A conflict between oil traders led to the seizure of funds in Coral network accounts
A court in Dubai has frozen up to 704 million dollars in assets belonging to Azerbaijani oil traders Etibar Eyubov and Tahir Garayev. The asset freeze remains in effect as part of a lawsuit filed by Igor Soglaev, a former advisor to the head of Rosneft. This was reported by Delo.ua citing The Wall Street Journal, according to the portal PromPolitInform.
The court ruling, issued in June, targets 15 individuals and entities linked to the Coral trading network. This network became a key intermediary for the sale of oil from the russian federation following the imposition of international sanctions. Eyubov and Garayev had previously signed a private agreement with Rosneft to export raw materials worth tens of billions of dollars, leading to personal sanctions imposed against them by the UK and the EU.
Conflict over a Brazilian contract
The lawsuit stemmed from a commercial dispute over the supply of Russian diesel fuel to Brazil, organized by Igor Soglaev through his company, DIA33. Upon the tanker’s arrival at the port, terminal operators refused to accept the cargo due to the vessel’s advanced age, leading to significant financial losses caused by demurrage.
The parties failed to reach an agreement on covering the losses, prompting traders associated with Coral to file a claim in the Dubai arbitration court. They accused Soglaev of misappropriating the fuel, and in early 2026, the arbitration tribunal ordered Soglaev to pay 42 million dollars to his opponents.
Allegations of dumping and threats
In response, Soglaev filed a countersuit, claiming that his partners used their joint venture to gain confidential information about his Brazilian customers and contract terms. According to the plaintiff, they subsequently began supplying fuel directly to these clients at significantly discounted prices.
Soglaev also reported death threats, claiming that Etibar Eyubov had discussed their commercial dispute with a Chechen field commander. While the initial court questioned its jurisdiction, Soglaev’s lawyer, David McCoy, has filed an appeal to transfer the case to the Dubai International Financial Centre. The 704 million dollar asset freeze remains in place pending the final appellate decision.
Photo: Delo.ua
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