Russia's invasion of Ukraine leads to the creation of a 'shadow fleet' and shifts in global oil suppliers.

• The invasion causes a major shift in the energy sector, with Russia becoming a significant supplier.
• New shipping companies emerge, creating a shadow economy in the energy trade.
• Billionaires are being made from the trade of Russian oil amidst the conflict.

Sanctions against Russia lead to the implementation of a price cap on its oil exports.

• Europe and other regions intend to stop buying Russian oil and gas due to the invasion.
• The price cap is introduced to limit Russian revenue while keeping oil prices stable.
• The effectiveness of the price cap is questioned as Russia's exports and revenues increase.

The shadow fleet plays a key role in bypassing sanctions and facilitating the sale of Russian oil.

• Russian oil continues to be sold through the shadow fleet, involving unknown parties and questionable operations.
• The shadow fleet includes hundreds of ships, often old and in poor condition, posing environmental risks.

Dubai becomes a central location for new trading entities and brokers involved in the shadow oil trade.

• Dubai witnesses an influx of new traders and brokers, many with links to Russian oil.
• The city's wealth and business-friendly environment attract those looking to profit from the trade.

Despite sanctions, Russian oil trade continues with new brokers and buyers, particularly in China and India.

• China and India significantly increase their intake of Russian oil, establishing an alternate supply chain.
• Russian oil is processed and potentially re-exported, undermining the effectiveness of sanctions.

The shadow fleet's operations raise significant concerns about environmental risks and regulatory enforcement.

• The shadow fleet poses environmental dangers due to the poor condition of the tankers.
• The lack of regulatory enforcement and ineffective sanctions allow the shadow trade to flourish.