UK Imposes Sanctions on Key Figures Involved in Russian Oil Trade
The United Kingdom has announced sanctions on key individuals it believes are involved in the trade of Russian oil. This move is part of the UK’s efforts to increase economic pressure on Moscow amidst ongoing negotiations for a peace deal in Ukraine.
Prime Minister Keir Starmer described the sanctions as the UK’s “largest ever sanctions package” against oil tankers in Russia’s shadow fleet. The UK targeted five traders from Azerbaijan, including Etibar Eyyub, Tahir Garayev, and Ahmed Kerimov.
This decision marks a significant escalation in the Western efforts to restrict the trade in Russian oil. While the UK, US, and EU have previously sanctioned companies allegedly involved in the export of Russian oil, they have generally refrained from targeting individuals.
The sanctions are part of a broader Western effort to allow Russian oil to flow while reducing revenues to the Kremlin. In response, Russia has developed a network of oil tankers, shipping companies, and traders to circumvent these restrictions.
Eyyub, Garayev, and Kerimov were implicated in benefiting from supporting the Russian government by owning or controlling companies like Coral Energy (now 2Rivers Group). The UK also linked Eyyub to companies like Nord Axis Ltd and BX Energy, which were also sanctioned.
Nord Axis, one of the companies linked to Eyyub, emerged as a significant player in the Russian oil trade following Putin’s invasion of Ukraine in 2022. The company made headlines when it acquired a stake in Russia’s Vostok oil project from Trafigura.
Despite claims of winding down involvement in Russian oil, Coral Energy executives, including Kerimov, Madatli, and Safarov, faced sanctions for their alleged role in the trade. In response, Kerimov defended the company’s actions and emphasized their compliance with international standards.
The UK also imposed sanctions on numerous oil tankers that had carried billions of dollars worth of cargo since early 2024. Starmer emphasized that these actions are essential in increasing pressure on Russia and working towards a peaceful resolution in Ukraine.
