EU-Owned Tankers Regain Share of Russian Oil Shipments

Preliminary figures show European-owned tankers shipped 29% of all Russian oil in December, underscoring the growing complexity of sanctions enforcement as Western governments further target exports funding the Kremlin’s war in Ukraine.

That share rebounded sharply from November, when just 17% of crude, refined products, and fuel oil was exported on EU tonnage — one of the lowest levels recorded since the oil price cap was introduced nearly three years ago.

The December rebound highlights how Russia rapidly recalibrated its seaborne logistics and oil marketing networks after the U.K. and U.S. sanctioned the country’s two largest oil producers, Rosneft and Lukoil, in October.

The G7 and Australia are now weighing a full maritime services ban, which would effectively end the oil price cap regime that still allows Greek owners and other Western marine service providers to retain a shrinking share of Russian oil shipments.

Plunging Price of Russia’s Urals Allowed EU Tanker Return

Private Greek-owned shipowners returned to loading oil price cap–compliant cargoes in December after pulling back in late October and through the first three weeks of November.

Data from Windward and energy commodities tracker Vortexa show that three-quarters of Russia’s Urals crude shipped on EU tonnage was loaded in the final 10 days of November.

This timing likely reflected the sharp decline in the assessed price of Urals crude, Russia’s dominant export grade.

Urals prices fell to $36.60 per barrel by early December, well below the lower U.K. and EU price cap of $47.60 per barrel imposed in September. The U.S. has maintained its cap at $60 per barrel.

Before Rosneft and Lukoil were blacklisted, Urals crude largely traded above the lower cap through September and into October. The International Energy Agency (IEA) said Urals averaged $43.52 per barrel in November.

By December, two-thirds of Russian crude was shipped on sanctioned tonnage, while 16% moved on EU-owned tankers, according to Windward and Vortexa data. Sanctioned tonnage carried 45% of all crude, fuel oil, and refined products in the final month of 2025.

That level broadly matches monthly trends observed in August, September, and October.

In November, EU-owned tonnage accounted for 9% of crude shipments and 17% of total oil volumes.

Shipments of Sanctioned Oil on Dark Fleet Tankers Rises Over 2025

The share of shipments carried on sanctioned vessels increased over the course of 2025 as the EU and U.K. expanded blacklists of dark fleet tankers, with the total now exceeding 550 ships.

Additional shadow fleet designations in the fourth quarter—alongside U.S. and U.K. action targeting Rosneft and Lukoil—contributed to temporary disruption in October and November.

The IEA reported that Russian oil exports declined by 420,000 barrels per day in November, falling to 6.9 million barrels per day. Lower prices cut revenues to $11 billion, down $3.6 billion year over year, according to the Paris-based agency.

Windward tracking of Russia-loading tankers over November and December, as of December 30, shows an increase in crude transfers to ships operating off Oman and Egypt after Rosneft and Lukoil were sanctioned. This “clean” or unsanctioned tonnage then delivered cargoes to ports in China and India, while other volumes remained at sea or in floating storage.

Russia Forms New Oil Marketing Companies to Evade Rosneft and Lukoil Sanctions

Exports of ultra-low sulfur diesel declined but were not interrupted. Diesel prices have remained below the $100 per barrel price cap for nearly two years, allowing Western marine service providers to continue participating in these trades throughout 2024 and 2025.

Alongside lower oil prices, new oil trading companies emerged to replace Rosneft and Lukoil, which together produce more than half of Russia’s oil output.

The IEA said MorExport, RusExport, and NNK, companies formed in May 2025, increased marketing and shipping of Russian crude to over 1 million barrels per day in October.

Additional firms—including Eastimplex Stream FZE, Grewale Hub FZE, and Tyndale Solutions FZE—were reported shipping crude to India in December.

The last major disruption to Russian oil flows occurred in January 2025, when the outgoing Biden administration sanctioned more than 160 Russia-trading tankers, temporarily stranding cargoes and vessels. Russia responded by sourcing alternative tonnage and intensifying deceptive shipping practices.

Under the G7 oil price cap introduced three years ago, Western shipowners, charterers, insurers, traders, and banks are prohibited from servicing cargoes sold above the cap to third countries. The policy was designed to reduce Russian revenue while maintaining global oil flows.

In the final months of 2025, however, a significant policy shift has emerged among G7 governments toward restricting and disrupting Russian oil exports outright.

* Figures exclude CPC and Kazakh blends shipped from Russian ports.