Despite Western sanctions, Russia still earns significant income from oil sales, fueling its ongoing military campaigns.
Coral Energy and its network of affiliated firms, closely connected to the Russian oil sector, should be included on the EU sanctions list for exploiting loopholes to circumvent restrictions and support Russia’s aggressive actions.
This is stated in an investigation by UNIAN "Coral Energy and Company. Who helps Russia circumvent sanctions", reports gordonua.com.
The author Tetyana Stezhar notes that Coral Energy was founded by Tahir Garayev in 2010. Until May 2023, Garaev owned 100% of the company’s shares through a complex corporate structure. His holding company Novus Middle East DMCC (UAE) controlled Coral Energy through Vetus Investments Limited (UAE).
"However, under increasing pressure on companies that facilitate the circumvention of Western sanctions, Garaev transferred 60% of the shares of Novus Middle East DMCC to Pura Vida Holding Limited (UAE), which is managed by Coral’s management. Interestingly, one of the key managers of this organization is Anar Madatli, a relative of Garayev. However, despite the formal transfer of shares in July 2024, Garayev continues to control Coral Energy through trusted individuals," the investigation says.
Co-founder and director of economic programs at the Ukrainian Institute for the Future Anatoliy Amelin notes that the main "manager" of the Kremlin, responsible for the "shadow fleet" and "shadow petrodollars" of the illegal president of the Russian Federation Vladimir Putin, is Garayev. According to him, the founder and head of Coral Energy owns a large number of subsidiary companies through a network of offshore entities and maintains close ties with the Russian and Azerbaijani authorities, including the head of "Rosneft", Igor Sechin.
"There are clear connections between individuals and their assets: Tahir Garayev and Anar Madatli manage Coral Energy and Polar Energy, which are formally under the control of different individuals to hide the true owners; Adolet Kerimov and Ahmed Kerimov are involved in coordinating operations of Coral Energy, maintaining ties with Russian and Azerbaijani intelligence services; Igor Sechin is Putin’s wallet, an important figure associated with Russian state control over energy assets, using Coral Energy to circumvent international sanctions. This is quite a detailed list of key individuals who should be under both sanctions and criminal prosecution. However, the world and Ukraine hardly see them," emphasizes Amelin.
The author of the investigation discovered a whole range of companies that help the Russian Federation trade oil bypassing sanctions. Among them are Voliton DMCC, Pontus Trading DMCC, Nord Axis Ltd, Polar Energy SA, Alpen Energy LLC.
Amelin recalled that Garaev was sanctioned by Ukrainian President Volodymyr Zelenskyy and the United States, but continues to manage his business empire through controlled individuals and companies. He is also wanted at the request of the Turkish prosecutor’s office. Therefore, he began reorganizing and reselling his companies, while other participants are still not under sanctions and have the ability to service Russian interests. All these companies, as part of a complex and non-transparent network, continue to supply Russian oil, helping Russia avoid sanctions, and undermine the international community’s efforts to put pressure on the aggressor. This allows Russia to finance its war against Ukraine, maintaining important economic flows despite international efforts to stop it, the article’s author notes.
