A mysterious fleet is helping Russia ship oil around the world and its growing.

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Amidst Western sanctions imposed on Russia over its invasion of Ukraine, the country’s oil exports continue to make their way around the world. However, even those who closely monitor the movement of Russian oil shipments are struggling to identify the parties responsible for transporting them.

According to industry insiders, a “shadow” fleet of around 600 tankers has been facilitating Russia’s oil exports, accounting for approximately 10% of the global number of large tankers. This fleet has continued to grow as more Western shippers withdraw their services from Russia, leading to an influx of obscure players with shell companies in Dubai or Hong Kong involved in the transportation of Russian oil.

The identities of the owners and operators of these tankers remain a mystery, with some buying old, dilapidated ships while others purchase vessels from Europeans. The opacity of this network has drawn comparisons to “dark arts” by some senior executives at oil trading firms.

The importance of this under-the-radar fleet has increased as Moscow tries to avoid working with Western shippers and as customers in China and India become more significant purchasers of seaborne Russian oil and refined products. Delivering to more distant buyers requires additional boats and ship owners willing to deal with added complexity and legal risks, especially since the Group of Seven countries imposed price caps on Russian oil.

The growth of the shadow fleet underscores the dramatic changes that Russia’s war has brought to the global oil market, as the world’s second-largest crude exporter has been forced to reshape decades-old trading patterns and split the world’s energy system in two.