China, crude oil refined in India before returning – legally this time – to the European and American markets. A global treasure hunt where the oil’s origin fades away along the way.
From Europe to the United States, this investigation traces the routes of a clandestine maritime system, organised behind the scenes by Vladimir Putin’s men, where oil, “shadowy finance,” and intelligence operations intersect.
An unprecedented dive into a silent war, where oil has become a weapon and the oceans, an invisible battlefield.