11/20/2025

Ukraine has now begun to strike new categories of facilities – pumping stations and loading facilities in both the Black Sea and the Baltic – removing the ability of Russia’s shadow fleet to generate revenues. But the impact is bigger than it might even at first seem. Combined with sanctions, Ukraine’s latest strikes are putting coordinated pressure on Russia’s shadow fleet – and the pressure is working. China and India are abandoning Russia, signaling a potential beginning of the end of the war in Ukraine.

Source: Paul Warburg