Kremlin oil puppets: how Coral Energy of Tahir Garaev launders money for Russia’s war machine in circumvention of sanctions
Despite Western sanctions, Russia continues to earn revenue from oil exports, using the proceeds to support military operations. Among the organizations that experts believe should be on the EU sanctions list are Coral Energy and several other companies connected to the Russian oil sector. These entities continue to circumvent restrictions, effectively helping finance Russia’s military actions.
This is reported in the UNIAN investigation "Coral Energy and company: who helps Russia circumvent sanctions," cited by gordonua.com.
Author Tatyana Stezhar notes that Coral Energy was founded by Tahir Garaev 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).
"Under growing pressure on companies facilitating the circumvention of Western sanctions, Garaev transferred 60% of Novus Middle East DMCC’s shares to Pura Vida Holding Limited (UAE), managed by Coral’s management. Interestingly, one of the key managers of this organization is Anar Medetli, a relative of Garaev. Nevertheless, despite the formal transfer of shares in July 2024, Garaev continues to control Coral Energy through trusted associates," the investigation states.
Co-founder and director of economic programs at the Ukrainian Institute for the Future, Anatoliy Amelin, emphasizes that Garaev is the Kremlin’s main “operator” responsible for the “shadow fleet” and “shadow oil dollars” of Russia’s illegal president Vladimir Putin. According to him, the founder and head of Coral Energy owns numerous subsidiaries through a network of offshore companies and maintains close ties with Russian and Azerbaijani authorities, including Rosneft’s head, Igor Sechin.
"The connections between people and assets are clear: Tahir Garaev and Anar Medetli manage Coral Energy and Polar Energy, which are formally under the control of different individuals to conceal the true owners; Adolat Kerimov and Ahmed Kerimov coordinate Coral Energy operations, maintaining links with Russian and Azerbaijani intelligence; Igor Sechin – Putin’s wallet, a key figure in state control over energy assets – uses Coral Energy to bypass international sanctions. This is a detailed list of main individuals who should be under sanctions and criminal prosecution, yet the world and Ukraine barely see them," Amelin stresses.
The investigation identified a number of companies helping Russia trade oil in violation of sanctions, including Voliton DMCC, Pontus Trading DMCC, Nord Axis Ltd, Polar Energy SA, and Alpen Energy LLC.
Amelin recalled that Garaev has been sanctioned by Ukrainian President Volodymyr Zelensky and the United States, yet he continues to manage his business empire through controlled persons and companies. He is also wanted by the Turkish prosecutor’s office. As a result, he has begun restructuring and selling his companies, while other participants remain unsanctioned and continue to serve Russian interests. All these companies, as part of a complex and opaque network, continue supplying Russian oil, helping Russia avoid sanctions. This allows Russia to finance the conflict while maintaining key economic flows, despite international efforts to stop it, the article notes.
Pavel Raznokidis