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Ukraine Accuses Cypriot Company of Involvement in Russia's "Shadow Fleet"

Published January 28, 2026, 13:20
Ukraine Accuses Cypriot Company of Involvement in Russia's "Shadow Fleet"

The Defence Intelligence of Ukraine (HUR) has published a report revealing details about a “shadow fleet” of Russian ships used to transport oil and petroleum products under sanctions. The report states that 66 ships are involved in this network, with many of them linked to the Cypriot company Cymare Shipmanagement Ltd and Cymare Navigation FZC in the UAE. According to HUR, these ships have been operating since 2023 to transport “petrodollars” to Russia, funding the Kremlin’s war effort. The report emphasizes that Russia is using companies based in EU member states to avoid sanctions controls. Furthermore, the report states that the Russian state shipping company Sovcomflot continues to transport Russian oil, using tankers that are changing their flag to Russian. HUR calls on the captains and crews of these ships to avoid cooperating with the operators of the “shadow fleet”, warning of legal and humanitarian consequences. The report is part of the War&Sanctions portal, a sanctions monitoring tool that launched in June 2024 and contains data on ships, companies and other factors related to the war in Ukraine.