Companies registered in the Baltic states, including Latvia, supply fuel to the vessels of the so-called "shadow fleet" of Russia, which continues to export Russian oil to third countries, as shown by a joint investigation by the TV3 program "Nekā personīga" and Baltic journalists.
The Russian shadow fleet, consisting of hundreds of tankers of uncertain origin, is used to circumvent sanctions by delivering oil to India, China, and other countries. According to data from the European Union (EU), this fleet may account for up to one-sixth of all global oil transporters.
A joint investigation by Lithuanian media "LRT English" and "15 min", Estonian "Eesti Ekspress" and "Nekā personīga" revealed that companies registered in Latvia, Lithuania, and Estonia conducted nearly 300 bunkering operations using the vessels "Zircone" and "Rina" in 2023 and 2024, servicing 177 tankers. Of these, 159 were headed to or from Russian ports, and at least 20 were subsequently included in the EU and US sanctions lists. Approximately one-third of the serviced vessels are linked to companies that are under sanctions.
Both bunkering vessels had long operated under the brand of the Latvian company "Fast Bunkering", which was registered in the port of Riga. After Russia's full-scale invasion of Ukraine, the company changed names, addresses, and owners, possibly continuing its operations through other companies registered in Latvia — "Welton Enterprises" and "Ship Service". Entrepreneurs previously associated with the Estonian company "NT Bunkering" are involved in the structures of these firms.
In Estonia, a criminal case has been initiated against "NT Bunkering" for possible circumvention of sanctions and document forgery indicating false fuel origins. The company's vessels were previously officially owned by the Latvian "Welton Enterprises", which later sold them to the company "FB Trade DWC-LLC", registered in Dubai. The latter is managed by individuals previously linked to "NT Bunkering".
Management of the vessels has this fall transitioned to the Latvian company "Ship Service", whose owner also provides crews for both tankers. The authors of the investigation note that these structures effectively continue the activities of Fast Bunkering and NT Bunkering, using intermediaries and changes of ownership to conceal connections with vessels subject to sanctions.
Latvian financial supervisory authorities acknowledge that transactions with such vessels and their owners would be impossible in local banks, so the companies likely use foreign financial institutions. Reports from Welton Enterprises indicate an account in a Turkish bank that services transactions in Russian rubles.
Earlier this year, Canada included Fast Bunkering in its sanctions list, and Ukraine later did the same. In Latvia, no investigation has yet been initiated into the activities of this company and its connections to the vessels of the Russian shadow fleet, although a year ago, the Sanctions Coordination Council discussed the necessary action plan.
Experts estimate that the shadow fleet has brought Russia approximately $25 billion in additional revenue over two years, circumventing established price caps on oil and sanctions, the program reported.
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