The Switch List: Tankers Shift From Carrying Iranian Oil to Russian Oil

Updated: April 1, 2024

On December 5, 2022, the G7, the European Union, and Australia agreed to a $60-per-barrel price cap on Russian seaborne crude oil. The G7 price cap allows non-EU countries to continue importing seaborne Russian crude oil, but prohibits shipping, insurance, and reinsurance companies from handling cargoes of Russian crude around the globe, unless it is being sold for less than the price cap. EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil. In an attempt to overcome these curbs on the country’s oil, Russia has established its own shadow fleet of tankers. These are mostly older vessels, many of which have experience working with sanctioned regimes such as Iran. Since the Russian invasion of Ukraine began in February 2022, more than 86 vessels previously involved in helping Tehran export Iranian oil are now helping Moscow transport Russian oil or petroleum products.

UANI first predicted that Russia would turn to the “Ghost Armada” to keep the crude flowing to its Chinese partner in May 2022. Since then, the number of tankers that have made the switch has grown.

The “switch list” is below, and UANI will publish monthly updates:

 * Indicates the vessel has been switching between transporting both Iranian and Russian cargoes.