Russia’s $90bn oil network: how Azerbaijani businessmen were exposed

Azerbaijani link uncovered in Russian oil network

An investigation published by the Financial Times has linked Azerbaijani businessmen to a Russian oil trading network. The report says tankers connected to Azerbaijan became a key part of a mechanism used to circumvent international sanctions.

The newspaper found that a technical error led to the exposure of the illicit Russian oil trading network.

More than $90bn worth of Russian crude oil was transported through the system, with around 80% of Rosneft’s seaborne exports reportedly carried out via this channel.

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Key findings of the investigation

Based on open corporate registry data, the Financial Times found that 48 companies used the same email infrastructure. Together, they owned 442 domains hosted on a private server called “mx.phoenixtrading.ltd”.

Of the more than 400 domains identified, 19 belonged to Russian energy and property development companies, while several others were linked to firms controlled by Azerbaijani businessmen.

Russian customs documents list Foxton FZCO as a buyer of crude oil worth $5.6bn.

According to Indian customs data, Advan Alliance sold Russian oil worth $1.5bn. Most of the companies involved operated for only around six months before being dissolved and re-registered under new names.

The largest exporter within the network was Redwood Global Supply FZ LLC. The company is registered in the Ras Al Khaimah free economic zone in the United Arab Emirates and was added to the UK sanctions list in December 2025.

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Azerbaijani traders: who are they?

The Financial Times investigation and subsequent reporting indicate that several Azerbaijani traders played key roles within the network.

Etibar Eyub is a businessman considered close to Rosneft chief Igor Sechin. In 2023–2024, he was a central figure at the trading company Coral Energy, which was later reorganised under the name 2Rivers and continues to hold a significant share of the Russian oil trading market.

Eyub is under sanctions imposed by the European Union and the United Kingdom.

Tahir Karayev is an entrepreneur of Azerbaijani origin who founded Coral Energy in 2010. The domain TahirQarayev.com is registered in his name.

He is also included on the UK sanctions list.

Talyat Safarov, Anar Mammadli and Ahmed Kerimov are other Azerbaijani nationals sanctioned by both the United Kingdom and the European Union.

They were involved in managing Russia’s so-called “shadow fleet” through companies including Zangezur, BX Energy and Nord Axis.

Redwood Global Supply is a company known for its opaque ownership structure. Although its owners have not been officially disclosed, the Financial Times reports that it is controlled by Azerbaijani businessmen and acts as the largest exporter within the network.

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Why it matters

By circumventing energy sanctions imposed after the start of the war in Ukraine, the network generates billions of dollars for the Russian economy.

As a result of its opaque operations, around 80% of Rosneft’s seaborne exports are reportedly conducted through this system.

Many of the companies involved operate only for several months before changing their names, allowing them to evade sanctions.

Such business schemes contribute to the development of a so-called “shadow fleet”, which is difficult for Western banks and customs authorities to detect.

The involvement of Azerbaijani traders also affects regional energy politics and raises broader questions about the role of Azerbaijan’s business elite within the international sanctions regime.

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Azerbaijan mentioned before

Companies linked to Azerbaijani entrepreneurs have previously appeared in similar schemes involving Russian oil trade.

Coral Energy — now operating as 2Rivers — restructured its ownership in the summer of 2024 and continued trading through a new company, Safira Global Trading, established in the United Arab Emirates.

BX Energy and Nord Axis manage tankers transporting Russian crude oil from the port of Primorsk to storage facilities in Turkey’s Nemrut Bay. Several vessels carry names associated with Azerbaijani regions, including Karabakh and Shusha.

In 2025, the European Union added a number of Azerbaijani traders to its sanctions list, including Talyat Safarov and Ahmed Kerimov. They were accused of using the 2Rivers network to “relabel” Rosneft oil and channel it onto Western markets.

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Azerbaijani link uncovered in Russian oil network