Latest news with #CoralEnergy
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.
Free Malaysia Today
12-05-2025
- Business
- Free Malaysia Today
UK sanctions directors of oil trading group over Russian ties
The wider package of sanctions targeted around 100 oil tankers from Russia's so-called shadow fleet. (AP pic) LONDON : Britain announced today a package of sanctions aimed at Russia, including placing asset freezes on several directors of oil trading company Coral Energy Group, which is now known as 2Rivers Group. The wider package of sanctions targeted around 100 oil tankers from Russia's so-called shadow fleet and was announced as leaders from northern Europe's Joint Expeditionary Force security alliance meet in Norway. The government notice announcing the sanctions listed Ahmed Kerimov, Tahir Garayev, Anar Madatli, Talat Safarov and Etibar Eyyub and said they had 'been involved in obtaining a benefit from or supporting the government of Russia' by working as directors of Coral Energy Group. Coral Energy rebranded as 2Rivers Group after a management buyout in 2024 by Safarov, Kerimov and Madatli. Coral Energy was founded by Garayev in 2010 and had offices in Dubai and Singapore. Britain said Coral Energy had been 'carrying on business in a sector of strategic significance to the government of Russia, namely the Russian energy sector'. Britain sanctioned 2Rivers in December 2024. The group said at the time it was deeply disappointed by that decision.
Yahoo
09-05-2025
- Business
- Yahoo
UK sanctions directors of oil trading group over Russian ties
LONDON (Reuters) -Britain on Friday announced a package of sanctions aimed at Russia, including placing asset freezes on several directors of oil trading company Coral Energy Group, which is now known as 2Rivers Group. The wider package of sanctions targeted around 100 oil tankers from Russia's so-called shadow fleet and was announced as leaders from northern Europe's Joint Expeditionary Force (JEF) security alliance meet in Norway on Friday. The government notice announcing the sanctions listed Ahmed Kerimov, Tahir Garayev, Anar Madatli, Talat Safarov and Etibar Eyyub and said they had "been involved in obtaining a benefit from or supporting the government of Russia" by working as directors of Coral Energy Group. Coral Energy rebranded as 2Rivers Group after a management buyout in 2024 by Safarov, Kerimov and Madatli. Coral Energy was founded by Garayev in 2010 and had offices in Dubai and Singapore. Britain said Coral Energy had been "carrying on business in a sector of strategic significance to the government of Russia, namely the Russian energy sector." Britain sanctioned 2Rivers in December 2024. The group said at the time it was deeply disappointed by that decision.
