Inside Russia’s Shadow Fleet That Funds Its War on Ukraine

Many countries, such as Panama, Liberia, and the Marshall Islands, the three largest registries in the world, operate open registries, often requiring limited ownership checks, perfect for quick reflagging. Less transparent registries like Gabon lack effective checks entirely...When enforcement under one flag fails, vessels may hop repeatedly, masking ownership and accountability...Sanctions were meant to isolate Russia but they created an ecosystem of intermediaries."