Coral Energy/2Rivers Ceases Trading Activities Following What It Views As Misapplied Sanctions Despite Full Compliance with International Guidance

DUBAI, UAE, June 20, 2025 /PRNewswire/ -- Coral Energy/2Rivers announces with deep regret the suspension of its trading operations at the end of 2024 following what it views as the misapplication of sanctions by UK. These measures, despite 2Rivers' full and continued compliance with U.S., EU, and UK regulations, including the G7 Russian Oil Price Cap, have created an untenable business environment for the company.

Coral/2Rivers is deeply disappointed that these sanctions, which the company believes have been imposed unjustly, are forcing it to curtail its business operations. The company has acted consistently with international guidance, proactively exited the Russian market, and gone to great lengths to build a transparent and compliant energy trading platforms operating today.

2Rivers ceased all new activity with Russian-origin crude and products at the end of 2022, with one remaining contract in 2023, and fully exited the  market by early 2024. The company completed a management buyout (MBO) in early 2024, severing ties with previous ownership and further aligning its operations with international compliance standards. The MBO not only brought a renewed focus on regulatory rigor but also led to the implementation of robust automated and manual compliance processes, frequent audits, and extensive counterparty screening procedures.

Despite these proactive and transparent measures, the recent sanctions have severely disrupted 2Rivers' relationships with banks, insurers, and counterparties, culminating in a de facto suspension of operations after the December designation. As detailed in recent communications with OFAC and other U.S. authorities, 2Rivers has consistently sought direct engagement to clarify its position and offer full transparency.

The company also remains actively engaged with advisors and U.S. officials to resolve these issues. 2Rivers' commitment to full compliance has been recognized in these engagements, and it continues to press its case with both UK and international authorities.

This is not just a challenge to 2Rivers – it is a broader concern for any company striving to uphold compliance in an increasingly complex regulatory environment. 2Rivers is confident in the integrity of its operations and will use this time to contest what it views as misapplied UK sanctions and protect our reputation.  

2Rivers will maintain a small staff and compliance infrastructure to continue its dialogue with regulators during this period.  

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SOURCE 2Rivers Group