3 chapters across the catalog
China continues to purchase Iranian oil using the Renminbi to bypass U.S. dollar-based sanctions. These transactions are facilitated by a "shadow fleet" of tankers that operate outside of Western insurance and docking regulations. While the U.S. has begun sanctioning these private refineries, China has signaled it will not recognize the American restrictions.
Record Russian LNG Exports to Europe Despite Sanctions
Despite ongoing sanctions related to the war in Ukraine, Russian LNG exports to the European Union hit a record high in March 2026. The U.S. and UK are navigating a complex landscape where they must seize "shadow fleet" tankers for safety reasons while simultaneously asking Ukraine to avoid attacking Russian energy infrastructure to maintain global supply.
China Shadow Fleet, Venezuelan Oil Sanctions and Russian Condemnation
China and Russia have strongly condemned the U.S. seizure of Nicolás Maduro as a violation of international law. China was previously the primary customer for Venezuelan oil, utilizing a "shadow fleet" of unregistered ships to evade U.S. sanctions. Beijing has warned its citizens against traveling to Venezuela as it monitors the escalating situation.
