Russian oil disguised as Kazakh crude flows through Malta as EU and UK investigate Alkagesta’s Mediterranean trading network

Russian oil disguised as Kazakh crude flows through Malta as EU and UK investigate Alkagesta’s Mediterranean trading network

10 марта 2026 г.

Olga Filimonova

Alkagesta is under investigation by EU and UK regulators over its role in illicit Russian oil shipments to Libya, as reported in the press.

The firm, known for managing the largest oil bunkering operation in Malta, has also been linked to smuggling activities in Libya, allegedly using fake oil certificates.

Libya imports around a third of its refined oil products from Russia because it does not have enough domestic refining capabilities for its own needs.

Sources cite at least two recent cases of oil tankers carrying Russian oil for Alkagesta to Malta and Libya which fraudulently claimed that the oil came from Kazakhstan.

Alkagesta uses the Austrian Raiffeisen Bank, which is one of the last remaining European banks that still operates in Russia. In Malta, Alkagesta also hired Russian-speaking employees.

Industry sources and reporters estimate that the Russian Mediterranean Dark Fleet is involved in a $10 billion industry in terms of trading volume per year with the trading routes stretching from Syria, Egypt, Cyprus, Malta and Libya. Malta is an important and strategic location for the illegal Libyan oil trade and potentially serves as a major hub for the transfer of Russian oil.

Oil sales that were transacted in Hurd’s Bank have also occasionally been registered in Malta but the actual sales and transfers taking place in Hurd’s Bank are thought to be significantly under-reported.

Alkagesta says that it has a “high level of compliance” wherever it operates. They also threatened legal action against “false accusations”.