Shadow Fleet

Our investigation has uncovered a complex network of over 260 companies linked to Eyyub and Garayev, with entities in multiple countries, including the UAE, Russia, and China. The Network appears to be restructuring in response to sanctions, with companies transferring activities to new entities, and Shanghai emerging as a key financial hub.

India is heavily involved in Russia's Shadow Fleet operations, receiving 53% of Russian seaborne crude imports. Many Indian shipping companies are implicated in transporting sanctioned oil, with owners often registrered in secrecy jurisdictions. As internatonal pressure grows, Indian companies are under scrutiny to distance themselves from Russia's shadowy oil trade.

Greece has become a hub for shipping companies involved in transporting illicit Russian oil, with at least 18 Shadow Fleet shipments received from Rusian ports. Greek shipping firms have also earned over 6 Billion USD selling aging tankers to shadow intermediaries connected to Russia.

Inside the Sanctions-Evasion Network Behind Russian Oil

Russian military involvement reveals the connection between the Shadow Fleet and the Russian State

Eyyub and Garayev's network is responsible for a significant portion of Russion oil exports, but the personal relationship between them and Russian state fugures is becoming strained in the face of scrutiny and sanctions.

We have continued to gather and analyze evidence, which corroborate and expand on our initial research. Today we are updating that list with companies that we have identified and verified through independent sources

We have received the identities of a large number of companies, which are apparently part of Eyyub and Garayev's oil trading scheme

Uncovering a Vast Network of Front Companies in the oil trading network

Data reveals that the European Union, a vocal ally of Ukraine and a key enforcer of sanctions against Russia, has been inadvertently facilitating Russia's sanction-evading actions

We previously posted articles about the role of Etibar Eyyub and Bellatrix Energy Limited in the Russian Shadow Fleet and asked others to share anything else they knew about the companies involved to keep building the network

For decades, Russia's oil industry has been led by powerhouse commodity traders such as Trafigura. These giants have long been the face of Russia's energy sector, with their operations and dealings largely transparent and subject to international scrutiny

Who is behind the shadowy company Nord Axis?