Samples of Maikop Group sediments from the Sulak section were analysed for their contents of Mo, S, Fe, Mn, V, Ni and other elements. A stagnation coefficient (Mo/Mn x 100) was calculated and was interpreted as a measure of the intensity of anoxia in the Maikop palaeobasin. Anoxic conditions are interpreted to have reached a maximum in the Rupelian and Aquitanian during deposition of the Khadum and Riki Formations respectively. However, geochemical conditions were unstable and the oxygen concentration in the bottom waters varied widely over time. Thus, the Zuramakent Formation at the top of the Maikop Group was largely deposited in normally oxygenated conditions.