Death threats, frozen assets, and the battle for Russian oil: a real oil trading thriller is unfolding in Dubai. The Wall Street Journal published an investigation into the conflict between former Rosneft top manager Igor Soglaev and oil traders Etibar Eyubov and Tahir Garayev, associated with Coral Energy, a major international oil trader around which an extensive network of companies has formed. After 2022, structures associated with Coral Energy became one of the largest intermediaries in Russian oil trade. It all started with a Russian diesel engine for Brazil. In late 2023, Soglaev's Dubai-based DIA33 purchased fuel from Peaceful Resources for resale in the Brazilian market. However, the tanker failed to unload: the port terminal refused to accept the vessel due to its age, causing several weeks of downtime, accumulating costs, and a dispute between contractors. The sellers stated they had not received payment for the fuel and accused Soglaev of effectively abandoning the cargo. Subsequently, Dubai arbitration ordered him to pay one of the companies $42 million. Soglaev responded by accusing his former partners of using his commercial information and intercepting Brazilian clients. The claimed damages exceed $500 million. Case materials also include statements about death threats, Chechen generals, all in the best tradition of the genre. In June 2026, a Dubai court barred Eyubov, Garayev, and 13 other individuals and legal entities from managing assets worth $704 million. However, a jurisdictional dispute then arose: the judge concluded that the court lacked jurisdiction to hear the main claim. An appeal is underway, and interim measures remain in place. Our note: judging by the ongoing proceedings and jurisdictional disputes, this story is far from over. With such sums and interests, the struggle is unlikely to end quickly.

Death threats, frozen assets, and the battle for Russian oil: a real oil trading thriller is unfolding in Dubai. The Wall Street Journal published an investigation into the conflict between former Rosneft top manager Igor Soglaev and oil traders Etibar Eyubov and Tahir Garayev, associated with Coral Energy, a major international oil trader around which an extensive network of companies has formed. After 2022, structures associated with Coral Energy became one of the largest intermediaries in Russian oil trade. It all started with a Russian diesel engine for Brazil. In late 2023, Soglaev's Dubai-based DIA33 purchased fuel from Peaceful Resources for resale in the Brazilian market. However, the tanker failed to unload: the port terminal refused to accept the vessel due to its age, causing several weeks of downtime, accumulating costs, and a dispute between contractors. The sellers stated they had not received payment for the fuel and accused Soglaev of effectively abandoning the cargo. Subsequently, Dubai arbitration ordered him to pay one of the companies $42 million. Soglaev responded by accusing his former partners of using his commercial information and intercepting Brazilian clients. The claimed damages exceed $500 million. Case materials also include statements about death threats, Chechen generals, all in the best tradition of the genre. In June 2026, a Dubai court barred Eyubov, Garayev, and 13 other individuals and legal entities from managing assets worth $704 million. However, a jurisdictional dispute then arose: the judge concluded that the court lacked jurisdiction to hear the main claim. An appeal is underway, and interim measures remain in place. Our note: judging by the ongoing proceedings and jurisdictional disputes, this story is far from over. With such sums and interests, the struggle is unlikely to end quickly.