Two sanctioned oil tankers shut off their transponders earlier this month and powered to a meetup point, drawing alongside each other in the Sea of Japan. S&P Global puts their numbers at 940, which represent 17% of tankers currently transporting oil, oil products and chemicals around the world. The shadow fleet transported some 3.7 billion barrels of oil in 2025, accounting for 6% to 7% of the annual global crude oil flows, according to Kpler. China, the world’s largest importer of crude , is also the biggest buyer of Russian oil. The ship’s flag subjects it to that country’s laws for safety, technical issues and social matters relating to the crew.

Source: Wall Street Journal January 09, 2026 18:30 UTC