# Shadow fleet: which countries earn from shipping Russian oil?

Russia's seaborne oil moves on tankers that someone owns, manages and insures. This page sorts the extra each country's shipping and insurance firms earned from carrying Russian oil from 2022 to August 2026, against a world without the war, at their net gain, counted for the country that really controls the tankers, not the flag. It counts money, not ships: for Greece it comes to €1.5bn.

## What is the shadow fleet?

The shadow fleet is the name for tankers that carry Russian oil outside the Western shipping and insurance system. Many are older ships whose owners are hidden in companies registered in places such as Dubai or Hong Kong, that change flag often and are insured outside the International Group of P&I clubs. It took shape after the EU embargo and the G7 price cap, which allow Western firms to ship and insure Russian oil on condition that it is sold at the cap or under it. Who owns the tankers is often hidden, so this page counts the money: what each country's shipping and insurance firms earned from carrying Russian oil, credited to the country that controls the tankers, not to the flag. [The ranking by country ↓](https://warbalance.org/shadow-fleet/#table)

[Open in the map →](https://warbalance.org/#view=rank&lens=payments)

These numbers measure money: aid to Ukraine and the change in what Russia keeps from trade, against a world without the war. Weapons count at their money value: aid at market value when delivered, weapons and troops sent to Russia at the seller's gain where Russia paid and in full where it did not. Votes, diplomacy and intent are not in them.

## Ranking · 30

Sorted by “Shipping and insuring Russian oil” in euros, from the Russia side to the Ukraine side, 2022 to August 2026. + toward Ukraine, − toward Russia; more or less: how much more or less Russia kept (taxes and profit, not sales) than in a world without the war.

| # | Country | Shipping and insuring Russian oil | Russia kept from trade, vs no war | Net |
| --- | --- | --- | --- | --- |
| 1 | [Greece](https://warbalance.org/country/greece/) | −€1.5bn · −0.68% of GDP · −€146 per personrange −€4.6bn to −€0.42bn | €1.6bn more · 0.70% of GDP morelikely toward Russia · 69% | +€0.18bn · +0.08% of GDPessentially zero |
| 2 | [United Kingdom](https://warbalance.org/country/united-kingdom/) | −€0.27bn · <0.01% of GDP · −€4 per personrange −€0.86bn to −€72m | €34.9bn less · 1.1% of GDP lessvery likely · >99% | +€58.4bn · +1.8% of GDPvery likely · >99% |
| 3 | [Singapore](https://warbalance.org/country/singapore/) | −€0.26bn · −0.05% of GDP · −€44 per personrange −€0.87bn to −€89m | €2.2bn more · 0.44% of GDP morelikely toward Russia · 78% | −€2bn · −0.41% of GDPlikely toward Russia · 75% |
| 4 | [China](https://warbalance.org/country/china/) | −€0.21bn · <0.01% of GDP · <€1 per personrange −€1bn to −€12m | €128bn more · 0.74% of GDP morevery likely · >99% | −€128bn · −0.75% of GDPvery likely · >99% |
| 5 | [Hong Kong](https://warbalance.org/country/hong-kong/) | −€0.20bn · −0.05% of GDP · −€26 per personrange −€0.80bn to −€67m | €5.7bn more · 1.6% of GDP morelikely toward Russia · 97% | −€5.8bn · −1.6% of GDPlikely toward Russia · 97% |
| 6 | [Japan](https://warbalance.org/country/japan/) | −€0.19bn · <0.01% of GDP · −€2 per personrange −€0.64bn to −€64m | €6.5bn less · 0.16% of GDP lessnear zero · 94% toward Ukraine | +€12.2bn · +0.30% of GDPvery likely · >99% |
| 7 | [South Korea](https://warbalance.org/country/south-korea/) | −€0.12bn · <0.01% of GDP · −€2 per personrange −€0.40bn to −€20m | €17.2bn less · 1.0% of GDP lessvery likely · 99% | +€18.1bn · +1.1% of GDPvery likely · 99% |
| 8 | [Norway](https://warbalance.org/country/norway/) | −€0.11bn · −0.02% of GDP · −€20 per personrange −€0.35bn to −€37m | €2bn less · 0.40% of GDP lessvery likely · 98% | +€14.8bn · +2.9% of GDPvery likely · >99% |
| 9 | [Türkiye](https://warbalance.org/country/turkiye/) | −€0.11bn · −0.01% of GDP · −€1 per personrange −€0.66bn to −€3m | €32.8bn more · 3.1% of GDP morevery likely · 96% | −€32.7bn · −3.1% of GDPvery likely · 96% |
| 10 | [United States](https://warbalance.org/country/united-states/) | −€0.10bn · <0.01% of GDP · <€1 per personrange −€0.32bn to −€35m | €47.4bn less · 0.18% of GDP lessvery likely · >99% | +€132bn · +0.51% of GDPvery likely · >99% |
| 11 | [Cyprus](https://warbalance.org/country/cyprus/) | −€80m · −0.25% of GDP · −€59 per personrange −€0.33bn to −€5m | €0.54bn less · 1.7% of GDP lessvery likely · 95% | +€1.2bn · +3.6% of GDPvery likely · >99% |
| 12 | [Taiwan](https://warbalance.org/country/taiwan/) | −€56m · <0.01% of GDP · −€2 per personrange −€0.17bn to −€14m | €0.46bn less · 0.06% of GDP lessessentially zero | +€0.66bn · +0.09% of GDPessentially zero |
| 13 | [India](https://warbalance.org/country/india/) | −€53m · <0.01% of GDP · <€1 per personrange −€0.44bn to −€10m | €70.5bn more · 2.2% of GDP morevery likely · >99% | −€70.6bn · −2.2% of GDPvery likely · >99% |
| 14 | [Belgium](https://warbalance.org/country/belgium/) | −€51m · <0.01% of GDP · −€4 per personrange −€0.18bn to −€18m | €3.7bn less · 0.62% of GDP lesslikely toward Ukraine · 79% | +€20.3bn · +3.4% of GDPvery likely · >99% |
| 15 | [Germany](https://warbalance.org/country/germany/) | −€51m · <0.01% of GDP · −€1 per personrange −€0.21bn to +€42m | €72.6bn less · 1.7% of GDP lessvery likely · >99% | +€153bn · +3.7% of GDPvery likely · >99% |
| 16 | [Malta](https://warbalance.org/country/malta/) | −€36m · −0.17% of GDP · −€63 per personrange −€0.17bn to +€12m | €0.12bn less · 0.58% of GDP lesslikely toward Ukraine · 77% | +€0.25bn · +1.2% of GDPvery likely · 95% |
| 17 | [Italy](https://warbalance.org/country/italy/) | −€31m · <0.01% of GDP · −€1 per personrange −€99m to −€10m | €18.8bn less · 0.89% of GDP lesslikely toward Ukraine · 91% | +€34.4bn · +1.6% of GDPvery likely · >99% |
| 18 | [Sweden](https://warbalance.org/country/sweden/) | −€23m · <0.01% of GDP · −€2 per personrange −€88m to +€26m | €10.6bn less · 1.9% of GDP lessvery likely · >99% | +€20.1bn · +3.7% of GDPvery likely · >99% |
| 19 | [Switzerland](https://warbalance.org/country/switzerland/) | −€23m · <0.01% of GDP · −€3 per personrange −€75m to −€7m | €1.6bn more · 0.18% of GDP morelikely toward Russia · 86% | +€8.7bn · +1.0% of GDPvery likely · >99% |
| 20 | [Canada](https://warbalance.org/country/canada/) | −€23m · <0.01% of GDP · −€1 per personrange −€70m to +€45m | €1.7bn less · 0.08% of GDP lessvery likely · 98% | +€10.6bn · +0.51% of GDPvery likely · >99% |
| 21 | [Netherlands](https://warbalance.org/country/netherlands/) | −€15m · <0.01% of GDP · −€1 per personrange −€88m to +€40m | €30.2bn less · 2.9% of GDP lessvery likely · 98% | +€54.1bn · +5.1% of GDPvery likely · >99% |
| 22 | [United Arab Emirates](https://warbalance.org/country/united-arab-emirates/) | −€15m · <0.01% of GDP · −€1 per personrange −€0.34bn to +€34m | €3.6bn more · 0.72% of GDP morelikely toward Russia · 97% | −€3.5bn · −0.71% of GDPlikely toward Russia · 97% |
| 23 | [Panama](https://warbalance.org/country/panama/) | −€7m · <0.01% of GDP · −€2 per personrange −€25m to −€2m | €63m less · 0.08% of GDP lessessentially zero | +€63m · +0.08% of GDPessentially zero |
| 24 | [Seychelles](https://warbalance.org/country/seychelles/) small economy | −€3m · −0.17% of GDP · −€28 per personrange −€21m to <€1m | €4m more · 0.23% of GDP morelikely toward Russia · 76% | −€4m · −0.22% of GDPlikely toward Russia · 80% |
| 25 | [Gabon](https://warbalance.org/country/gabon/) | −€3m · −0.02% of GDP · −€1 per personrange −€12m to −€1m | €18m less · 0.09% of GDP lessessentially zero | +€16m · +0.08% of GDPessentially zero |
| 26 | [Liberia](https://warbalance.org/country/liberia/) small economy | −€3m · −0.08% of GDP · −€1 per personrange −€11m to +€3m | €26m less · 0.64% of GDP lesslikely toward Ukraine · 86% | +€26m · +0.63% of GDPlikely toward Ukraine · 85% |
| 27 | [Cameroon](https://warbalance.org/country/cameroon/) | −€3m · <0.01% of GDP · <€1 per personrange −€9m to −€1m | €0.46bn less · 1.0% of GDP lesslikely toward Ukraine · 94% | +€0.45bn · +0.99% of GDPlikely toward Ukraine · 94% |
| 28 | [Malaysia](https://warbalance.org/country/malaysia/) | −€2m · <0.01% of GDP · <€1 per personrange −€81m to +€4m | €2.5bn more · 0.65% of GDP morevery likely · 99% | −€2.5bn · −0.64% of GDPvery likely · 99% |
| 29 | [Comoros](https://warbalance.org/country/comoros/) small economy | −€2m · −0.17% of GDP · −€3 per personrange −€8m to −€1m | €7m more · 0.48% of GDP morevery likely · >99% | −€7m · −0.48% of GDPvery likely · >99% |
| 30 | [Marshall Islands](https://warbalance.org/country/marshall-islands/) small economy | −€2m · −0.90% of GDP · −€60 per personrange −€8m to +€2m | €2m more · 0.90% of GDP morelikely toward Russia · 83% | −€2m · −0.71% of GDPlikely toward Russia · 78% |

Each row: the best estimate, then its range in the same unit and sign. The chances of the direction are for each country's totals, on its page.

## Questions

### Who owns the shadow fleet?

By extra income from carrying and insuring Russian oil since 2022, the table starts with firms controlled from Greece, the United Kingdom and Singapore. Ship counts and flags change from month to month; the money is the steadier measure.

### Is shipping Russian oil counted as money toward Russia?

Yes, as earnings from trade with Russia: the extra income a country's firms made carrying and insuring Russian oil counts in its trade with Russia, like a sale to Russia, at the firms' net gain. The oil sale itself counts under the buyer's trade.

## Related

- [Who bought Russian oil and gas](https://warbalance.org/russian-oil-gas-buyers/)
- [Russian oil discount and price cap](https://warbalance.org/russian-oil-discount/)
- [Russia's war income from trade](https://warbalance.org/russia-war-income/)

[Ranking](https://warbalance.org/ranking/) · [Support for Ukraine by country](https://warbalance.org/support-for-ukraine/) · [Trade with Russia by country](https://warbalance.org/trade-with-russia/) · [All topics](https://warbalance.org/topics/) · [How it works](https://warbalance.org/how-it-works/)

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Cite as: War Balance, figures to August 2026, https://warbalance.org/shadow-fleet/