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
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
