Benjamin Jensen and Jose M. Macias III
Victory in Ukraine will prove elusive without finding ways to counter Russia’s use of illicit maritime trade to sustain its war economy. That is, Ukraine and its Western backers need to resurrect the idea of commerce raiding and broad-based economic war to bust the ghost fleet and impose costs on Putin’s war machine. In the twenty-first century, states can conduct commerce raiding without ever firing a shot, effectively using open-source intelligence to support diplomacy, lawfare, and sanctions designed to attack a rival state’s economy. By finding ways to aggregate open-source data, the United States can support broader international efforts to restrict Russian illicit maritime trade.
Ghost Ships: How Putin Finances His War
Since sanctions limited oil exports in late 2022, Russia has purchased an illicit fleet estimated to range from 155 tankers and 435 total vessels, when support ships are included, to as high as 591 ships. This shadow fleet—or ghost fleet, as it is colloquially known—transports an estimated 3.7 million barrels per day, representing 65 percent of Russia’s seaborne oil trade, and generates an estimated $87 to $100 billion in revenue per year. To put that in perspective, revenue from this illicit trade network has matched, if not exceeded, the total value of economic and military assistance provided to Ukraine since the start of the war.
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