The European Union has imposed sanctions on two Azerbaijani businessmen over their involvement in trading Russian oil, according to listings (1, 2) published on Dec. 15 in the EU’s Official Journal. The sanctions target Etibar Eyub and Talat Safarov.
Eyub founded and runs a network of companies, including Coral Energy (later renamed 2Rivers Group) headquartered in the United Arab Emirates. Through this network, Eyub has facilitated the supply and export of Russian oil, including products from state-controlled Rosneft, while concealing their true origin, the EU said.
The new listings added that 2Rivers “controls a large proportion of the vessels in Russia’s so-called ‘shadow fleet.’” These ageing, poorly insured, and sometimes unregistered vessels have allowed Moscow to continue exporting crude worldwide even as its full-scale invasion of Ukraine approaches its fourth anniversary.
Safarov, for his part, is 2Rivers’ chief executive and a major stakeholder. Since 2024, the company’s shares have been held by three senior managers: Safarov, Ahmed Kerimov, and Anar Madatli. Madatli was also added to the EU sanctions list in the same Dec. 15 decision. “Regardless of its change in name and ownership, 2Rivers Group continues to operate the same network as Coral Energy, which includes associated entities such as Nord Axis and Bellatrix, as demonstrated by the connection between the previous owners and the new management,” the explanatory note explained.
In total, the new sanctions apply to five individuals and four entities. Among those targeted is Murtaza Lakhani, a citizen of Pakistan and Canada and the founder of oil trader Mercantile & Maritime (M&M). The EU said Lakhani has used his companies to facilitate the supply and export of Russian oil, including from Rosneft, adding that he “controls vessels transporting crude oil or petroleum products, originating in Russia or being exported from Russia, while practicing irregular and high-risk shipping practices.”