The investigation “The Secrets of the Shadow Fleet”, coordinated by Follow the Money in collaboration with 13 media outlets from across Europe – two of them Greek – was honoured with a symbolic award for press freedom.
Main Image: Fred Marvaux / European Union — Source: European Parliament
The 2025 Daphne Caruana Galizia Prize for Journalism has been awarded to Follow the Money for its cross-border investigation uncovering the hidden networks that allow Russia to evade international sanctions on oil trade.
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Coordinated by the Dutch investigative journalism platform Follow the Money in collaboration with 13 media outlets from across Europe—including Solomon and Inside Story from Greece—the investigation “The Shadow Fleet Secrets” revealed how shipowners from Western countries made over $6 billion by selling 230 aging oil tankers to Russia’s so-called shadow fleet. The team used data analysis, satellite tracking, and testimonies from seafarers to uncover opaque ownership structures and risky operations with severe environmental and human costs.
In her remarks at the award ceremony held at the Daphne Caruana Galizia Press Room of the European Parliament in Strasbourg on October 21, 2025, European Parliament President Roberta Metsola emphasized the value of the award-winning investigation:
The Daphne Caruana Galizia Prize is testament to the inextricable link between a free press, democracy and peace. At a time when authoritarian regimes try to silence the truth and distort reality, Europe stands united behind journalists exposing corruption and all those who refuse to be silenced.
Roberta Metsola, European Parliament President
The investigation highlights several key points:
- More than one-third of Russia’s so-called shadow fleet consists of oil tankers that were previously owned by shipowners in Western countries—the same nations that have imposed sanctions on Russia following its invasion of Ukraine.
- A total of 230 aging vessels were sold at notably high prices, generating more than $6 billion in revenue for their former owners, despite many of the ships being near the end of their operational life.
- Twenty crewing agencies serving the shadow fleet are based in Ukraine, and eight operate within the European Union, even though the EU has sanctioned entities linked to the fleet.
- The investigation also identified 60 vessels employing crew provided by companies based in countries that have imposed sanctions—including Ukraine, Latvia, and Cyprus—indicating the complex and transnational nature of the operations supporting Russia’s oil trade.
The awarded investigation stood out among 316 entries submitted from across the EU between May 21 and July 31, 2025.
See the 10 shortlisted finalists
Participating media outlets included: Follow the Money (Netherlands), De Tijd (Belgium), Süddeutsche Zeitung, WDR, NDR (Germany), The Times, SourceMaterial (UK), IRPI Media (Italy), OCCRP, NRK (Norway), Danwatch (Denmark), Solomon (Greece), Inside Story (Greece), and Dialogue Earth.
