Over the last several years, a vast network of aging oil tankers operating under opaque ownership structures has emerged as a critical lifeline for countries facing Western sanctions—particularly Russia and Iran. This so-called shadow fleet now accounts for about 20% of all seaborne oil transport worldwide. Joining me to discuss how this rogue network of tankers evades Western sanctions, and whether we are witnessing the emergence of a parallel maritime trading system, is Nitya Labh of Chatham House.