+9 Kyiv
Author Tatiana Stezhar notes that Coral Energy was founded in 2010 by Tahir Garaev. 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).
"However, under increasing pressure on companies that facilitate the evasion of Western sanctions, Garaev transferred 60% of Novus Middle East DMCC's shares to Pura Vida Holding Limited (UAE), which is managed by Coral's management team. Interestingly, one of the key managers of this organization is Anar Madatly, a relative of Garayev. Despite the formal transfer of shares in July 2024, Garaev continues to control Coral Energy through trusted individuals," the investigation reveals.
Anatoliy Amelin, co-founder and director of economic programs at the Ukrainian Institute for the Future, points out that Garayev himself is the main Kremlin "manager" responsible for the "shadow fleet" and "shadow petrodollars" of the illegitimate president of the Russian Federation, Vladimir Putin. According to him, the founder and leader of Coral Energy owns numerous subsidiaries through a network of offshore companies and maintains close ties with Russian and Azerbaijani authorities, including the head of "Rosneft", Igor Sechin.
"There are clear links between individuals and their assets: Tahir Garaev and Anar Madatly manage Coral Energy and Polar Energy, which are formally under the control of different individuals in order to conceal the real owners; Adolet Kerimov and Ahmed Kerimov participate in coordinating Coral Energy's operations and maintain ties with Russian and Azerbaijani special services; Igor Sechin - Putin's purse, a key figure associated with the Russian state's control over energy assets - uses Coral Energy to circumvent international sanctions. This is a detailed list of key individuals who should be subject to both sanctions and criminal prosecution. But the world and Ukraine hardly see it," Amelin points out.
The author of the research discovered a number of companies that help Russia to trade oil while circumventing sanctions. Among them are Voliton DMCC, Pontus Trading DMCC, Nord Axis Ltd, Polar Energy SA and Alpen Energy LLC.
Amelin recalled that Garayev has been sanctioned by Ukrainian President Volodymyr Zelenskyy and the U.S., yet he continues to run his business empire through controlled individuals and companies. The Turkish prosecutor's office also wants him. So he has begun to restructure and sell off his companies, while other participants have not yet been sanctioned and can still serve Russian interests. All these companies, as part of a complex and opaque network, continue to supply Russian oil, helping Russia to evade sanctions and undermining the efforts of the international community to put pressure on the aggressor. This allows Russia to finance its war against Ukraine and maintain crucial economic flows despite international efforts to stop it, the author of the article notes.
