A major collapse began in Russia: Companies trading Russian oil have declared war on each other

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Key intermediaries through which Moscow exports oil in defiance of sanctions have entered into open warfare. Competing traders from Dubai, Hong Kong, and Singapore are now helping the West identify weaknesses in Russia's shadow oil network. As Bloomberg reports , citing data from market participants, companies involved in the sale of Russian oil have begun openly exposing each other to Western sanctions in an attempt to weed out competitors.

At the center of the conflict are oil trade veteran Murtaza Lakhani and two Azerbaijani entrepreneurs, Etibar Eyyub and Tahir Garayev. According to the agency, these traders have been transporting hundreds of millions of barrels of Russian oil since 2022, helping Rosneft circumvent Western restrictions following the start of Russia's full-scale war against Ukraine. However, now the fight between them has gotten out of control. Associates of Eyub and Garayev attempted to publish articles in Russian media detailing Lakhani's dealings with Rosneft in order to attract the attention of Western regulators and secure sanctions against him. In response, Lakhani launched his own campaign aimed at drawing the authorities' attention to the activities of his Azerbaijani competitors. Following investigations and publications, the EU and the UK imposed sanctions against the Eyub and Garayev network in 2024. This has made their operations much more difficult: banks, insurance companies, and logistics firms have begun to avoid working with them to avoid risk themselves. As a result, their costs rose, insurance premiums became more expensive, supply routes became longer and less transparent, and the price per barrel fell – as brokers and refiners demanded compensation for the risk. The conflict between the traders, according to Bloomberg, led to multi-billion dollar losses not only for the intermediaries themselves, but also for Rosneft and the Russian economy as a whole. Due to rising costs and loss of trust from counterparties, Moscow is losing part of its export revenues, and its system for circumventing sanctions is becoming increasingly ineffective. Analysts say the situation demonstrates the fragility of the systems through which Russia exports oil. The Kremlin effectively depends on a narrow circle of opaque intermediaries operating through offshore companies and Asian jurisdictions. Internal conflicts and personal greed make the system ungovernable.

Media reported that India's largest buyer has abandoned Russian oil following US sanctions against Russian oil companies. This refers to Reliance, which is now looking toward Middle Eastern oil. According to traders, Reliance has purchased at least 10 million barrels of oil on the spot market, including Saudi Arabia's Khafji, Iraq's Basrah Medium, Qatar's Al-Shaheen, and American WTI . Deliveries are expected in December and January.
Reliance was previously India's largest buyer of Russian oil and actively took advantage of the discounts Moscow offered amid sanctions pressure. However, new US restrictions made trading with Russian suppliers risky. Banks began refusing to process payments, and insurance companies began refusing to cover cargoes linked to Russia.
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