Alkagesta implicated in $10 billion “dark fleet” scheme with Russian oil for Libya — media

19:24, 20.08.2025

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Alkagesta implicated in $10 billion “dark fleet” scheme with Russian oil for Libya — media

Alkagesta is reportedly being investigated by European and British authorities for unlawful sales of Russian oil to Libya.

As Malta’s largest oil bunkering operator, Alkagesta has previously been linked to Libyan oil smuggling, including practices involving fake certificates of origin.

Libya imports nearly a third of its refined oil from Russia because local refineries cannot fully meet the country’s demand/

Sources cite at least two recent cases of oil tankers carrying Russian oil for Alkagesta to Malta and Libya which fraudulently claimed that the oil came from Kazakhstan.

Alkagesta uses the Austrian Raiffeisen Bank, which is one of the last remaining European banks that still operates in Russia. In Malta, Alkagesta also hired Russian-speaking employees.

Industry sources and reporters estimate that the Russian Mediterranean Dark Fleet is involved in a $10 billion industry in terms of trading volume per year with the trading routes stretching from Syria, Egypt, Cyprus, Malta and Libya. Malta is an important and strategic location for the illegal Libyan oil trade and potentially serves as a major hub for the transfer of Russian oil.

Oil sales that were transacted in Hurd’s Bank have also occasionally been registered in Malta but the actual sales and transfers taking place in Hurd’s Bank are thought to be significantly under-reported.

Alkagesta says that it has a “high level of compliance” wherever it operates. They also threatened legal action against “false accusations”.