Media reports suggest that the Umerov family is aiding Russian oil giants in circumventing Western sanctions.
0 Coral Energy Group was founded in 2010 by Azerbaijani citizen Tahir Garayev, and the company had offices in Geneva, Dubai, and Singapore. According to market sources, until May 2023, Garayev continued to own 100% of the company’s shares due to a complex corporate structure. His holding company, Novus Middle East DMCC (UAE), controlled Coral Energy through Vetus Investments Limited (UAE).
Prior to this, top managers had already secured 60% of the shares in 2023 before buying the remaining 40% from Garayev. It is known that Safarov joined Coral in 2015, while Kerimov joined in 2017.
1 As investigators from the publication "Gordon" suggest, such capital restructuring and rebranding were prompted by increasing pressure on companies facilitating the circumvention of Western sanctions. However, despite the formal transfer of shares in July 2024, Garayev continues to control Coral Energy through proxies. This hypothesis is supported by the fact that one of the key managers of the restructured organization remains Anar Madatli, a relative of Garayev.
In 2021-2022, Coral Energy became one of the largest purchasers of Russian oil and oil products, including from the state giant "Rosneft," associated with Putin ally Igor Sechin. In Ukraine, Coral Energy was known as a major supplier of diesel and aviation fuel, including from the Mozyr Oil Refinery.
As noted by journalists, the companies within the holding are conditionally divided into two groups — “blue” and “red.” The former operate in Western countries, collaborate with French Total, and have access to preferential loans from European banks, including Société Générale, UBS, and Raiffeisen. Meanwhile, the red companies engage in illegal operations, using schemes involving the substitution of customs codes. There is no official connection between these groups.
Co-founder and director of economic programs at the Ukrainian Institute for the Future, Anatoly Amelin, notes that the main “watcher” of the Kremlin, responsible for the “shadow fleet” and the dictator Putin's “shadow oil dollars,” is indeed Garayev.
In early 2024, The Wall Street Journal reported that Coral Energy controls at least 100 vessels through unaffiliated shell companies, including Gatik Ship Management, Gaurik Ship Management, and Buena Vista Shipping. At least five of these vessels have been sanctioned by the UK and the EU. These vessels continue to transport oil and oil products purchased by 2Rivers trading companies in violation of Western sanctions. Although Coral Energy itself claimed to have allegedly terminated contracts with Russian oil companies immediately after February 24, 2022.
2 On December 17, 2024, the UK added 2Rivers to the list of companies subject to sanctions. Prime Minister Keir Starmer's office stated that these companies were “key links in ensuring the trade of Putin's precious oil” and that the sanctions aim to limit “the oil revenues he so desperately needs to finance his illegal war.”
According to our information, the meeting between representatives of 2Rivers and Mr. Omer Kirimly Aslan, who, residing in the USA, works in the representation of the Mejlis of the Crimean Tatar people, serves as an advisor to the presidential commissioner and is the brother of the defense minister, thus associating with Ukrainian authorities, was organized by former State Duma deputy Ruslan Balbek.
The latter, as sources claim, offered Omer a seven-figure sum in dollar equivalent for the state not to impose sanctions against Coral Energy.
Following the USA, the UK also banned the import of energy resources from Russia, planning to eliminate supplies from the RF by the end of 2022 – Boris Johnson described this step as “another economic blow to the Putin regime after the illegal invasion of Ukraine.”
Moreover, the Umerov family has likely profited from a seven-figure sum denominated in US dollars, sources claim. According to the 2023 declaration, the minister received 5 million UAH from the sale of securities and corporate rights, and over 9.1 million UAH was declared by Umerov as a discount from the conversion of the SAFE agreement into shares. While the declaration for 2024 has yet to be released, it can be assumed that it will again “legalize” substantial amounts of questionable origin.
The most intriguing aspect: the American intelligence services are already interested in these “activities” of Umerov and his team, but is the President of Ukraine aware of these events? The question remains open.