Russia suspected of expanding its 'ghost fleet' to LNG exports, FT reports

Published on July 22, 2024

Mysterious buyers suspected of links to Russia are purchasing dozens of vessels capable of carrying liquified natural gas (LNG), possibly signaling an expansion of Moscow's "ghost fleet" of tankers, the Financial Times (FT) reported on July 22.

Russia has amassed a "ghost fleet" of largely uninsured oil tankers to avoid Western sanctions, namely the $60 per barrel price cap imposed by the Group of Seven (G7) late in 2022.

While the LNG exports have been less heavily sanctioned than oil, recent restrictions have begun tightening the noose around this sector as well.

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