Everyone does that. The largest registrar of commercial ships in the world is Liberia.

https://unctad.org/press-material/review-maritime-transport-2023-facts-and-figures-africa

In 2022, Liberia surpassed Panama as the world’s largest flag state of registration in terms of dead weight tonnage, with 378.3 million dead weight tons in its fleet. Liberia recorded a 12.7% growth in ship tonnage between 2022 and 2023.

Liberia takes second place after the Panama ship registry in terms of ship numbers, with 4,821 vessels in the Liberia-flagged fleet. The average vessel size flagged in Liberia is 78,479 dead weight tons.

When measured by value, Liberia has the second-largest share of vessels registered, at 11.78% compared with Panama’s 12.86%.

In 2022, ships flying the flags of Liberia, Panama and the Marshall Islands (the world’s three leading flags by tonnage and number of vessels), collectively accounted for more than one third of shipping’s global carbon emissions. Liberia-flagged vessels are responsible for the highest volume of carbon dioxide emissions from ships, when purely measured by main flags of registration.

Russia is making a gorrillion dollars selling oil to India who turns around and re-sells it to Europe at inflated prices. This proxy war has been the biggest self-own for Europe since WWII.

If the objective is to ruin Russia then how is it going well? France/Germany are demolishing their nuclear plants afaik, so there's no light at the end of the tunnel for reindustrialization.