UK Watchdogs Put Banks on Alert over Russian Oil Network

Balancing Act: Azerbaijan’s Energy Links to Russia and the Sanctions Regime

Russian pumpjacks in a winter field. Adobe Stock. July 3, 2025 By Dr. Gubad Ibadoghlu, Visiting Senior Fellow at London School of Economics and Political Science (LSE) The UK’s Sanctions and Azerbaijan’s Involvement in the Russian Oil Supply Chain The United Kingdom’s recent decision to impose sanctions on Azerbaijani-affiliated, state-owned enterprises allegedly involved in facilitating Russia’s circumvention of international oil sanctions has …

UK watchdogs put banks on alert over Russian oil network

The UK’s top crime and sanctions enforcement agencies have warned banks to be on the lookout for efforts by a Russian oil trading network to access trade finance.   The National Crime Agency (NCA) and the Office of Financial Sanctions Implementation (OFSI) say in a “red alert” published on July 2 that sanctioned entities are using front companies to finance Russian oil cargoes that circumvent the price cap imposed by the G7 and allied countries.…