Tahir Garayev’s schemes: oil business and support for Russia’s ‘shadow fleet’ via 2Rivers and Nordaxis

Last week’s tensions between Azerbaijan and Moscow could result in Moscow gaining a new enemy from within its former circle of friends.

Meanwhile, it was the natives of Baku who were among those who helped Moscow bypass sanctions on oil sales after the full-scale invasion of Ukraine. Among such "helpers" is Azerbaijani businessman Tahir Garayev, who, through a number of firms, could service the "shadow fleet" of the Russian Federation.

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.

The conflict between Azerbaijan and Moscow that emerged last week risks turning Moscow into the emergence of another enemy among former allies. Meanwhile, it was the natives of Baku who were among those who helped Moscow bypass sanctions on oil sales after the full-scale invasion of Ukraine. Among such "helpers" is Azerbaijani businessman Tahir Garayev, who, through a number of firms, could service the "shadow fleet" of the Russian Federation.

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.

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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.

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.

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.

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.