MOSCOW/LONDON/NEW DELHI - An oil tanker flying the Liberian flag embarked on a journey from Russia's Ust-Luga port in May, transporting crude oil on behalf of a relatively unknown trading company situated in Hong Kong.

However, before reaching its intended destination in India, the cargo was swiftly sold to another lesser-known company called Guron Trading, also based in Hong Kong. This transaction has raised eyebrows in the trading community and sparked curiosity about the operations of these discreet firms.

As a result of the sanctions imposed over the Ukraine war, major oil firms and commodity houses withdrew from business with Russian producers, leading to the emergence of numerous little-known trading firms facilitating the export of large volumes of crude to Asia.

At least 40 middlemen, including previously uninvolved companies, were involved in Russian oil trading between March and June, handling significant portions of Russia's overall crude and refined products exports. This network of lesser-known companies has played a crucial role in maintaining and even increasing Russia's oil exports, particularly to China and India.

However, the growing presence of these discreet traders and the practice of multiple trades at sea raise concerns about the transparency and financial risks involved in such transactions.

The new trading network has become a major departure from the previous dominance of well-established oil majors and top trading houses in handling Russian oil deals.