Shadow schemes via offshore companies or Bypassing oil sanctions under the leadership of Petroruss DMCC owner Roman Spiridonov

Shadow schemes via offshore companies or Bypassing oil sanctions under the leadership of Petroruss DMCC owner Roman Spiridonov

In December 2024, the United Kingdom sanctioned 20 vessels identified as part of Russia’s so-called "shadow fleet.".

This is reported in an investigation by InView.

Two companies with similar names were also sanctioned, although one is registered in Dubai and the other in Singapore. By using old ships flying other countries’ flags and a number of companies from the UAE, Hong Kong, and offshore jurisdictions, Russia manages to continue actively trading oil, bypassing the sanctions regime. Journalists have found evidence that suggests the possible involvement of Russian businessman Roman Spiridonov in such shipments.

Two companies that were included in the latest sanctions package from the UK are 2Rivers DMCC (Dubai, UAE) and 2Rivers PTE LTD (Singapore). Both were previously named Coral Energy group, as evidenced by the documents concerning the sanctions.

This group was mentioned in the summer of 2023 by Reuters in its investigation into how Russia bypasses oil sanctions. At the time, representatives of Coral Energy told journalists that they had supposedly left the oil business due to risks. However, as we see, the group’s companies simply changed their names and continued transporting Russian oil until the UK’s sanctions in December 2024.

2Rivers DMCC is registered in the free economic zone DMCC in the Jumeirah Lakes Towers area of Dubai. Registration in this zone allows companies to operate in a closed and tax-free regime. Essentially, this looks like this: a company opens an office in DMCC, rents premises, and only a few people might be registered there. Financial transactions for buying and selling goods are conducted through this company. These goods may not even come to Dubai, but according to documents, the transaction is carried out through Dubai companies, not, say, Russian ones.

The office of 2Rivers DMCC is located in a building called Platinum Tower, whose windows open onto an incredible view of artificial lakes and the main DMCC zone building in the form of a star. As told by interlocutors, a small office for four people in Platinum Tower can be rented for a year at 23,000 dollars. If more people work in the company, the price will be higher.

In the same free economic zone, the company Petrokim Trading Middle East and Asia DMCC is registered, which previously had the name Voliton DMCC. Journalists from Reuters also mentioned it in their material. The company fell under U.S. sanctions in December 2023.

From the large list of companies that allow Russia to bypass oil sanctions, a company with a notable name, Petroruss DMCC, stands out. It is also registered in the Jumeirah Lakes Towers area and is managed by a Russian citizen, Irina Zavarina. From her LinkedIn profile, it can be learned that she is from Saint Petersburg. The actual owner of this company is the aforementioned Russian businessman Roman Spiridonov.

Spiridonov is closely linked to the Russian oil business through Igor Sogaliyev, who worked at "Rosneft." In 2011, he created the SANORS holding company based on four petrochemical plants, and in 2013, registered CJSC "Novokuybyshev Petrochemical Company." In 2015, "Rosneft" bought SANORS, and until the completion of this deal, Spiridonov was among the shareholders of the holding.

In 2021, it became known that Spiridonov consolidated the vast majority of Igor Sogaliyev’s debts, which had accumulated to 350 million rubles. As part of Sogaliyev’s bankruptcy proceedings, the court attempted to gain access to foreign companies in Liechtenstein, but this did not happen.

The Russian press also wrote that Spiridonov was a minority shareholder in the St. Petersburg oil terminal.

Journalists found documents indicating the connection between the Dubai-based Petroruss DMCC, through which the Russian Federation bypasses oil sanctions, and Roman Spiridonov. According to the OpenCorporate registry portal, Spiridonov is the director and president of the Panamanian companies Manifest INC and Petroruss incorporated. The latter has a name that is virtually identical to the one in Dubai.

At the same time, the director of both Panamanian firms is listed as a company registered in the British Virgin Islands — Vismatic International Limited.

It is mentioned in the Panama Papers documents. Roman Spiridonov is listed as a shareholder in this firm, at least since 2010.

In 2019, one of the companies managed by Vismatic International Limited was transferred to the management of a firm named 17 Arm registered in the emirate of Fujairah, United Arab Emirates. This is essentially an investment fund that acts as an intermediary with London legal companies.

The founder of 17 Arm, Patrick Clanwilliam, made an interesting note on his LinkedIn page: "17 ARM is an investment company registered in Dubai but collaborates with London legal firms operating on behalf of clients in the UK jurisdiction. After successfully awarding 97.5 million dollars to our client, Mr. Tuguchev, in June 2021, the company is seeking new cases."

This refers to Alexander Tuguchev, a former Russian official who, through London courts, is trying to reclaim his share in the large Russian fish holding Norebo. The case has dragged on for several years, but materials from it have allowed finding a connection between Tuguchev and Spiridonov.

Tuguchev’s defence is handled through the aforementioned Dubai company 17 Arm. Previously, it owned the Cypriot firm Akrostar Enterprises Ltd, which served as a sponsor for Tuguchev’s British visa in 2019.

Also, their connection is evidenced by a court document from October 2024. The lawsuit concerns a payment made by 17 Arm to Akrostar Enterprises Ltd regarding the Tuguchev case. The Cypriots were supposed to keep this money as payment for legal services provided, but for some reason transferred it to accounts of other companies in the Seychelles and Bahamas. This involved an amount in nearly 19 million dollars that was paid to lawyers in the Tuguchev case.

In October 2020, the London press reported that Alexander Tuguchev had enlisted Ilya Traber, known as "Antique," to reclaim his shares in the Norebo holding. He is considered as controlling over ports on behalf of the Saint Petersburg criminal organization. Tuguchev also sought help from the "right-hand man" of Chechen President Ramzan Kadyrov - Adam Delimkhanov. This once again brought journalists to Dubai, where firms, through Roman Spiridonov, help the Russian regime "maneuver" oil despite sanctions.

Delimkhanov had a very bad reputation in Dubai. In 2009, the Emirate authorities accused him of murdering another Chechen political figure – Sulim Yamadayev, who had a conflict with Kadyrov. This high-profile murder happened in the parking lot of the elite residential complex "Jumeirah Beach Residence." The killer shot Yamadayev in the back three times, and he died. Since Dubai is one of the safest cities in the world with a huge amount of surveillance cameras, the killer was quickly identified, and Dubai authorities officially charged Adam Delimkhanov with ordering this murder.

This resonant case remained in the local press for a long time, but in 2012, Dubai authorities officially dropped the charges against Delimkhanov. Since then, he could freely travel to Dubai and often visit the villa of his boss, Ramzan Kadyrov, located on the artificial island Palm Jumeirah.

It is worth noting that the murder of Kadyrov’s opponent occurred in an area directly opposite the aforementioned free economic zone, where Roman Spiridonov’s company has its office.

According to documents on Petroruss DMCC’s trade operations, it intensified its activities during 2022-2023, just when sanctions against Russian oil were in effect.

Russia is the top exporter for Petroruss DMCC, with the main suppliers listed as "Gazprom Neft" and "Gazprom Export." In one of the files, it is shown that in March 2024, Petroruss DMCC redirected oil weighing a total of 99,593,170 kg from "Gazprom Export" to China.

Petroruss DMCC also actively purchased petroleum products from the Russian "Tatneft." Data on these operations are present in shipping operation registries. Only in August 2023, the Dubai company completed six oil shipments from Russia. The recipient country was stated to be the Netherlands.

According to the Petroruss DMCC shipment schedule, it conducted the most active operations in 2023. For instance, in August 2023, the total amount of shipments was 173 million dollars.

Roman Spiridonov is quite a closed personality. There is little information about him, but his connection, on one hand, with the Russian oil business and, on the other hand, with port infrastructure, gives reason to understand that the dictatorial power of the Russian Federation values his abilities in bypassing sanctions. A large number of journalistic investigations into the "shadow fleet of Russia" and how the Russia manages to continue trading oil through Dubai have already yielded some results, and Dubai firms have begun falling into sanction lists. Perhaps Roman Spiridonov and his Petroruss DMCC should brace themselves.

Ольга Балакина