UK Sanctions Clamp Down on Russia's Shadow Oil Fleet
Britain announced new sanctions against Russia, targeting the oil sector. Asset freezes were placed on directors of the rebranded Coral Energy Group, now 2Rivers Group. The move affects over 100 oil tankers from Russia's shadow fleet. Sanctions reflect strategic measures amidst security talks in Norway.
In a significant move, Britain has unveiled a new series of sanctions targeting Russia's oil industry, focusing on the network of oil tankers known as the shadow fleet. Several directors of the oil trading company previously known as Coral Energy Group are facing asset freezes, with their company now operating under the name 2Rivers Group.
The broader sanctions package impacts around 100 oil tankers, coinciding with the meeting of leaders from northern Europe's Joint Expeditionary Force in Norway. The UK government named Ahmed Kerimov, Tahir Garayev, Anar Madatli, Talat Safarov, and Etibar Eyyub as beneficiaries of the Russian government due to their roles as directors of Coral Energy Group.
The rebranding to 2Rivers Group followed a management buyout by Safarov, Kerimov, and Madatli in 2024. Originally established by Garayev in 2010, the company has been described as pivotal in Russia's energy sector. Britain previously sanctioned 2Rivers in December 2024, a decision that the group expressed disappointment over.
(With inputs from agencies.)
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