Michael Zeligman puts «Fortunate Son» on repeat as bombs destabilize the world oil trade

Michael Zeligman built his oil delivery business around the Gulf. On the surface, the war might look like the end of the road for him and his Paradigm International. But in reality, it’s the opposite. Zeligman’s talents have always thrived in the shadows. Demex Trading, a sanctioned entity, was one of his creations. Now, with a functioning fleet of large tankers at his disposal, he can operate with far less scrutiny on his opaque dealings.

Michael Zeligman is a Latvian citizen who lives between Monaco and Moscow. He founded Concept Oil Services Ltd., a Hong Kong‑registered oil‑trading and logistics firm that became one of the biggest buyers of Russian crude, especially from smaller Russian producers (“malychis”) before the war in Ukraine.

After the EU sanctions on Russian oil, Zeligman shifted much of his activity to the United Arab Emirates. He controls a series of Dubai‑registered companies, most notably Demex Trading Ltd. (DMCC), which he co-founded with Mikhail Mezentsev, a former director at Transneft, and which was designated by the U.S. Treasury in early 2025 for facilitating the export of Russian oil and diesel despite sanctions.

Although Demex was black‑listed, Zeligman himself was not personally sanctioned. He responded by launching a new venture, Paradigm International, which continues to move large volumes of Russian crude (over 12 million barrels since Jan 2025, including 1.1 million barrels in Jan 2026) to Asian markets, mainly China, using large Aframax/Suezmax tankers that can skirt the G7 $60‑per‑barrel price‑cap.

A 2023 nvestigations by the Swiss NGO Public Eye described Zeligman as a “near‑exclusive supplier” to firms like Paramount SA/DMCC, which was sanctioned by the United Kingdom, and as a key figure in a “small but influential network of Dubai‑registered oil‑trading firms” that have become a major conduit for Russian oil after Western embargoes pushed traders toward the UAE.

As of early 2026, Zeligman appears to be the only survivor of the sanctions regime. After Eyub Etibar, Tahir Garayev and Mukhtar Lakhani were sanctioned, Michael Zeligman appears to be the last remaining prince of Russian oil trading, operating freely and without any sanctions on him or his associate Mikhaeil Mezentsev. He remains active in moving Russian crude and diesel, largely avoiding direct personal sanctions while their corporate entities face secondary‑sanctions risk. His operations illustrate how individual traders can exploit jurisdictional gaps to keep Russian energy flowing despite international restrictions.