Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Rosneft’s chief is urging the Kremlin to swiftly settle the conflict with Azerbaijan — does Igor Sechin have pressing interests at stake?
Igor Sechin emphasizes the need for a prompt resolution of the conflict with Baku. He hints that an escalation could create serious problems in the oil and gas sector. What has caused such concern?
The fact is, Mr. Sechin has a personal vested interest in resolving the Russian-Azerbaijani conflict, as many "important" contacts for Igor Sechin are directly tied to counterparts from Baku: specifically, Azerbaijani businessmen with tarnished reputations – Tahir Garayev and Etibar Eyyub.
By the way, Mr. Garayev is being sought by the Turkish Republic’s prosecutor’s office.
Red alert
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Recently, the National Crime Agency and the Office of Financial Sanctions Implementation of the UK Treasury issued a red alert regarding the activities of shadow traders of Russian oil.
The agencies warned market participants about schemes to bypass Western sanctions, utilized by the largest of these oil traders – Etibar Eyyub and Tahir Garayev, both citizens of Azerbaijan.
These two are closely associated with the president of the oil and gas company PJSC "NK" Rosneft" Igor Sechin. In the past, 2024, they managed to sell more Russian oil than any other company.
It is said that Mr. Sechin provides Eyyub and Garayev with priority access to Rosneft’s "reserves."
From Geneva – to Dubai
There is information that Garayev and Eyyub use over 100 tankers of a shadow fleet in their operations.
These are vessels over 15 years old. This antiquity employs deceptive methods of transporting black gold.
Among these methods – the disabling of the vessel’s Automatic Identification System (AIS). This shutdown makes it difficult to track the vessel’s movement, the transfer of cargo from ship to ship to conceal the origin of the oil. And also – to not track the change of flag on the old vessel.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Etibar Eyyub
Both of these gentlemen from Azerbaijan are closely connected with Coral Energy (new name — 2Rivers): this is an oil trading company from Dubai engaged in selling and exporting Russian oil and oil products.
2Rivers was founded by Tahir Gadir oglu Garayev back in 2010.
As investigative journalist reports indicate, 2Rivers has the closest ties to Igor Sechin and "NK" Rosneft.
Etibar Eyyub is the primary contact between 2Rivers and Igor Sechin. He maintains close relations with Garayev and plays a vital role in leading 2Rivers’ activities, but on paper, he does not have an official stake in ownership.
Until the end of 2023, Garayev owned 100% of 2Rivers (then Coral Energy) through a complex corporate structure.
Mr. Garayev owned 100% of Novus Middle East DMCC (UAE), which controlled 100% of Vetus Investments Limited (UAE). Vetus Investments controlled 100% of Coral Energy.
However, under increasing pressure on the company, Garayev transferred 60% of the shares of Novus Middle East DMCC to Pura Vida Holding Limited (UAE), backed by the current leadership of 2Rivers: these are citizens of Azerbaijan and UAE residents‒ Talat Safarov (45%), Ahmed Kerimov (35%), and Anar Madatli (20%).
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In January 2024, CEO Talat Safarov, CFO Ahmed Kerimov, and CEO Anar Madatli completed the purchase of the remaining shares from Garayev. But Garayev continues to control 2Rivers despite not owning the company on paper.
Anar Madatli is the brother of Garayev’s wife.
The 2Rivers group of companies includes US-sanctioned Bellatrix Energy and Voliton DMCC. Another company that shares directors with Coral Energy is Nord Axis. This office was established on February 15, 2022.
Companies associated with 2Rivers also include Novus Middle East DMCC, Vetus Investments Limited, Apeiron Energy DMCC, Pontus Trading DMCC, Polar Energy SA, Matterhorn Group FZE, and Alpen Energy LLC.
In general, they have developed vigorous activity with the help of "NK" Rosneft and Mr. Sechin.
And in 2022, 2Rivers became the largest trader bypassing Western sanctions on the export of Russian oil and oil products from Rosneft.
2Rivers operates through a network of firms that appear unaffiliated but are actually controlled by the 2Rivers management team.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Igor Sechin
They include dozens of trading companies established in the DMCC cooling zone in UAE and ship management and operation companies.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Before the start of the military operation in 2022, 2Rivers ‒ at that time Coral Energy ‒ was based in Geneva. But soon, it moved its headquarters to Dubai. This office also has a presence in Singapore. The company announced the closure of its Moscow office on Altufevskoye Highway in 2022.
However, rumors suggest that the office continues to operate in Moscow, and moreover, in February 2024, there were reported searches in Coral Energy’s Moscow office. It is alleged police detained the company’s executives, but the key figures ‒ founder Tahir Garayev and his brother – left Moscow swiftly.
What led to the appearance of the OMON in Coral Energy’s Moscow office – the media did not report, but it is unlikely the police would conduct such an operation without substantial reasons?
Shadow fleet
A report by The Wall Street Journal in January 2024 stated that 2Rivers owns a significant portion of the so-called shadow fleet, which could number 100 vessels.
These ships transport Russian oil and other petroleum products.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Oil vessels
On October 17, the UK imposed sanctions on 4 2Rivers ships (managed by Gatik Ship Management): VARUNA (IMO 9332810); SAI BABA (IMO 9321691); ARTEMIS (IMO 9317949); ANTAEUS (IMO 9299733). An investigation by The New York Times showed that the JAGUAR vessel (IMO 9293002), managed by Gatik Ship Management, transported raw materials for Voliton DMCC, a shell trading company of 2Rivers.
Sanctions against this firm were already imposed by the US on December 20, 2023.
According to Financial Times data, Russia increased the capacity of its dark tanker fleet to 70%.
By the end of 2024, 70% of Russian oil was transported by shadow fleet, which provided 89% of crude oil export and 38% of marine oil product export, circumventing sanctions. A significant portion of these vessels is owned and operated by a number of shell companies in India, Mauritius, the United Arab Emirates, and others. These firms are also controlled by the founder of 2Rivers (Coral Energy) Tahir Garayev.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Shadow fleet
Coral Energy companies forge origin documents, conduct fictitious offloading at sea, and mimic financial flows to conceal the sale of energy carriers from the Russian Federation.
Thus, Coral Energy controls at least 100 vessels. It does this through unaffiliated shell companies, including Gatik Ship Management, Gaurik Ship Management, and Buena Vista Shipping. Several vessels, as mentioned above, have already been sanctioned by the UK and the EU.
On December 17, 2024, the UK added 2Rivers to the list of sanctioned companies.
Germany also took a stand against the shadow fleet: in March, they confiscated the oil tanker Eventin, which had departed from the Russian port of Ust-Luga.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
Oil tanker Eventin
The ship was heading to Port Said in Egypt but soon drifted near the German island of Rügen. The vessel was carrying almost 100,000 tons of oil worth over 40 million euros. It fell under EU sanctions as part of the shadow fleet.
The Russian Ministry of Foreign Affairs warned that attempts to interfere with shipping order in the Baltic Sea and restrict the freedom of Russian ships under concocted pretexts would not lead to anything good. Moscow considers Western sanctions illegal.
Arrest warrant
But let’s return to our main subject.
Tahir Garayev urgently left Russia after searches in the Moscow office. But Russia is not the first country he had to leave "in a hurry": Mr. Garayev is also being sought by the prosecutor’s office of the Turkish Republic.
A few years ago, a contract was signed between Coral Energy and the CYE Petrol company (Turkey), which supplied fuel for trading vessels. An amount of $20 million was transferred to Coral Energy’s account to secure a bank guarantee.
Tahir Garayev’s oil “octopus”: how 2Rivers, Coral Energy, Novus and Bellatrix funnel billions evading sanctions
According to the contract, these funds could not be withdrawn from CYE Petrol’s account earlier than 12 months. However, Garayev’s company started withdrawing funds after 8 days. When it surfaced, Garayev claimed it was a regrettable mistake.
However, this had a highly negative impact on CYE Petrol’s reputation. CYE Petrol considered that Garayev’s company’s actions caused damage ‒ $40 million.
Later, the Istanbul prosecutor’s office issued an arrest warrant for Tahir Garayev, but this does not prevent him from continuing to engage in dark oil dealings together with "Rosneft" and Mr. Sechin.
Apparently, the searches in Moscow’s office concerning Tahir Garayev were related to his fraudulent actions against CYE Petrol, as he exited Moscow hastily.
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