The European Union has imposed sanctions on prominent Pakistani oil magnate Murtaza Lakhani as part of a new package of measures targeting Russia over its war against Ukraine. This was reported by Bloomberg, writes UNN.
Details
As the publication notes, Murtaza Lakhani — a low-profile but key figure in global oil trade — was added to the EU sanctions list due to his alleged role in trading Russian oil, the European Union reported. Etibar Eyub, Valeriy Kildiyarov, Talat Safarov, and Anar Madatli were also sanctioned.
Shortly thereafter, Lakhani stated that he would resign from all management positions in companies he owns, adding that the EU measures were baseless.
Both Lakhani and Eyub have become prominent in oil trading circles in recent years, becoming increasingly active intermediaries in supplies from Europe to Asia and the Middle East.
In 2023, a Bloomberg News investigation documented how Lakhani, a Karachi native who grew up in England and Canada, played a central role in Russia's global oil business.
In alliance with Rosneft CEO Igor Sechin, Lakhani helped create a network of companies to supply the country's oil to customers around the world after sanctions were imposed, Bloomberg writes.
"The recent conflict between Lakhani and his Azerbaijani rivals has cost Rosneft and the Russian state billions of dollars," the publication says. "According to people familiar with the matter, both players, who are estimated to have transported most of Rosneft's oil, tried to expose each other's ties to Russia to provoke Western sanctions."
Azerbaijani citizen Eyub was sanctioned by the UK in May, but was not affected by US sanctions. Lakhani was not included in the US or UK sanctions lists.