FT Uncovers Network of Shell Firms Exporting $90Bln in Sanctioned Russian Oil - The Moscow Times
Moscow Times
February 20, 2026
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The Financial Times has revealed a vast network of nearly 50 shell companies involved in exporting over $90 billion worth of Russian oil, bypassing Western sanctions imposed following Russia's invasion of Ukraine. These companies, operating from different locations but linked through a shared email server, play a key role in Russia’s "shadow fleet," which facilitates the concealment of oil shipments' true origins. The network was uncovered after the FT identified 442 web domains tied to the same private mail server, "mx.phoenixtrading.ltd." Many of these companies were listed in Russian and Indian customs documents as shippers of Russian crude.
One notable example is Foxton FZCO, a Dubai-based firm that exported $5.6 billion worth of Russian oil. The network's operations suggest a coordinated effort to evade sanctions, with intermediaries like traders from Azerbaijan playing a central role. This shadowy arrangement allows Russia to continue exporting oil despite international restrictions, with more than 80% of Rosneft’s seaborne exports reportedly handled through this network.
The use of numerous front companies reflects practices from the 1990s, where oligarchs often used similar tactics to dodge taxes and amass wealth. Experts like Sergey Vakulenko of the Carnegie Russia Eurasia
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Originally published on Moscow Times on 2/20/2026