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== Associated companies ==
== Associated companies ==

The 2Rivers group of companies includes US-sanctioned Bellatrix Energy<ref name=":1">{{Cite news |title=Russia's sanctions-dodging is getting ever more sophisticated |url=https://www.economist.com/finance-and-economics/2023/03/02/russias-sanctions-dodging-is-getting-ever-more-sophisticated |access-date=2024-10-14 |newspaper=The Economist |issn=0013-0613}}</ref> and US-sanctioned Voliton DMCC.<ref>{{Cite web |date=2024-09-20 |title=Treasury Tightens the Price Cap with New Sanctions and Updated Guidance |url=https://home.treasury.gov/news/press-releases/jy2008 |access-date=2024-10-14 |website=U.S. Department of the Treasury |language=en}}</ref>

Another company that shared directors with Coral Energy is Nord Axis which was established on 15 February 2022 (9 days prior to Russia's invasion of Ukraine).<ref name="wsj">{{cite web |author=Joe Wallace, Anna Hirtenstein, Costas Paris |date=2024-02-19 |title=The Secret Oil-Trading Ring That Funds Russia’s War |url=https://www.wsj.com/business/energy-oil/russia-oil-trading-secret-network-sanctions-fc3981b7 |website=wsj.com |publisher=[[The Wall Street Journal]]}}</ref> In October 2023, Kerimov denied that Coral Energy had any associations to Nord Axis.<ref name=":0" /> Company filings for Nord Axis showed that Adalat Kazimili was the sole owner of Nord Axis in May 2022. Kazimili was also registered as an official representative of Coral Energy Turkey in 2022.<ref name=":2">{{Cite web |date=2024-03-01 |title=Death of Ivan Sechin: A Geopolitical Mystery? |url=https://whalehunting.projectbrazen.com/death-of-sechin-a-geopolitical-mystery/ |access-date=2024-10-14 |website=Whale Hunting |language=en}}</ref> In 2023, Nord Axis was operated by Etibar Eyyub who worked for Coral Energy.

Other companies associated to 2Rivers include Novus Middle East DMCC, Vetus Investments Limited, Apeiron Energy DMCC, Pontus Trading DMCC, Polar Energy SA, Matterhorn Group FZE and Alpen Energy LLC.<ref name=":4" />

=== Vetus Investments ===

According to a 2022 published analytical report by [[Transparency International]], between 2014 and 2015, [[Mikhail Gutseriev]] and [[Kirill Shamalov]] (Putin’s former son-in-law) was involved in a Czech-Russian money-laundering scheme used for transfers of illicit funds from [[Russia]] to the [[Czech Republic]].<ref name="vetus">{{cite web|url=https://shipresearchguy.substack.com/p/coral-energy-putins-bitch|title=Coral Energy: Putin’s Bitch?|author=Kendo Nagasaki|date=2024-10-18}}</ref> Czech citizen, Taras Moroz, who serves a director of Czech-based Vetus Investments S.R.O.—a subsidiary of 2Rivers/Coral Energy’s holding company Vetus Investments—also appeared in corporate records of several Czech shell companies used by Gutseriev and Shamalov in their money laudering structure.<ref name="vetus"/> Organizers of the scheme concluded fictitious contracts for the purchase of Eurobonds between Czech and Russian companies, subsequently entering intoarbitral proceedings and influencing the decision of the commercial arbitration court in order to effectuate a transfer of illicit funds.<ref name="vetus"/>

In 2021, Coral purchased a cargo from [[Mikhail Gutseriev]], in violation of UK and EU sanctions at the time.


== Russian shadow fleet ==
== Russian shadow fleet ==


A report from [[The Wall Street Journal]] in early 2024 reported that 2Rivers owns a large part of the so-called [[shadow fleet]], with at least 100 vessels, transporting Russian crude, [[naphtha]] and other [[petroleum product]]s.<ref name="wsj"/> WSJ writes that the founder of the company, Tahir Garayev, speaks for the shadow fleet and the shadow traders who operate on behalf of Russian President [[Vladimir Putin]] through the [[Rosneft]] executive [[Igor Sechin]].<ref name="wsj"/> On 17 October, the UK sanctioned 4 of the 2Rivers vessels (managed by Gatik Ship Management): VARUNA (IMO 9332810) ; SAI BABA (IMO 9321691) ; ARTEMIS (IMO 9317949) ; ANTAEUS (IMO 9299733).<ref name="wsj"/> [[The New York Times]] investigation found that the vessel, JAGUAR (IMO 9293002) which was managed by Gatik Ship Management, carried crude for Voliton DMCC, a Coral/2Rivers shell trading company that was sanctioned by the US on 20 December 2023.<ref>{{cite web|url=https://www.nytimes.com/interactive/2023/05/30/world/asia/russia-oil-ships-sanctions.html|title=Fake Signals and American Insurance: How a Dark Fleet Moves Russian Oil|publisher=[[The New York Times]]|website=nytimes.com|date=2023-05-30|author=Christiaan Triebert, Blacki Migliozzi, Alexander Cardia, Muyi Xiao, David Botti}}</ref>
A report from [[The Wall Street Journal]] in early 2024 reported that 2Rivers owns a large part of the so-called [[shadow fleet]], with at least 100 vessels, transporting Russian crude, [[naphtha]] and other [[petroleum product]]s.<ref name="wsj">{{cite web |author=Joe Wallace, Anna Hirtenstein, Costas Paris |date=2024-02-19 |title=The Secret Oil-Trading Ring That Funds Russia’s War |url=https://www.wsj.com/business/energy-oil/russia-oil-trading-secret-network-sanctions-fc3981b7 |website=wsj.com |publisher=[[The Wall Street Journal]]}}</ref> WSJ writes that the founder of the company, Tahir Garayev, speaks for the shadow fleet and the shadow traders who operate on behalf of Russian President [[Vladimir Putin]] through the [[Rosneft]] executive [[Igor Sechin]].<ref name="wsj"/> On 17 October, the UK sanctioned 4 of the 2Rivers vessels (managed by Gatik Ship Management): VARUNA (IMO 9332810) ; SAI BABA (IMO 9321691) ; ARTEMIS (IMO 9317949) ; ANTAEUS (IMO 9299733).<ref name="wsj"/> [[The New York Times]] investigation found that the vessel, JAGUAR (IMO 9293002) which was managed by Gatik Ship Management, carried crude for Voliton DMCC, a Coral/2Rivers shell trading company that was sanctioned by the US on 20 December 2023.<ref>{{cite web|url=https://www.nytimes.com/interactive/2023/05/30/world/asia/russia-oil-ships-sanctions.html|title=Fake Signals and American Insurance: How a Dark Fleet Moves Russian Oil|publisher=[[The New York Times]]|website=nytimes.com|date=2023-05-30|author=Christiaan Triebert, Blacki Migliozzi, Alexander Cardia, Muyi Xiao, David Botti}}</ref>


According to the [[Financial Times]], based on research reports from the [[Kyiv School of Economics]] (KSE) Institute, Russia has increased the capacity of its dark tanker fleet by up to 70%.<ref>{{cite web|url=https://www.ft.com/content/fbad4462-5ed8-4f75-80d7-79459607277c|title=Russia’s shadow fleet grows despite western crackdown|publisher=[[Financial Times]]|website=ft.com|author=Anastasia Stognei|date=2024-10-14}}</ref> By the end of 2024, 70% of Russian crude oil will already be transported by a shadow fleet, which will provide 89% of [[crude oil]] exports and 38% of [[petroleum product]] exports by sea, which allows Russia to bypass sanctions. A significant portion of these vessels are owned and operated by a number of shell companies in [[India]], [[Mauritius]], the [[United Arab Emirates]] and other jurisdictions. According to investigations, these companies are controlled by the founder of 2Rivers/Coral Energy, Tahir Garayev, and Etibar Eyyub.<ref>{{cite web|url=https://www.ft.com/content/b9dee3f3-c2f8-4aa1-b0d9-d207f815b6e5|title=How Russia’s ‘shadow fleet’ gets its ships|publisher=[[Financial Times]]|website=ft.com}}</ref>
According to the [[Financial Times]], based on research reports from the [[Kyiv School of Economics]] (KSE) Institute, Russia has increased the capacity of its dark tanker fleet by up to 70%.<ref>{{cite web|url=https://www.ft.com/content/fbad4462-5ed8-4f75-80d7-79459607277c|title=Russia’s shadow fleet grows despite western crackdown|publisher=[[Financial Times]]|website=ft.com|author=Anastasia Stognei|date=2024-10-14}}</ref> By the end of 2024, 70% of Russian crude oil will already be transported by a shadow fleet, which will provide 89% of [[crude oil]] exports and 38% of [[petroleum product]] exports by sea, which allows Russia to bypass sanctions. A significant portion of these vessels are owned and operated by a number of shell companies in [[India]], [[Mauritius]], the [[United Arab Emirates]] and other jurisdictions. According to investigations, these companies are controlled by the founder of 2Rivers/Coral Energy, Tahir Garayev, and Etibar Eyyub.<ref>{{cite web|url=https://www.ft.com/content/b9dee3f3-c2f8-4aa1-b0d9-d207f815b6e5|title=How Russia’s ‘shadow fleet’ gets its ships|publisher=[[Financial Times]]|website=ft.com}}</ref>
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In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across [[Sub-Saharan Africa]].<ref>{{Cite web |date=2024-10-16 |title=Africa : From Dubai to Cape Town, upstart trader Coral Energy rolls out African offensive - 20/11/2023 |url=https://www.africaintelligence.com/the-continent/2023/11/20/from-dubai-to-cape-town-upstart-trader-coral-energy-rolls-out-african-offensive,110099139-ge0 |access-date=2024-10-16 |website=Africa Intelligence |language=en}}</ref>
In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across [[Sub-Saharan Africa]].<ref>{{Cite web |date=2024-10-16 |title=Africa : From Dubai to Cape Town, upstart trader Coral Energy rolls out African offensive - 20/11/2023 |url=https://www.africaintelligence.com/the-continent/2023/11/20/from-dubai-to-cape-town-upstart-trader-coral-energy-rolls-out-african-offensive,110099139-ge0 |access-date=2024-10-16 |website=Africa Intelligence |language=en}}</ref>


In March 2024, Etibar Eyyub, together with his partner Tahir Garayev, were reported to be the traders of 80% of all Russian oil exports, including Rosneft's.<ref name=":2" />
In March 2024, Etibar Eyyub, together with his partner Tahir Garayev, were reported to be the traders of 80% of all Russian oil exports, including Rosneft's.<ref name=":2">{{Cite web |date=2024-03-01 |title=Death of Ivan Sechin: A Geopolitical Mystery? |url=https://whalehunting.projectbrazen.com/death-of-sechin-a-geopolitical-mystery/ |access-date=2024-10-14 |website=Whale Hunting |language=en}}</ref>


=== Refineries and future production ===
=== Refineries and future production ===
In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.<ref name="wsj"/><ref>{{Cite web |last=Abebe |first=Agathe Duparc, Robert Bachmann and Manuel |title=Russian oil trade in Switzerland: a fake farewell? |url=https://www.publiceye.ch/en/topics/ukraine/commodity-trading-with-russia/russian-oil-trade-in-switzerland-a-fake-farewell |access-date=2024-10-14 |website=www.publiceye.ch |language=en-US}}</ref>
In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.<ref name="wsj"/><ref>{{Cite web |last=Abebe |first=Agathe Duparc, Robert Bachmann and Manuel |title=Russian oil trade in Switzerland: a fake farewell? |url=https://www.publiceye.ch/en/topics/ukraine/commodity-trading-with-russia/russian-oil-trade-in-switzerland-a-fake-farewell |access-date=2024-10-14 |website=www.publiceye.ch |language=en-US}}</ref>


It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with [[Nayara Energy]] refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.<ref name=":1" />
It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with [[Nayara Energy]] refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.<ref name=":1">{{Cite news |title=Russia's sanctions-dodging is getting ever more sophisticated |url=https://www.economist.com/finance-and-economics/2023/03/02/russias-sanctions-dodging-is-getting-ever-more-sophisticated |access-date=2024-10-14 |newspaper=The Economist |issn=0013-0613}}</ref>


== Sanctions ==
== Sanctions ==

Revision as of 03:23, 2 November 2024

2Rivers
Company typePrivate
Industry
Founded2010; 14 years ago (2010)
FounderTahir Garayev
HeadquartersDubai, UAE
Number of locations
3
Area served
Worldwide
Services
OwnerManagement Owned Company
Number of employees
120+
Website2rivers-group.com

2Rivers Group is a dynamic leader in the global energy market, specializing in the trading and distribution of liquid hydrocarbons, petrochemicals, dry bulk commodities, and biofuels. The company serves a broad portfolio of clients across multiple continents, guided by a deep commitment to operational excellence at every stage of business.

The mission of 2Rivers is to deliver reliable energy solutions with focus on reliability, sustainability and innovation. The experienced professionals  make sure that the company's clients can count on 2Rivers for efficient, dependable service that meets their needs in an ever-evolving industry.

2Rivers responsibly sources products essential for global industries and economies, from a diversity of suppliers across MENA, meeting required quality standards and specific needs of clients worldwide.

History

2Rivers is a result of the successful completion of a management buyout (MBO). This crucial transformation is a significant milestone ushering in a new era of leadership under seasoned and reputable industry professionals while reinforcing the company’s commitment to integrity, transparency, and operational excellence.

Building on a solid foundation of 15 years in the commodities trading industry, 2Rivers has evolved from its origins as a small, niche, oil and petroleum products family start-up into a financially robust management-owned multiregional trading organization dealing in a wide range of energy commodities, underpinned by sound corporate governance.

2Rivers, through the recent strategic transition, underscores its continued role as a responsible and trustworthy player in the energy commodities trading sector.

Associated companies

Russian shadow fleet

A report from The Wall Street Journal in early 2024 reported that 2Rivers owns a large part of the so-called shadow fleet, with at least 100 vessels, transporting Russian crude, naphtha and other petroleum products.[1] WSJ writes that the founder of the company, Tahir Garayev, speaks for the shadow fleet and the shadow traders who operate on behalf of Russian President Vladimir Putin through the Rosneft executive Igor Sechin.[1] On 17 October, the UK sanctioned 4 of the 2Rivers vessels (managed by Gatik Ship Management): VARUNA (IMO 9332810) ; SAI BABA (IMO 9321691) ; ARTEMIS (IMO 9317949) ; ANTAEUS (IMO 9299733).[1] The New York Times investigation found that the vessel, JAGUAR (IMO 9293002) which was managed by Gatik Ship Management, carried crude for Voliton DMCC, a Coral/2Rivers shell trading company that was sanctioned by the US on 20 December 2023.[2]

According to the Financial Times, based on research reports from the Kyiv School of Economics (KSE) Institute, Russia has increased the capacity of its dark tanker fleet by up to 70%.[3] By the end of 2024, 70% of Russian crude oil will already be transported by a shadow fleet, which will provide 89% of crude oil exports and 38% of petroleum product exports by sea, which allows Russia to bypass sanctions. A significant portion of these vessels are owned and operated by a number of shell companies in India, Mauritius, the United Arab Emirates and other jurisdictions. According to investigations, these companies are controlled by the founder of 2Rivers/Coral Energy, Tahir Garayev, and Etibar Eyyub.[4]

On September 9, 2024, Vladislav Vlasiuk, Ukrainian Commissioner for Sanctions Policy and Special Advisory to President Volodymyr Zelenskyy confirmed that one of the largest transport companies that helps the Russian Federation export oil is 2Rivers/Coral Energy.[5]

2Rivers/Coral Energy complete false documents for transactions, conduct transfers in the open sea to avoid being seen, and also have offshore bank accounts in order to capture energy sales from the Russian Federation itself. The DMCC freezone in the UAE is the primary location from which 2Rivers operates their shadow network.[5]

— Vladislav Vlasiuk

Trading

2Rivers is involved in the global crude oil and product trading business. The company trades a number of oil and oil-derived products including: coal, natural gas, ethanol, fuel oil, VGO, bitumen, middle distillates, and naphtha.[6]

In August 2022, Coral Energy became Pakistan's top fuel oil supplier.[7]

Delivery of Rosneft products to Ukraine

At the beginning of 2021, Coral Energy replaced Proton Energy Group S.A. as the supplier of Rosneft products to Ukraine. Rosneft had previously contracted with Geneva-based Proton Energy, a company associated with Viktor Medvedchuk, an exiled Ukrainian oligarch who was a key supporter of Viktor Yanukovych, and Mikalai Varabei (also known as Nicolay Vorobei), to transport these exports to Ukraine via pipeline; however, Proton Energy terminated its trading operations in 2021 due increased risk of sanctions.[8] The US government sanctioned Varabei in August 2021 for aiding the Belarusian regime through his oil trading business in Belarus and Medvedchuk in 2014 for his ties to former Ukrainian president Viktor Yanukovych. The EU sanctioned Varabei in December 2020 and Medvedchuk in May 2024.

The operator of 2Rivers/Coral Energy Group in Ukraine is Alpen Trade, a company that Tahir Garayev founded in 2016. Together with the State Register of the Russian Federation, the authority of Alpen Trade, Safarov Javid Mursal Ogli is the current director.[8]

In addition to taking over Medvedchuk’s Rosneft contract into Ukraine, 2Rivers also acquired the Latvian B.L.B. Baltijas Terminal.[9]

Cyprus-based Lostrita Investments is the beneficial owner of Latvia-based Venta Energy Services SIA. Venta Energy Services, which operates the B.L.B. Baltijas Terminal, is owned by Kamran Asgarov. 2Rivers’ controls the Latvia-based oil export terminal through an associated partnership, Venta Energy Services.[9] Asgarov, as well as 2Rivers executives Ahmad Kerimov and Talat Safarov are listed as officers of Lostrita Investments.

Separately, in 2022, Ivano-Frankivsk city court froze assets belonging to both 2Rivers/Coral Energy and its subsidiary Apeiron Energy after they were found to have illegally imported jet fuel into Ukraine from Russia (Case № 344/7508/22).

Russian oil trading

When Trafigura wound down its relationship with Rosneft in 2022, Rosneft asked Coral Energy to take Trafigura's place.[1]

In July 2022, Coral Energy outbid China's Sinopec for the purchase of Russian Eastern Siberia–Pacific Ocean (ESPO) crude oil cargoes.[7]

In December 2022, Coral Energy bought 121,000 barrels of Russian crude oil a day from Surgutneftegas.[10]

In April 2023, Coral Energy were linked to the use of Shadow fleet vessels.[11]

In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across Sub-Saharan Africa.[12]

In March 2024, Etibar Eyyub, together with his partner Tahir Garayev, were reported to be the traders of 80% of all Russian oil exports, including Rosneft's.[13]

Refineries and future production

In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.[1][14]

It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with Nayara Energy refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.[15]

Sanctions

In October 2024, it was reported that the Office of Foreign Assets Control were investigating 2Rivers for breaching sanctions relating to the Russian oil price cap.[16]

Tahir Garayev is sanctioned by the National Security and Defense Council of Ukraine.[17] Despite the management buyout, it was reported in September 2024, that Tahir Garayev continues to control 2Rivers.[18]

References

  1. ^ a b c d e Joe Wallace, Anna Hirtenstein, Costas Paris (2024-02-19). "The Secret Oil-Trading Ring That Funds Russia's War". wsj.com. The Wall Street Journal.{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ^ Christiaan Triebert, Blacki Migliozzi, Alexander Cardia, Muyi Xiao, David Botti (2023-05-30). "Fake Signals and American Insurance: How a Dark Fleet Moves Russian Oil". nytimes.com. The New York Times.{{cite web}}: CS1 maint: multiple names: authors list (link)
  3. ^ Anastasia Stognei (2024-10-14). "Russia's shadow fleet grows despite western crackdown". ft.com. Financial Times.
  4. ^ "How Russia's 'shadow fleet' gets its ships". ft.com. Financial Times.
  5. ^ a b "Власюк: Однією з найбільших транспортних компаній, що допомагають Росії щодо експорту нафти, є Coral Еnergy". zn.ua (in Ukrainian). Dzerkalo Tyzhnia. 2024-09-09.
  6. ^ "Coral Energy". 2023-11-16. Retrieved 2024-10-14.
  7. ^ a b "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". Reuters. 2022-08-03. Retrieved 2024-10-16.
  8. ^ a b "Україна знайшла нового постачальника продукції "Роснефти" – ЗМІ". epravda.com. Ukrainska Pravda. 2021-03-22.
  9. ^ a b Holger Roonemaa, Sanita Jemberga, Alexander Yaroshevich, Raimo Poom (2022-01-30). "Behind the Sanctions: How an Estonian-Latvian Conglomerate Benefits from Record Trade with the Lukashenko Regime". en.rebaltica.lv.{{cite web}}: CS1 maint: multiple names: authors list (link)
  10. ^ "New Kings of Russian Oil Were These Six Traders in December". Bloomberg.com. 2023-03-21. Retrieved 2024-10-14.
  11. ^ "Lloyd's List Daily Briefing - 5th April 2023" (PDF). 2023-04-05. Retrieved 2024-10-14.
  12. ^ "Africa : From Dubai to Cape Town, upstart trader Coral Energy rolls out African offensive - 20/11/2023". Africa Intelligence. 2024-10-16. Retrieved 2024-10-16.
  13. ^ "Death of Ivan Sechin: A Geopolitical Mystery?". Whale Hunting. 2024-03-01. Retrieved 2024-10-14.
  14. ^ Abebe, Agathe Duparc, Robert Bachmann and Manuel. "Russian oil trade in Switzerland: a fake farewell?". www.publiceye.ch. Retrieved 2024-10-14.{{cite web}}: CS1 maint: multiple names: authors list (link)
  15. ^ "Russia's sanctions-dodging is getting ever more sophisticated". The Economist. ISSN 0013-0613. Retrieved 2024-10-14.
  16. ^ "Africa : Dubai traders Coral Energy and Demex in Washington's sights over sale of Russian oil". Africa Intelligence. 2024-10-15. Retrieved 2024-10-15.
  17. ^ "Haraiev Takhir Hadir Ohly". OpenSanctions.org. 1980-01-13. Retrieved 2024-10-14.
  18. ^ "Coral Energy ta kompaniya hto dopomagaye rosiji obhoditi sankci". 2024-09-23. Retrieved 2024-10-14.
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