Murat Seitnepesov’s corporate empire spans multiple countries, demonstrating a deliberate strategy of leveraging international jurisdictions to obscure operations and navigate sanctions. From Switzerland, where his flagship company Integral Petroleum is headquartered, to the UAE, Uzbekistan, the UK, and beyond, Seitnepesov has established a web of entities that facilitate his business activities across diverse regulatory environments.
Murat Seitnepesov
His network extends into Central Asia Uzbekistan and Azerbaijan – regions with significant energy resources and strategic trade routes. Through these connections, Seitnepesov secures partnerships with local state-owned enterprises and private companies, enabling access to valuable markets and critical resources. Notably, Central Asia’s deep economic ties to Iran and Russia and its own history of circumventing international sanctions raise questions about the nature of Seitnepesov’s dealings in the region. His activity in Uzbekistan, for instance, includes partnerships with entities like Uz-KOR Gas Chemical, known for its ties to energy exports and potential rerouting of goods.
Seitnepesov’s historical ties to Russia and Iran add another layer of complexity. Once a Russian citizen, he utilized this status to register companies and establish connections within the country. His prior holdings and associations in Russia suggest that he may still maintain significant influence and access to Russian markets. Similarly, connections to Iran, likely facilitated by key associates such as Afshin Salamian, indicate potential involvement in supplying goods to the sanctioned country. Iran’s strategic importance as an energy hub and its history of using intermediaries to bypass sanctions make this relationship particularly noteworthy.
In the UAE, Seitnepesov boasts high-level connections that reinforce his position in the region. Notably, he has referred to Sultan Ahmed bin Sulayem, Executive Chairman of Dubai Multi Commodities Center (DMCC) and CEO of DP World, as a “good friend.” Sulayem reportedly supported the development of Integral Commodities SA, one of Seitnepesov’s ventures. Additionally, until 2023, Seitnepesov held a license under Integral Supply and Trading DMCC in Dubai. Despite these prestigious connections, the UAE’s regulatory environment, which is often exploited for logistics and financial flows, provides fertile ground for the type of opaque operations that characterize Seitnepesov’s broader network.
Sultan Ahmed bin Sulayem
Back in Switzerland, Seitnepesov benefits from the credibility associated with Geneva’s global business reputation. His wife, Shirin Seitnepesova, actively enhances the family’s standing by engaging with influential Swiss organizations, including The Commodity Trading Club, Women’s International Shipping Trading Association (WISTA), and the Propeller Club of Geneva. These memberships connect the Seitnepesovs to key players in shipping, trade, and finance, further solidifying their public image as reputable business leaders while potentially diverting attention from the more opaque aspects of their operations.
Seitnepesov’s reliance on jurisdictions such as the UAE and the UK also highlights his ability to exploit regulatory gaps. The UAE, with its logistical hubs in Dubai, serves as a critical transit point for goods and financial flows, while UK-based companies like Global Consulting Services LTD provide a legitimate façade for managing operations in Europe.
Moreover, Seitnepesov’s integration into prominent global events, such as Caspian Week and his appearances at forums in Davos, bolsters his image as a legitimate international business figure. These platforms, while promoting transparency and cooperation, simultaneously obscure behind-the-scenes dealings with regions like Iran, allowing Seitnepesov to maintain credibility while continuing his operations under a veil of legitimacy.
Through this expansive network, Seitnepesov not only diversifies his assets geographically but also shields his primary operations from scrutiny. The decentralized nature of his companies allows him to mask the ultimate beneficiaries of transactions, reroute goods, and minimize risks associated with sanctions enforcement. His dealings in Central Asia, coupled with suspected links to Iran and Russia, underscore a sophisticated approach to navigating global trade restrictions while maintaining the appearance of legitimacy.
Collaboration with Sanctioned Entities
Murat Seitnepesov’s business operations have previously faced allegations of engaging in transactions with Iran, a country under international sanctions. Notably, Petrogat FZE, a company historically linked to Seitnepesov, was implicated in delivering oil to Iran, raising concerns about potential sanctions violations. Court records have documented connections between Petrogat FZE and Integral Petroleum, Seitnepesov’s primary enterprise, particularly in legal disputes concerning oil shipments to Iran.
A key figure in facilitating these complex transactions is Afshin Salamian, a Geneva-based lawyer of Iranian origin. Salamian’s professional background includes assisting private individuals and small- to mid-sized companies with corporate, contractual, and administrative legal needs. His expertise positions him as a critical facilitator for business dealings that may intersect with sanctioned entities. Salamian’s Iranian heritage and Geneva-based practice give him a unique vantage point to facilitate transactions with countries like Iran, which face stringent international sanctions. Through his network, Salamian might have access to structures engaged in rerouting trade flows and structuring corporate entities to obscure the true origins and destinations of goods. His connections to strategic hubs such as the UAE, the UK, and Central Asia further bolster this capability.
Afshin Salamian
By being one of the boarding members of Integral Petroleum S.A, Salamian’s activities extend to the UK, where he has collaborated with Bayram Seitnepesov on managing companies such as Global Consulting Services LTD, highlighting his role in expanding the group’s footprint in Britain and other jurisdictions.
In addition to his work with Integral Petroleum, Salamian is potentially connected to other energy trading entities, including Swiss companies Bleu-Ocean S.A. and Lemving Oil Trading SA, which share a similar type of activity and are also based in Geneva, like Integral Petroleum.
These connections suggest a coordinated effort to maintain operational flexibility while obscuring the true origins and destinations of goods, especially in light of Seitnepesov’s suspected ties to sanctioned markets like Iran.
Murat Seitnepesov has faced allegations of business dealings with Iran before, raising concerns about potential violations of international sanctions. Reports from 2019 implicated his network of companies in facilitating transactions with Iranian entities through complex corporate structures. These claims, combined with documented links to entities like Petrogat FZE, suggest a deliberate strategy to navigate and potentially bypass sanctions.
Leveraging Personal Connections and Dual Citizenship
Murat Seitnepesov’s business operations have benefitted significantly from his personal connections and dual citizenship, particularly his historical ties to Russia. Previously holding Russian citizenship—and likely still retaining it—Seitnepesov has maintained access to critical networks within Russia and its allied countries.
Confirmation of the Russian citizenship of Murat Seitnepesov
Through his activities in Central Asia, Murat Seitnepesov leverages regional trade routes and state-owned entities to facilitate transactions that might otherwise be subject to international restrictions. For example, Uz-KOR Gas Chemical in Uzbekistan, a key partner in the petrochemical industry, is strategically positioned to provide access to critical resources while maintaining ties to both Russia and other global markets. Similarly, Turkmengaz, a state-owned energy giant in Turkmenistan, is a pivotal player in the region’s natural gas exports and serves as a potential ally in routing goods through sanctioned territories.
By exploiting jurisdictions where enforcement mechanisms are weaker, Murat Seitnepesov can operate in a manner that appears compliant on the surface while engaging in activities that may undermine international sanctions. His continued presence in Geneva, a global financial and diplomatic hub, further allows him to mask these operations under the guise of legitimate international business dealings.
Exploiting Regional Corruption
Companies such as Turkmenchemistry, and Dehqonobod Potash Plant serve as critical suppliers, providing natural gas, sulphur, polyethylene, and polypropylene for distribution to international markets. These enterprises, however, are frequently associated with allegations of mismanagement and corruption.
Turkmengaz, for example, supplies Integral Petroleum with natural gas and sulphur, which are transported through the Caspian region. Despite its strategic importance, Turkmengaz has faced scandals, such as its canceled contracts with Russian company Gazprom, highlighting its operational instability and the reputational risks associated with these partnerships. Similarly, Turkmenchemistry, another key supplier of chemical fertilizers, has been implicated in corruption scandals involving theft and low-quality product deliveries, further emphasizing the fragile nature of these collaborations.
Moreover, the Dehqonobod Potash Plant, in Uzbekistan, has been linked to schemes involving the reselling of Belarusian products under false origins to evade sanctions. These allegations suggest a broader pattern of using regional enterprises as intermediaries to obscure the true origins of goods.
By working with state-owned enterprises in regions with weak regulatory oversight, Seitnepesov’s network takes advantage of the lack of transparency to facilitate transactions that might otherwise be restricted. The reliance on these partnerships demonstrates the challenges in enforcing sanctions in regions where systemic corruption and weak oversight provide fertile ground for circumventing restrictions.
Countries where Murat Seitnepesovs network operates
The Use of Nominal Actors to Obscure Transactions
Nikolay (Mykola) Reshetov is one of a key nominal actors within Murat Seitnepesov’s global corporate network, managing a significant number of companies tied to the group’s operations. Reshetov operates several Limited Liability Partnerships (LLPs)in the United Kingdom, including Ajap Trading LLP, East-West Logistics LLP, Anckmor Gas & Oil Supply LLP, and PTC Commodities LLP, all of which are linked to Seitnepesov’s operations through common domains registered on Seitnepesov’s IP server. These companies are structured to appear independent but function under Seitnepesov’s indirect control. Moreover, some of these LLPs are linked to other entities managed by Seitnepesov’s associates, such as Larisa Nechaeva, another prominent proxy.
In addition to his UK-based activities, Reshetov is also involved in Azure Gulf Trading DMCC, an Emirati company specializing in petroleum logistics. His simultaneous management of companies in the UAE and the UK aligns with Seitnepesov’s strategy of leveraging multiple jurisdictions to obscure operational control and financial flows.
Confirmation of the Ukranian citizenship of Mykola/ Nikolay Reshetov
Reshetov’s activities suggest close collaboration with other key figures in Seitnepesov’s network, such as Afshin Salamian and Bayram Seitnepesov.
Roman Bayramov’s role is even more significant due to his appearance in the Panama Papers, which exposed global networks of hidden financial dealings. As a shareholder of Baroco Ltd, a company registered in Samoa—a jurisdiction notorious for financial secrecy—Bayramov likely facilitates financial operations such as fund transfers and asset management that are difficult to trace. His connection to the address Ave. Lenina 267, apt 85, Nikolaev, Ukraine raises further questions about his involvement in Seitnepesov’s network. The overlap between this address and other known actors suggests a coordinated effort to use Ukraine as a base for redirecting financial flows and potentially circumventing international sanctions.
The use of Reshetov and Bayramov highlights Seitnepesov’s reliance on trusted intermediaries to navigate jurisdictions with varying levels of oversight. These connections raises questions about how the integration of Ukrainian and Iranian-linked individuals within Seitnepesov’s network might facilitate complex trade arrangements and potentially circumvent sanctions. In addition, it is worth examining how Seitnepesov manages to balance his loyalty and business ties to Russia and Iran with his apparent Ukrainian business affiliations and associates. In today’s world, such a double play likely implies violations of multiple sanctions from both sides, as well as significant conflicts of interest.
Conclusion: A Web of Global Connections and Sanction Risks
Murat Seitnepesov presents a complex and highly polished image as a legitimate businessman. Operating from Geneva, hosting events like Caspian Week, and making appearances in global forums like COP24 and Davos, Seitnepesov carefully crafts a reputation of professionalism and transparency. However, beneath this veneer lies a web of operations that raises serious questions about his business practices and connections.
Despite his high-profile presence in Switzerland, his operations suggest ongoing ties to Iran and Russia, both of which face significant international sanctions. His network includes entities that have directly or indirectly violated sanctions, with several of his counterparts and partners facing legal and financial challenges. Afshin Salamian, a key figure in his network, helps manage these connections, potentially enabling Seitnepesov’s operations in sanction-sensitive regions like Iran, while leveraging jurisdictions such as the UAE,Russia,Uzbekistan, and the UK to obscure the flow of goods and capital.
Seitnepesov’s companies operate in regions known for corruption and weak oversight, allowing them to navigate the complexities of global sanctions with relative ease. While he maintains a public image of legitimacy, the strategic use of nominal actors, offshore companies, and opaque financial practices raises critical concerns about his business dealings and their alignment with international laws.
Seitnepesov’s ties to countries like Iran and Russia, his business dealings in Central Asia, and his involvement in sanctioned markets pose serious questions about the true nature of his operations.
Given the complexity of his network and the high risks associated with potential violations of sanctions, one must ask: Is it prudent to continue working with someone whose operations span multiple jurisdictions, including those with high sanctions risk? Do his counterparts in Ukraine know about his business dealings with Russia and Iran? And vice versa? How does someone like this manage to infiltrate the circles of the UK and Swiss business elite, mingle with sheikhs, and deliver speeches on sustainability? These are rhetorical questions that, so far, none of Seitnepesov’s reputed partners, counterparts, co-hosts, or the people he calls “friends”—whether among the sheikhs, UN and other international organizations, the Davos crowd, or various trading and shipping associations and specialists—have addressed.
If you have any information about Murat Seitnepesov or the companies associated with him, please contact us at [email protected]. Your input could greatly assist our ongoing investigation, which is far from over.
Our thanks go to the team at https://AssetTracing.com for their assistance in preparing this investigation
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