Latest news with #2Rivers
Zawya
4 days ago
- Business
- Zawya
Oil trader 2Rivers, formerly Coral Energy, begins dissolution process
Dubai-based oil trader 2Rivers, formerly known as Coral Energy, has started the formal process of dissolution following sanctions by Britain and the European Union, the company said on Wednesday. The company, which said in June it had ceased trading activities in late 2024, said the decision was taken with deep regret and under extraordinary pressure following the sanctions. Western powers have imposed sanctions on Russia's fleet and network of traders, accusing them of circumventing sanctions and trading Russian oil above the Group of Seven nations' price cap. 2Rivers/Coral said it rejected any assertion that it violated sanctions measures, directly or indirectly, and that it was actively pursuing all avenues to challenge and seek the removal of the measures. Britain sanctioned 2Rivers in December, before doubling down with asset freezes on several directors of the firm in May. The EU added 2Rivers' Singapore and Dubai entities to its 18th sanctions package last month. "The 2Rivers Group enables shipments and export of Russian oil, notably from Rosneft, by concealing the actual origin of the oil. In particular, the 2Rivers Group controls a large proportion of the vessels in Russia's so-called 'shadow fleet'," the EU said. Coral Energy rebranded as 2Rivers in mid-2024 after a management buyout. It has also said it severed ties with its previous ownership, had stopped all new Russian oil deals at the end of 2022 and fully exited the market by early 2024. (Reporting by Robert Harvey Editing by Mark Potter and Kevin Liffey)
Reuters
5 days ago
- Business
- Reuters
Oil trader 2Rivers, formerly Coral Energy, begins dissolution process
LONDON, Aug 6 (Reuters) - Dubai-based oil trader 2Rivers, formerly known as Coral Energy, has started the formal process of dissolution following sanctions by Britain and the European Union, the company said on Wednesday. The company, which ceased trading activities in June, said the decision was taken with deep regret and under extraordinary pressure following the sanctions. Western powers have imposed sanctions on Russia's fleet and network of traders, accusing them of circumventing sanctions and trading Russian oil above the Group of Seven nations' price cap. 2Rivers/Coral said it rejected any assertion that it violated sanctions measures, directly or indirectly, and that it was actively pursuing all avenues to challenge and seek the removal of the measures. Britain sanctioned 2Rivers in December, before doubling down with asset freezes on several directors of the firm in May. The EU added 2Rivers' Singapore and Dubai entities to its 18th sanctions package last month. "The 2Rivers Group enables shipments and export of Russian oil, notably from Rosneft, by concealing the actual origin of the oil. In particular, the 2Rivers Group controls a large proportion of the vessels in Russia's so-called 'shadow fleet'," the EU said. Coral Energy rebranded as 2Rivers in mid-2024 after a management buyout. It has also said it severed ties with its previous ownership, had stopped all new Russian oil deals at the end of 2022 and fully exited the market by early 2024.
Bloomberg
20-06-2025
- Business
- Bloomberg
Sanctioned Oil Merchant 2Rivers Says It Has Ceased Trading
An energy trading house sanctioned in December by the UK for handling Russian oil said Friday it ceased trading operations at the end of 2024. UK authorities said 2Rivers, also known as Coral Energy, was one of the 'key lynchpins in enabling the trading of Putin's precious oil' at that time.
