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Home News UK accountant sanctioned for procuring tankers for Russia through Marshall Islands structures and Dubai finance.
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UK accountant sanctioned for procuring tankers for Russia through Marshall Islands structures and Dubai finance.

04/06/2025

The UK government has sanctioned and disqualified JOHN MICHAEL ORMEROD, a British accountant, for allegedly helping Russia procure tankers for its shadow fleet.

Source - https://find-and-update.company-information.service.gov.uk/disqualified-officers/natural/0prmRAxsLZiVQA0uMxGBdxe4gMk

The shadow fleet is used to circumvent international sanctions on Russian oil exports.

Here are some key details:

  • Ormerod helped Russian oil giant Lukoil create a network of companies in the Marshall Islands, through which at least 25 used tankers were purchased in 2022-2023.
  • Lukoil’s shipping division, Eiger Shipping from Dubai, provided financing. The total volume of deals reached more than 700 million US dollars.
  • These tankers transported 120 million barrels of Russian oil.
  • Each vessel was acquired through shell companies in the Marshall Islands
  • The acquired tankers sailed under the flag of the Cook Islands
  • The British shipping broker Braemar, a major player in the sector, facilitated at least nine such transactions.
  • The management of the tankers was entrusted to additional companies registered in the United Arab Emirates, owned by the shipping magnate Muhammad Tahir Lakhani, a Pakistani with British citizenship.

Ormerod, whose career spans Hambros Bank, Bankers Trust, Den Norske Bank, and his firm, Ormerod Allen & Co., was among the key players in Russia's “shadow fleet,” through which it circumvented the oil embargo and price ceiling.

Ormerod's actions highlight the significant role financial facilitators can play in evading sanctions and engaging in global money laundering. By creating complex structures, layered ownership, and utilising cross-border finance, these facilitators can mask the true nature of transactions, and the parties involved.

This case starkly reminds us of the geopolitical risks associated with such financial manoeuvres. It underscores the need for robust international cooperation and stringent regulatory measures to prevent the exploitation of economic systems for illicit purposes.

References

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.