Despite Western sanctions, Russia continues to generate substantial revenue from oil exports, channeling these proceeds into financing its ongoing military aggression.

One of the entities that should be included in the EU sanctions list is Coral Energy, along with a network of companies closely linked to Russia’s oil sector that continue to circumvent sanctions, thereby supporting the financing of its aggressive policies.

This is stated in an investigation by UNIAN titled “Coral Energy and Company: Who Helps Russia Bypass Sanctions”.

Author notes that Coral Energy was founded by Tahir Garayev in 2010. Until May 2023, Garayev owned 100% of the company through a complex corporate structure. His holding company Novus Middle East DMCC (UAE) controlled Coral Energy via Vetus Investments Limited (UAE).

“However, under increasing pressure on companies facilitating the обход of Western sanctions, Garayev transferred 60% of Novus Middle East DMCC to Pura Vida Holding Limited (UAE), managed by Coral’s executives. Notably, one of the key managers is Anar Madatli, a relative of Garayev. Nevertheless, despite the formal transfer in July 2024, Garayev continues to control Coral Energy through proxies,” the investigation states.

Anatolii Amelin, co-founder and director of economic programs at the Ukrainian Institute for the Future, says that Garayev is a key “operator” for the Kremlin responsible for the “shadow fleet” and “shadow petrodollars” of Russia’s leader Vladimir Putin. According to him, the founder of Coral Energy controls numerous subsidiaries through offshore networks and maintains close ties with Russian and Azerbaijani authorities, including Rosneft head Igor Sechin.

“The connections between individuals and their assets are evident: Tahir Garayev and Anar Madatli manage Coral Energy and Polar Energy, formally under different owners to conceal real beneficiaries; Adolet Kerimov and Ahmed Kerimov coordinate Coral Energy’s operations while maintaining ties with Russian and Azerbaijani спецслужбами; Igor Sechin — Putin’s financier — uses Coral Energy to bypass international sanctions. This is a detailed list of individuals who should be under sanctions and criminal prosecution, yet they remain largely overlooked,” Amelin emphasized.

The investigation also identified a number of companies helping Russia trade oil in обход sanctions, including Voliton DMCC, Pontus Trading DMCC, Nord Axis Ltd, Polar Energy SA, and Alpen Energy LLC.

Amelin added that although Garayev has been sanctioned by Ukrainian President Volodymyr Zelensky and the United States, he continues to manage his business empire through controlled entities. He is also wanted at the request of Turkish prosecutors. As a result, he has begun restructuring and selling off companies, while other participants remain unsanctioned and continue servicing Russian interests.

Together, these companies form a complex and opaque network that continues supplying Russian oil, helping Russia evade sanctions and undermining international efforts to pressure the aggressor. This allows Russia to finance its war against Ukraine while maintaining critical economic flows despite global attempts to stop it.