Sanctions Shutter Dubai Oil Trader 2Rivers
Dubai-based oil trader 2Rivers stops trading after UK sanctions, following Western accusations against Russia circumventing G7 bans. Britain imposed sanctions in December. 2Rivers, formerly Coral Energy, rebranded in 2024 after a management buyout, ceased new Russian oil deals in 2022, and exited the market by 2024.
Dubai's oil trading firm 2Rivers, previously known as Coral Energy, has halted operations due to the impact of UK sanctions, as confirmed Thursday.
The Western alliance has implemented sanctions on Russia's trade fleet, attributing actions to circumvent G7 oil price caps. Meanwhile, Russian exports remain steady with new global trade networks.
The UK sanctioned 2Rivers and key directors in December, with rebranding occurring mid-2024 post-management buyout. The company ceased Russian oil deals in late 2022, exiting entirely by early 2024. 2Rivers criticizes Britain's sanction measures and plans to challenge them legally.
(With inputs from agencies.)
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