FT 引述的公司层级申报包括：Foxton FZCO 在俄罗斯出口申报中作为 $5.6bn 石油的买方，以及 Advan Alliance 作为向印度出售 $1.5bn 俄罗斯石油的卖方。FT 表示，关联申报显示自俄罗斯出口超过 $90bn，但同时指出真实总额很可能显著更高，因为海关数据不完整，且方法论为避免重复计算而采取保守口径。海关纪录显示，这些实体平均活跃期约六个月；网域名单中的 8 个实体已被 EU、US 或 UK 制裁；而且只有两家公司同时出现在印度与俄罗斯两地的文件中。
FT 报导称，在 442 个网域中，有 19 个与俄罗斯企业相关；而近 400 个与石油货载无关的网域显示，该网络可能不只在做石油交易。文中引述的分析称，网域名单上的公司经常使用与 Rosneft 有关联的船只，其中包括曾由 Gatik Ship Management 营运的船舶；该公司曾在 2023 短暂成为 58 艘幽灵船队油轮的所有者。Redwood Global Supply 于 UAE 的 Ras Al Khaimah 注册成立，并在 December 被 UK 制裁；熟悉市场的交易员对 FT 表示，外界认为它是 Etibar Eyyub 的交易载体。
An IT blunder exposed an apparent network that moved at least $90bn of Russian oil, with the FT identifying 48 seemingly independent companies that appear to operate together and share one private email server, "mx.phoenixtrading.ltd". The FT identified 442 web domains using that server, and said routing through third parties helps mask blacklisted entities and transaction prices, with pressure intensifying after the US sanctioned Rosneft and Lukoil in October 2025. In November 2024, the last month with full Russian data, more than 80 per cent of Rosneft’s ship-borne oil exports were moved through the apparent network identified by the FT, and Redwood Global Supply later became the single largest exporter of Russian crude.
Company-level filings cited by the FT include Foxton FZCO as buyer of $5.6bn of oil in Russian export filings and Advan Alliance as seller of $1.5bn of Russian oil into India. The FT said linked filings show exports from Russia of more than $90bn, while also stating the true total is likely significantly higher because customs data is incomplete and the methodology was conservative to avoid double counting. Customs records suggest entities are active for an average of around six months, eight entities in the domain list are already sanctioned by the EU, US or UK, and only two companies appeared in paperwork from both India and Russia.
The FT reported that of 442 domains, 19 are linked to Russian businesses, while nearly 400 domains not linked to oil cargoes suggest the network may be doing more than oil trading. Analysis cited in the article says companies on the domain list frequently use Rosneft-connected ships, including vessels formerly run by Gatik Ship Management, which briefly emerged in 2023 as owner of 58 ghost fleet tankers. Redwood Global Supply, incorporated in Ras Al Khaimah in the UAE, was sanctioned by the UK in December, and traders familiar with the market told the FT it was believed to be an Etibar Eyyub trading vehicle.