Although the official of "Coral/2Rivers" stated that they have not been buying or selling oil from Russia for two years, after the names associated with the company were included in Ukraine's sanction list, the shares unexpectedly changed hands.

Companies owned by Azerbaijani businessmen have been added to the UK government's sanctions list. According to a statement released by the UK Prime Minister's Office, the sanctions apply to the companies "2Rivers DMCC" and "2Rivers PTE LTD," as well as 20 oil tankers belonging to Putin's "shadow oil fleet."

"The companies have been key pillars supporting Putin's lucrative oil trade, and the sanctions are aimed at restricting the oil revenues that are crucial for continuing his illegal war in Ukraine," the statement said.

This decision was made after the European Union (EU) adopted its 15th sanctions package against Russia. In addition to individuals and legal entities, the new EU sanctions list includes 52 oil tankers. The document related to the sanctions package notes that Putin has been circumventing sanctions through his shadow oil fleet.

The "2Rivers" company, in a statement regarding the sanction decision, denied the accusations, calling them baseless. The company expressed deep regret over the British government's decision and emphasized that it had cut ties with Russia starting from last year.

"Coral/2Rivers" firmly believes that the imposition of British sanctions is unfounded and does not align with the facts. The company will challenge this decision through all relevant legal and diplomatic channels," the statement emphasizes.

Reuters reported earlier this year in June that the company "Coral Energy" was founded in 2010 by Azerbaijani citizen Tahir Garayev. The company, which is engaged in the wholesale and retail sale of oil and oil products, has offices in Dubai, Singapore, and Geneva.

In 2021-2022, "Coral Energy" became one of the customers of Russian oil, including the state-owned company "Rosneft." Russian oil accounted for a quarter of the company's trade turnover. However, the company's new management announced that it had ceased oil trading with Russia in 2023 and 2024.

"We do not plan to return to Russian oil... our priority is diversification. Today, we are trading non-Russian fuel oil, gasoline, petrol, naphtha, crude oil, and petrochemical products. Our share of crude oil is relatively low, less than 10 percent," said the company's financial director, Ahmad Karimov, to Reuters.

Tahir Garayev, who holds both Azerbaijani and Maltese citizenship, was added to Ukraine's sanctions list in May of last year. Earlier this year, he transferred his 40% stake in the company to the company's CEO, Talat Safarov, and financial directors Ahmad Karimov and Anar Madatli. The Wall Street Journal reports that until this summer, the "2Rivers" company operated under the name "Coral Energy." The company’s name was later rebranded.

Although the new shareholders have declared that they severed business ties with Russia, the UK government has included "2Rivers DMCC" in the list of companies that help Russia evade sanctions. The UK, Denmark, Sweden, Poland, Finland, and Estonia have announced they will cooperate to prevent the movement of suspicious cargo vessels in the Baltic Sea.

Author: Afghan Mukhtarly