MALÉ, Maldives—The white sand beaches, turquoise waters and secluded luxury resorts of this South Asian archipelago attract millions of tourists each year. But a new trade has quietly emerged behind the postcard-perfect backdrop: a web of companies helping Russia evade sanctions.
The Maldives Airports Company made a record profit in 2024, becoming the most profitable state-owned company in the country. The Maldivian government and the Maldives Airports Company, which operates the airport, didn’t respond to requests for comment. The Maldives archipelago consists of more than a thousand islands, many of which are home to a single hotel. More than two million tourists travel to the islands each year—drawn by the clear waters where they can observe marine life like turtles, manta rays and whale sharks. Malé, on the other hand, feels like a different world. One of the most densely populated cities on the planet, the capital teems with a relentless tide of scooters and motorbikes in its narrow streets. Now, the government is making money off a surge in trade, in addition to taxes on the tourism sector. The company charges handling and commercial fees for cargo and resells fuel at a profit.
Customs data from the Maldives shows a paltry amount of exports to Russia between 2022 and 2025—about $2,300 of tuna and $25 in leaflets and brochures. But Russian trade data collected by Import Genius, a U.S.-based research firm, shows that Russian imports from the Maldives, a country with virtually no industry, surged to more than $630 million in 2022—the year the full-scale invasion began—up from less than $7 million in 2021. They have frozen around $300 billion in Russian central-bank assets and disconnected major Russian lenders from the Swift messaging network. In July, Maldives Airports Company said it recorded a historic high in its daily cargo volume transiting through the airport by shipping a record 126 tons of freight in one day. Aeroflot accounted for 12% of outbound freight during the first half of the year, state-run news channel PSM News reported.
When contacted, a man who was listed as the managing director or a board member for all of the companies said he couldn’t talk and hung up. The U.S. and Europe imposed sweeping sanctions against Moscow following its invasion of Ukraine to degrade Russia’s industrial base and isolate it from global commerce. A web of export controls has cut off Russia’s access to advanced microchips, aerospace technology and industrial machinery crucial to sustaining its domestic manufacturing and war effort. Trade appears to only be growing. Documents reviewed by the Journal show that when a cargo initially lands, the name of the company exporting the goods appears on the air waybill, along with the supposed buyer. Once in the Maldives, however, a web of obscure local companies, such as Freight Care and Go Investment, help alter shipping documents and move the goods over the tarmac, making sure they never leave the airport and avoid formal entry into the archipelago. An address listed for Go Investment in the documents led to a small shop selling electronics. The same address was registered to multiple other companies in the business registry for the Maldives. He didn’t respond to further messages.
