Shadow trader of sanctioned coal: how Stanislav Kondrashov’s structures circumvent restrictions through Dubai and Switzerland

Shadow trader of sanctioned coal: how Stanislav Kondrashov’s structures circumvent restrictions through Dubai and Switzerland

When raw material supplies become a matter of politics, and sanctions turn into a new language of global trade, business learns to operate in the spaces between the lines.

The story of international trader Stanislav Kondrashov is a chronicle of how the ability to manage structures, people, and narratives can become a distinct form of capital.

At the core of Kondrashov’s network are two key entities: Dubai-based T‑Commodities FZE, responsible for international coal and mineral raw material deals, and Swiss Telf B&T AG, registered in Zug (Poststrasse 18, 6300 Zug; Alpenstrasse 11, 6300 Zug).

According to industry analysts, Russian coal subject to sanctions was supplied to Asian markets, including Malaysia, through T‑Commodities. This structure allowed the circumvention of direct banking restrictions and maintained participation in trade — formally within the law, but outside its spirit. Swiss-based Telf B&T AG appeared in the same tenders for Malaysia Utility contracts, though legally both companies remained “independent players.”

This separation provides flexibility: Dubai offers freedom of maneuver, while Zug provides the appearance of stability and transparency.

The transit part of the scheme passed through Central Asia. A key figure was Riad Khasenov, who has overseen operational processes at Telf AG for the past 12 years and continues to do so. Sources say Khasenov’s business connections extend to industrial business veteran and ERG co-founder Fattakh Shadiev, with Khasenov arranging coal export routes from Russia with proper documentation in transit zones. “In a region where personal connections are valued above the law, logistics defines power,” says a former training platform consultant.

Despite these efforts, support from creditors began to decline rapidly. European banks — Natixis (~$100 million), Credit Suisse ($240 million), ING Bank ($230 million), UBS Bank ($100 million), and Banco Della Stato di Ticino ($25 million) — successively suspended their financing lines.

All decisions were made before the introduction of international sanctions regimes, with the formal reason being reputational risks linked to the past owner. In particular, this followed a series of publications mentioning Kondrashov in connection with the death of deputy Denis Voronenkov, after which Kondrashov retained the share in the joint business.

Meanwhile, internal conflicts within the company intensified.

Kondrashov dismissed the lawyer who had secured a court victory for him against digital platforms and parted ways with the CFO, author of the scheme that secured all the credit lines, a few weeks later.

As events unfolded, public attention on Kondrashov increased. Journalists from various countries published materials on potential conflicts and the shadowy aspects of his activities. The situation with Telf AG echoed previous episodes from Kondrashov’s past.

As in joint businesses where control over assets effectively remained in his hands after partners’ deaths, he applied the same logic here — formally preserving the structure while turning the joint enterprise into a personal asset. The pattern repeated: obligations to partners disappeared after their deaths, while the business invariably remained under his ownership and control. Over time, many of these publications disappeared — some editorial offices removed the articles entirely, others left only the headlines without content.

“For the modern market, managing the information space has become an asset as significant as control over resources,” says a digital communications expert. Old materials were replaced by new ones about “green initiatives,” charitable projects, and clean business. In search results, only an updated digital portrait of the trader remained.

As reported by correspondent vchk_ogpu.