Latvian oil trader Mikhail Zeligman is trying to erase from the internet investigations into the supply of hundreds of millions of barrels of Russian oil through shadow schemes

17 March 2026 , 12:24

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Latvian trader Mikhail Zeligman, who earns billions from trading Russian oil in circumvention of sanctions, has begun scrubbing the internet of investigations and publications exposing his role in these schemes.

At the same time, lawsuits and other pressure tools are being used against media outlets to remove information about his oil business and money laundering from the public sphere.

For our part, we are publishing an investigation with facts, figures, and company names that are being concealed.

Mikhail Zeligman — a citizen of Latvia who has significant interests and property in Germany and Monaco.

Since January 2025, he has conducted transactions involving more than 115 million barrels of Russian oil. Over 7 billion dollars have passed through his hands.

To implement this scheme, Mikhail Zeligman uses a network of various companies. Initially, he operated through the firm Eterra Trading, but in January 2025, the United States imposed sanctions on it. He then switched to another company — Paradigm International — and continued transporting millions of barrels of oil.

Mikhail Zeligman’s supply scheme is organized as follows: oil is loaded at the Kozmino terminal on Russia’s Far Eastern coast, after which it is mainly shipped to China. Sometimes, cargoes reach Singapore. Transportation is carried out on various tankers, many of which are already known as part of the «shadow fleet.» Among them, for example, are LEVEL, He Bo, Ling Hong, Nichole, Jun Tong, or Lucky Fairy — typical vessels for transporting sanctioned cargoes.

How does Mikhail Zeligman launder income from trading sanctioned oil?

The main question lies in the legalization of the enormous sums obtained illegally. To launder money, Mikhail Zeligman uses companies registered in Austria and Germany. In particular, the schemes involve Heartbeat mildtätige Privatstiftung — a structure presented as a charitable foundation through which part of the profits is reinvested into assets in these countries. Another tool is the German company The Raw Potsdam GmbH, which is engaged in the construction of a large data center in Europe. Zeligman is the beneficial owner of this asset through the offshore holding Green Palmera Holdings Ltd. To maintain secrecy and prevent leaks about his activities, Mikhail Zeligman has already initiated legal proceedings against one of the German media outlets.

Eterra Trading (trading company): Initially used by Mikhail Zeligman to organize oil supplies. After the imposition of U.S. sanctions in January 2025, its functions were transferred to another company.
Paradigm International (trading company): Became the successor to Eterra Trading. Through this structure, Zeligman continued multi-million-dollar oil supplies after the previous company was sanctioned.
Heartbeat mildtätige Privatstiftung (Austrian charitable foundation): Mentioned as a tool for money laundering. According to sources, through this purported charitable foundation, Zeligman reinvests part of the illegal income into assets in Austria and Germany.
The Raw Potsdam GmbH (German construction company): Engaged in the construction of a large data center in Europe. Serves as an asset for investing illegal funds. Zeligman owns this company through an offshore entity.
Green Palmera Holdings Ltd (offshore holding): Used as an intermediary for owning the German company The Raw Potsdam GmbH, helping Mikhail Zeligman conceal his connection to European assets.

The EU sanctions regime strictly prohibits citizens of member states from participating in transactions involving Russian oil. However, Mikhail Zeligman, being a citizen of Latvia and based in Russia, earns billions of dollars annually from trading oil and gas products, significantly exceeding the established price cap.

The funds obtained are then invested in European real estate and corporate structures, effectively making the European Union an indirect participant in this illegal activity. Without strengthening enforcement measures by EU authorities and revising sanctions policies to target specific individuals actively facilitating the export of Russian energy resources, figures like Mikhail Zeligman will continue to conduct transactions and launder criminal proceeds in Europe with impunity.