Russia has become the dominant flag state for the sanctioned shadow fleet as tightening Western enforcement forces operators to seek increasingly limited registry options, according to new analysis from maritime risk firm Windward. The latest destinations for sanctioned tankers include Sierra Leone's registry, operated by a Cyprus-incorporated company, the newly established Equatorial Guinea registry, and Oman.
Windward's analysis shows that since November 2025, the US has boarded vessels operating without recognised flags off Venezuela, with European and UK naval forces following suit this year. Because stateless vessels are not entitled to innocent passage through coastal waters, operating without a legitimate flag has become significantly more risky.
Russian Flag Surge
Russia has emerged as the shadow fleet's leading flag state. According to Windward, Moscow has transferred around 69 sanctioned tankers to its registry since November 2025, with 98 ships reflagging to Russia across 2025 and 2026. More than 213 sanctioned tankers now fly the Russian flag, meaning over one in five of the more than 1,000 Western-sanctioned tankers are registered there.
Equatorial Guinea Registry Governance Gaps
Equatorial Guinea provides the clearest example of a small flag state being targeted by shadow fleet operators. Thirty-six of the country's 38 sanctioned tankers joined its registry this year and now account for 95% of the registry's gross tonnage. Windward said attempts to verify the legitimacy of the registry exposed significant governance gaps, with no registry details listed in the International Maritime Organization's GISIS database and uncertainty over who currently administers registrations on behalf of the government. Many of the Equatorial Guinea-flagged ships maintain close links to Russia, with 26 classed by the Russian Maritime Register of Shipping.
Cameroon Flag Issues
Cameroon remains the second-largest flag, accounting for 157 sanctioned tankers despite expelling around 55 vessels earlier this year after questioning the legitimacy of their registrations. Windward found at least 20 ships continue to falsely broadcast Cameroon as their flag despite having been removed from the registry.
| Flag State | Sanctioned Tankers Count | Notes |
|---|---|---|
| Russia | 213+ | 69 transferred since Nov 2025; 98 reflagging in 2025-2026 |
| Cameroon | 157 | Expelled ~55 vessels; 20 falsely broadcast flag |
| Equatorial Guinea | 36 of 38 sanctioned ships | 95% of registry gross tonnage; governance gaps |
| Sierra Leone | Not specified | Registry operated by Cyprus-incorporated company |
| Oman | Not specified | New destination for sanctioned tankers |
The result has been a fresh wave of flag-hopping. Windward argues that smaller countries with limited maritime oversight continue to be targeted by shadow fleet operators seeking regulatory shelter.
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