Shadowy Oil Trader With Kremlin, Orbán Ties Supplied Billions in Russian Crude to Europe

An investigation details how Normeston Trading, a Belize-registered firm, funneled over 20 million tonnes of Russian crude (worth $10B+) into Central Europe since 2011 via a network connecting former Lukoil executive Valery Subbotin and Hungarian political-business circles linked to Viktor Orbán, with activity surging after Russia’s 2014 Crimea annexation and the 2022 invasion of Ukraine. The report outlines ties to Eminent Energy (involved in operations tied to sanctioned oligarch Serhiy Kurchenko), links to figures close to Gennady Timchenko, and partnerships with Proton/Epsilon Holding tied to Nisan Moiseev, alongside financial guarantees via OTP Bank. It also highlights asset deals with MOL, connections to entities associated with Russian elites, and notes that Hungary and Slovakia blocked an EU sanctions package in June 2025; involved parties largely did not respond to inquiries.