Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

11 липня 2025 р., 17:20

Олекса Гриневський 906 0

While Azerbaijan publicly distances itself from the Kremlin, Azerbaijani businessmen have found themselves at the center of an international scandal due to their involvement in schemes to bypass Russian oil sanctions.

Meanwhile, it was individuals from Baku who were among those helping Moscow circumvent oil sales sanctions after the start of the conflict in Ukraine. Among such "helpers," Azerbaijani businessman Tahir Garayev stands out, as he could have serviced Russia’s "shadow fleet" through a number of companies.

Garayev, a native of Azerbaijan with a British education, bases his business on oil trading. Over the past few years, his name has been mentioned in the media in the context of servicing the so-called shadow fleet of the Russian Federation. Companies associated with Garayev may have helped Moscow bypass Western sanctions. However, karma turned against the Azerbaijani businessman, and restrictions were imposed on both his companies and himself.

In May 2025, the UK government imposed sanctions on Tahir Garayev and his former and, presumably, current business partners Etibar Eyub, Ahmed Kerimov, Anar Madalti, and Talat Safarov. Also under restrictions are the companies BX Energy, Nord Axis LTD, Romarine AS, and Soglasie Insurance Company Limited.

Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

The reason for imposing sanctions on Garayev and his associates is the benefit they gained from conducting strategically important business for Russia. This refers to the energy sector and the operations of Coral Energy Group, founded by the Azerbaijani, which is now known as 2Rivers Group.

Also in May, the British government applied restrictions on 100 vessels that may be linked to Russia’s "shadow fleet." Among them was the Azerbaijani tanker "Zangezur," which could have been transporting Russian oil. Media in 2023 reported that this was the third Aframax-type vessel owned by the joint venture SA Maritime AFEZCO. The enterprise was established by the Azerbaijan Caspian Shipping Company (ASCO) and the State Oil Company of Azerbaijan (SOCAR). Adding a spicy detail is the fact that the vessels were acquired with the direct support of Azerbaijani President Ilham Aliyev.

In fact, the imposition of sanctions on companies linked to Azerbaijani businessman Tahir Garayev and on the tanker "Zangezur," named after a historically significant land for the country, has put Baku in an awkward position. During the launch of the vessel, it was reported that "... (it has — ed.) strategic importance for Azerbaijan, will contribute to increasing the potential of cargo transportation in the national shipping industry, and will make its contribution to the international value chain of the Azerbaijani oil industry." Essentially, Garayev and the company "set up" their own government by helping Russia transport oil in circumvention of Western restrictions.

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The first package of sanctions against companies of the Coral Energy group was introduced by the UK government in December 2024. Specifically, against the firms 2Rivers DMCC (Dubai, UAE) and 2Rivers PTE LTD (Singapore). It was in Singapore that Tahir Garayev registered Coral Energy Group in 2010.

About this group of companies, in the summer of 2023, Reuters wrote in its investigation into Russia’s circumvention of oil sanctions. Representatives of Coral Energy claimed they had ceased business with Russia after the start of the conflict in Ukraine. However, the facts suggest otherwise.

In the package of British sanctions where restrictions were imposed on Tahir Garayev, another company is mentioned — Nord Axis LTD, registered in Hong Kong. It was headed by Adala Kyazimli, who also managed the Turkish office of Coral Energy. This indicates a certain connection between these firms.

Interestingly, in the spring of 2023, a company with a very similar name — Nord Axis UK LTD — was registered in London. It operated until March 2025 and was liquidated a few months before sanctions were imposed on the parent company in Hong Kong.

Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

It is also worth noting two insurance companies on which Britain imposed restrictions as part of the fight against accomplices of Russia’s "shadow fleet" — Romarine AS and Soglasie Insurance Company Limited. The first is registered in Norway and insured old vessels that Russia uses to transport oil in circumvention of sanctions.

Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

Photo by Reuters agency

However, according to information from the Norwegian Financial Supervisory Authority, Romarine AS was not registered as an insurance service provider in Norway and was ordered to cease operations. By no mere coincidence, Romarine AS was headed by Russian citizen Andrey Mochalin.

The second insurance firm hit by sanctions, Soglasie Insurance Company Limited, is directly linked to Russia. The insurance company "Soglasie" belongs to the ONEXIM holding of Russian businessman Mikhail Prokhorov.

Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

In the first package of sanctions concerning companies associated with Azerbaijani Tahir Garayev, reference is made to 2Rivers DMCC, registered in Dubai. The firm is based in the DMCC free economic zone and has an office in the elite area of Jumeirah Lakes Towers.

Several other firms suspected of servicing Russia’s "shadow fleet" are also registered in this zone.

Tahir Garayev has also been under sanctions in Ukraine since 2023. The National Security and Defence Council imposed restrictions on him, including asset blocking, the right to engage in trade operations, participate in privatization, and more. Among other measures, a ban was applied on the entry of foreign non-military vessels and warships into Ukraine’s territorial waters, internal waters, ports, and aircraft into Ukrainian airspace or landing on Ukrainian territory. The duration of the sanctions is 10 years.

Azerbaijani businessman Tahir Garayev became a key Kremlin intermediary in bypassing oil sanctions through the network of companies Coral Energy, 2Rivers, and Nordaxis

In the NSDC document from May 2023, it is stated that Tahir Garayev is a citizen of the Russian Federation, Malta, and the UAE. It is unlikely that Garayev holds a passport from the United Arab Emirates, as the only Russian known to have obtained one is Telegram founder Pavel Durov. Garayev most likely has residency in Dubai.

At the same time, the document on British sanctions applied to Garayev states that he is registered in Geneva, Switzerland. From this, it can be concluded that he also has residency in this country.

Russia’s "shadow fleet," which primarily uses old vessels to transport sanctioned Russian oil, has become a byword. Much has been said about the UAE assisting in circumventing restrictions. However, for the first time in this story, Azerbaijanis, including a key vessel intended to bring additional revenue to the country, have come into focus. Tahir Garayev’s role in this story is a fact that has "inscribed" him on the sanctions lists of several countries. The Azerbaijani authorities have not yet officially reacted to the situation. However, the cooling of relations between Baku and Moscow will evidently hit Garayev’s interests and means of income hard.