Even before U.S. troops were sent in to Venezuela, the U.S. navy and coast guard had started targeted other, valuable assets – the Shadow Fleet tankers responsible for a share of Venezuela’s oil exports. The so called shadow fleet has become a key feature of the system enabling exports of sanctioned or otherwise targeted oil from countries including Venezuela, Russia & Iran. This episode focuses on two recent events that might threaten its ability to operate effectively – U.S. seizures, and ongoing Ukrainian drone attacks. It also raises a question though – beyond the direct hard-power impacts of these moves, what are the potential implications for freedom of navigation, the norms of international shipping and trade, and what might that mean for a future conflict or crisis?