Sanctions evasion in the heart of Europe
Data reveals that the European Union, a vocal ally of Ukraine and a key enforcer of sanctions against Russia, has been inadvertently facilitating Russia's sanction-evading actions. An analysis of a leaked spreadsheet, purportedly containing insurance records of the Shadow Fleet, has revealed the fleet has traveled to the heart of Europe.
According to the data, several EU nations including Greece, Italy, Belgium, Germany, France, and Poland, have been receiving Russian oil shipments, despite the EU's public stance against Russian aggression. The spreadsheet, which appears to be authentic, details the volume of shipments to various ports across Europe:
Screenshot from 2025-05-08 14-09-52.png
Further investigation has identified two key companies behind European shipments: Hong Kong based Bellatrix Energy and Blackford Corporation Ltd. Bellatrix Energy has been trading tens of millions of tons or Russian crude oil and has secured substantial loans from Russian state-owned banks. The US Department of the Treasury sanctioned Bellatrix Energy in December 2023 for its involvement in the Russian oil trade.
Blackford Corporation, on the other hand, has managed to evade sanctions so far. However, an investigation be Le Monde exposed the company's operations within a network of shell companies, sourcing naphtha from Russian entities and transporting it globally using a fleet of aging vessels, some with transponders turned off.
The revelation raises serious questions over what more the EU can do to honor its commitment to enforcing sanctions against Russia. As the international community continues to grapple with the complexities of the Ukraine-Russia conflict, this highlights the need for greater transparency and accountability in the global oil trade.
