Sechin's role in Magomedov arrest under scrutiny
The arrest of another oligarch with links to the energy industry has raised questions over the motive
The hand of Russia's oil czar Igor Sechin may have been instrumental in the arrest of billionaire Ziyavudin Magomedov on embezzlement charges. Magomedov, the owner of the Summa Group conglomerate, was detained on March 31 on charges of embezzlement related to the construction of a football stadium in Kaliningrad to be used in the World Cup this summer. Analysts believe his arrest pertains to a long-running row over control of Novorossiysk Commercial Sea Port (NCSP). Summa and state-owned oil pipeline monopoly Transneft hold 50.1% in NCPS through a joint venture, while Transneft owns an additional 10.5% directly. NCSP controls the Black Sea port of Novorossiysk, as well as the Baltic port of

Also in this section
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030