Sanctions on Russia Fuel Growth of Parallel Shipping Economy
The ongoing Russia-Ukraine conflict has led to significant changes in global oil trade, with sanctions imposed by a coalition of over 40 countries, including the G7, reshaping the maritime shipping industry. The sanctions have created a 'shadow' shipping market, where unregulated vessels transport Russian oil to countries like China and India, bypassing Western sanctions. This parallel economy has grown rapidly, with an estimated 1,000 to 1,500 tankers now operating outside Western regulatory reach. The U.S. Senate is advancing a bill to impose tariffs on nations importing Russian oil, further complicating the geopolitical landscape. 
