The Russian Federation bought dozens of tankers through front companies in the UAE

The Kremlin is trying to circumvent sanctions against the export of Russian energy carriers thanks to shell companies registered in the UAE.

Over the past year, new companies from the UAE have purchased dozens of gas tankers. Presumably, these vessels are intended for the “shadow fleet” of the Russian Federation, the Financial Times writes.

According to Windward’s report, more than 50 gas carriers have been transferred to UAE buyers since the second quarter of 2023. Before that, such contracts were rare.

For its part, the mass purchase of tankers by companies unknown to the market led to an increase in prices, especially for old vessels.

“The market for old gas carriers with steam turbines has shrunk due to the tightening of environmental regulations, as well as due to significant improvements in engine technology. But we are seeing an increase in the cost of these types of vessels. This can be partly explained by the fact that they are moving to the so-called shadow fleet,” commented Toby Danipas, Director of LNG at the logistics company SSY.

According to Kpler, some of the newly acquired vessels are now plying routes traditionally used to transport LNG from Russia. At least one ship is openly loading LNG from Yamal, Russia’s leading export project, which has not yet been sanctioned.

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