TI Georgia Warns of Sanctions Evasion Risks After Russian Oil Shipment to Kulevi
By Liza Mchedlidze
Monday, December 8, 2025
Transparency International Georgia (TI Georgia) says the recent delivery of Russian crude to the new Kulevi refinery raises serious questions about sanctions compliance, ownership transparency and Georgia's growing role in regional oil trade.
Reuters reported that on October 6 the tanker Kayseri brought 105,000 tons of Russian oil from Novorossiysk to the Kulevi terminal. Georgia's Revenue Service confirmed the shipment, arguing that neither the vessel nor the companies involved were under sanctions at the time. However, the EU blacklisted the Kayseri three weeks later, adding it to the so called shadow fleet transporting Russian oil.
Ukrainian intelligence has linked the ship's owner, Kayseri Shipping S.A., to a network of shell companies tied to sanctioned Iranian and Russian interests. The shipment also came from Rusneft, a firm believed to be controlled by the Gutseriev family. Both Mikhail and Sait Salim Gutseriev are sanctioned, and Mikhail Gutseriev has historic business ties to former Georgian PM Bidzina Ivanishvili.
The Kulevi refinery, whose construction began in October 2024, is operated by Black Sea Petroleum LLC. Initially owned by designer Maka Asatiani, the company's structure shifted in 2025 when businessman David Potskhveria acquired nearly thirty percent through a large capital injection and became CEO. The supervisory board includes Asatiani's husband, Russian connected businessman Konstantin Gogelia, and former economy minister Levan Davitashvili, who joined the company months after resigning from government.
Media inquiries have been unable to confirm whether the refinery is already operational. Local authorities say only that trial runs are underway.
The project's first stage costs 130 million dollars. Fifty million dollars of this is financed through loans from the state owned Georgian Development Fund and three banks: Cartu (linked to Ivanishvili), China's Basisbank and Kazakhstan's Khaliqbank.
Both Asatiani and Gogelia maintain extensive business interests in Russia, including fuel terminals in Murmansk and Novorossiysk. Asatiani's son, Kakhi Zhordania, has also been involved in the Russian oil sector and co owned companies with the son of a senior GRU general. Investigations suggest he previously worked at Rusneft.
Gogelia has also been criticized for pressuring journalists at the family owned Maestro TV to adopt a pro Russian editorial line, prompting multiple resignations.
TI Georgia notes that concerns about Georgia's role in laundering the origin of Russian oil have increased since 2022. Investigations by iFact and foreign policy analysts highlight discrepancies between Georgia's official export data and higher volumes recorded in global trade databases. These gaps may reflect blending or re documentation of Russian crude.
A recent report by TV channel Formula claimed to have seen a classified US document warning that the Kulevi refinery could be used to disguise Russian oil as Georgian processed fuel. The document allegedly links Gogelia to companies involved in altering certificates of origin for Russian oil.
TI Georgia says the Kulevi refinery, its opaque ownership structure and its Russian business ties create "real risks" that Georgia could become a route for bypassing Western oil sanctions. The watchdog urges stronger oversight to ensure that the country is not inadvertently enabling sanctions evasion.
