New Strategy Center publishes “The Shape of Putin’s Shadows: The Russian Ghost Fleet,” an analysis of Russia’s parallel maritime logistics infrastructure through which the Russian Federation circumvents the international sanctions regime.
The study examines the transformation of the so-called “shadow fleet” from a marginal network that emerged after 2014 into a key logistical pillar of Russia’s wartime economy following 2022. It also highlights the significant environmental and security risks posed by the operation of aging vessels in sensitive maritime regions such as the Baltic Sea and the Black Sea.
The report assesses the effectiveness of recent Western measures targeting individual vessels, showing that these actions reduced the fleet’s operational capacity by 34% by early 2026. In the context of Western dominance over maritime finance and insurance systems, the study argues that the long-term containment of such networks requires closer international coordination and the consistent enforcement of secondary sanctions.
The study was conducted by Giulio Tomio, non-resident expert at New Strategy Center, and peer-reviewed by Sergiu Mitrescu, associate expert at New Strategy Center.

The Shape of Putin’s Shadows: The Russian Ghost Fleet