UK Crime Agency Warns Banks Over Network Tied to Russian 'Shadow Fleet'

Individuals facilitating illegal shipments of Russian oil are using a complex network of opaquely held legal entities to evade Western sanctions and access banking services in Britain and elsewhere, the U.K. National Crime Agency warned Wednesday.

In an 8-page alert, the NCA disclosed details of the sanctions-evasion network run by U.K.-blacklisted Azeri nationals Tahir Garayev and Etibar Eyyub, which used a "shadow fleet" of dozens of aging vessels to ship the majority of crude that Rosneft, a Russian state-owned energy company, exported last year.

According to the NCA, Garayev and Eyyub's network is split between a string of opaque "red" companies that trade Russian oil directly, and "blue" companies, including the U.K.-blacklisted, Dubai-based 2RIVERS DMCC, that maintain relationships with Western banks, insurers and trading platforms.

"Access to Western rates of trade finance, trusted insurers and key commodity exchanges utilized by 'blue' companies are combined with the special relationship with Rosneft's CEO and privileged access to Russian oil of the 'red' companies to create a global trading network generating billions of dollars," the NCA noted.

The NCA urged banks to be on the lookout for companies with a "limited trading history" suddenly moving large volumes of crude; companies that domicile in "high-risk" jurisdictions and often withhold information on their owners, directors and beneficiaries; and companies that maintain only a token online presence, such as a basic website without contact details.

• Topics: Sanctions and Non-proliferation Finance
• Source: United Kingdom: National Crime Agency
• Document Date: July 2, 2025