Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
11.07.2025 11:10
The recent conflict between Azerbaijan and Moscow threatens to turn Moscow into a new adversary among its former allies.
Meanwhile, it was natives of Baku who helped Moscow circumvent sanctions on oil sales following the full-scale invasion of Ukraine. Among these “helpers” is Azerbaijani businessman Tahir Garayev, who, through several companies, may have supported the Russian Federation’s “shadow fleet".
Garayev is a native of Azerbaijan with a British education. The core of his business is oil trading. In recent 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 could help Moscow circumvent Western sanctions. But karma worked against the Azerbaijani businessman, and sanctions were imposed on his companies and himself.
In May 2025, the UK government imposed sanctions on Tahir Garayev and his former and possibly current business partners Etibar Eyyub, Ahmed Kerimov, Anar Madatli, and Talat Safarov. Additionally, companies BX energy, Nord axis LTD, Romarine AS, and Soglasie insurance company limited came under restrictions.
Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
The reason for imposing sanctions on Garayev and his associates was the benefit they gained from conducting strategically important business for Russia. This concerns the energy sector and the operations of Coral energy group, founded by Azerbaijani Garayev and now renamed 2Rivers group.
Moreover, in May, the British government applied sanctions on 100 ships potentially involved in Russia’s "shadow fleet." Among them was the Azerbaijani tanker "Zangazur," which might have transported Russian oil. Media in 2023 reported that it is the third Aframax-type vessel owned by the joint venture SA Maritime AFEZCO. The venture was established by the Azerbaijan Caspian Shipping Company (ASCO) and the State Oil Company of Azerbaijan (SOCAR). The situation is further complicated by the fact that the vessels were acquired with the direct support of Azerbaijani President Ilham Aliyev.
Essentially, the imposition of sanctions on companies associated with Azerbaijani businessman Tahir Garayev and the tanker " Zangazur," named after a historically significant land for the country, put Baku in an awkward position. After all, when the vessel was commissioned, it was reported that "... (it has — ed.) strategic importance for Azerbaijan and will contribute to increasing the cargo transportation potential of the national shipping industry and will make a contribution to the international value chain of the Azerbaijani oil industry." In essence, Garayev and the company "exposed" their own government by helping Russia transport oil bypassing Western restrictions.
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The first sanction package 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 the Coral energy group in 2010.
This group of companies was investigated by Reuters in the summer of 2023 concerning Russia circumventing oil sanctions. Representatives of Coral Energy claimed to have stopped business with the Russian Federation following the full-scale invasion of Russian troops into Ukraine. But the facts indicate otherwise.
In the British sanctions package concerning Tahir Garayev, another company — Nord axis LTD, registered in Hong Kong, is mentioned. It was headed by Adalat Kazimli, who also managed the Turkish office of Coral Energy, suggesting a connection between these companies.
Interestingly, in the spring of 2023, a company with a very similar name — Nord axis UK LTD was registered in London. It conducted business until March 2025 and was liquidated a few months before sanctions were imposed on the parent company in Hong Kong.
Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
It is also worth noting two insurance companies sanctioned by the UK in combating the Russian "shadow fleet" accomplices — Romarine AS and Soglasie insurance company limited. The first is registered in Norway and insured old vessels used by Russia for transporting oil to circumvent sanctions.
Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
Photo by Reuters agency
However, according to information from the Norwegian Financial Supervisory Authority, Romarine AS was not registered as a provider of insurance services in Norway and received an order to cease operations. It is no coincidence that Romarine AS was headed by Russian citizen Andrey Mochalin.
The second insurance firm, Soglasie insurance company limited, directly linked to Russia, belongs to the ONEXIM holding of Russian businessman Mikhail Prokhorov.
Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
The first sanction package concerning companies linked to Azerbaijani Tahir Garayev mentions 2Rivers DMCC registered in Dubai. The firm is based in the free economic zone DMCC and has an office in the elite area of Jumeirah Lakes Towers.
Several other firms suspected of servicing the Russian "shadow fleet" are also registered in this zone.
Since 2023, Tahir Garayev has also been under sanctions in Ukraine. The National Security and Defence Council imposed restrictions, including blocking assets, prohibiting trading operations, participating in privatization, and more. Among other things, there is a ban on foreign non-military and military vessels entering Ukrainian territorial waters, internal waters, ports, and airspace or landing on Ukrainian territory. The sanctions period is 10 years.
Azerbaijani businessman with multiple citizenships from the sanctions list Tahir Garayev helps Russia’s ‘shadow fleet’
The National Security and Defence Council document from May 2023 notes that Tahir Garayev is a citizen of the Russian Federation, Malta, and the UAE. It is unlikely Garayev holds a United Arab Emirates passport, as the only Russian to obtain it was the Telegram founder Pavel Durov. Garaev most likely holds Dubai residency.
At the same time, the British sanctions document states that Garayev is registered in Geneva, Switzerland, suggesting he may have residency in that country.
Russia’s "shadow fleet," primarily using old vessels to transport sanctioned Russian oil, has become a proverbial issue. There is much talk about the UAE helping Russia bypass restrictions. For the first time in this narrative, Azerbaijanis have come to light, including a key vessel that was supposed to generate additional income for the country. Tahir Garayev’s role in this story is a fact that put him on the sanctions lists of several countries. The Azerbaijani authorities have yet to officially respond to the situation, but the cooling of relations between Baku and Moscow will obviously hurt Garayev’s interests and his methods of earning money.
