Coral Energy strongly refutes the inaccuracies and misleading claims in Le Monde’s recent article on alleged sanctions circumvention. The article fails to account for Coral’s rigorous compliance framework and strict adherence to U.S. and European Union sanctions, including all measures set forth by OFAC and the G7 Russian Oil Price Cap Coalition.
Coral Energy began winding down all business involving Russian-origin suppliers in 2022. Additionally, the article makes false claims regarding Etibar Eyyub, who departed from the company in 2022, and Tahir Garayev, who fully divested his shares in Coral in 2024. Following their departures, Coral has had no business association with either individual, a fact that has been made publicly available.
Le Monde alleges that because Coral’s UAE subsidiary shares an address with other entities allegedly involved in problematic trading, these companies are automatically affiliated with Coral. In fact, this address is registered to more than 140 companies, all utilizing a common incorporation agent. Coral Energy has no direct or indirect affiliation with these entities. Sharing an incorporation address does not imply a shared office or ownership, nor any beneficial interest across these companies.
Specifically, Le Monde has erroneously referenced transactions related to Russian-origin naphtha that allegedly breach price caps and regulations. These claims are categorically false. Coral’s naphtha transactions have strictly conformed to sanctioned customs codes, such as CN Code “271012.90,” which is subject to the European cap of $100 per barrel. Any product classified under this CN Code falls within the sanctioned price threshold and adheres to all applicable US and EU regulations under the EU’s Combined Nomenclature classification.
Le Monde’s assertion of a “laundering” system disregards Coral’s documented exit from the Russian market, including the termination of all Russian contracts and the divestment of assets associated with Russian trading. Coral Energy maintains an organizational transparency policy, compliant with the corporate governance standards of every jurisdiction in which it operates. Coral’s collaboration with industry-leading compliance experts further underscores the company’s dedication to transparent and responsible business practices.
Coral Energy welcomes discussions with regulatory authorities, which have consistently validated the company’s proactive compliance and open approach to sanctions adherence. We invite Le Monde to correct its inaccuracies and engage with factual data rather than perpetuating unverified claims. Coral reserves all legal rights to address and seek remedy for these false and damaging claims published by Le Monde.
Coral remains committed to ethical energy trading and maintaining trust with global partners and regulators.
