Hossein Shamkhani, an Iranian oil magnate with strong connections to Western finance, is a key figure in supplying weapons to Russia through the Caspian Sea to support its war in Ukraine.
Shamkhani coordinates these operations via firms like Dubai's Crios Shipping LLC, which have transported missiles and drone components using several vessels since last year.
These shipments are funded through a barter system involving petroleum cargoes, reflecting the impact of US and European sanctions on both nations. Shamkhani’s network is believed to manage over a quarter of Iran's arms deliveries to Russia. His business interests extend to hedge funds and commodities trading, linking him to Western oil companies.
Although Iran and Russia have acknowledged closer defense ties, details of their weapons trade remain largely undisclosed. The US has sanctioned some companies in Shamkhani’s network, but enforcing sanctions against these barter systems is challenging.