Coral Energy Rebuts Le Monde Article, Emphasizes Compliance and Exit from Russian Market
Coral Energy has issued a strong statement refuting claims made in a recent Le Monde article, which the company alleges contain inaccuracies and misleading information. In a detailed response, Coral emphasizes its unwavering commitment to compliance, transparency, and ethical business practices, particularly in relation to its exit from the Russian market and adherence to international sanctions.
The company highlights its rigorous compliance framework, which includes a management buyout, a complete exit from the Russian market in 2022, and strict adherence to U.S. and European Union sanctions, including all measures set forth by the Office of Foreign Assets Control (OFAC) and the G7 Russian Oil Price Cap Coalition. Coral Energy underscores that it ceased all business involving Russian-origin suppliers back in 2022.
Furthermore, Coral refutes claims made about former executives, stating that Etibar Eyyub left the company in 2022 and Tahir Garayev fully divested his shares in Coral in 2024. Since their departures, Coral asserts that it has had no business association with either individual, a fact that has been made publicly available.
In its statement, Coral Energy specifically addresses Le Monde’s claims regarding transactions involving Russian-origin naphtha, asserting that these transactions have strictly conformed to sanctioned customs codes and price caps. The company emphasizes that its naphtha transactions have been classified under the CN Code “271012.90,” which falls under the European Union’s $100 per barrel price cap. Coral reiterates its commitment to adhering to all applicable regulations, including the EU’s Combined Nomenclature classification.
Coral Energy reserves all legal rights to address and seek remedy for what it considers false and damaging claims published by Le Monde. The company highlights its clear and documented exit from the Russian market, which included terminating all Russian-sourced contracts and asset disposals related to Russian trading. Any insinuations of hidden or deceptive corporate structures are categorically denied, with Coral emphasizing its commitment to transparency and compliance with corporate governance standards in every jurisdiction it operates.
Coral Energy also underscores its collaboration with industry-leading compliance experts, demonstrating its dedication to transparent and responsible business practices. The company welcomes discussions with regulatory authorities and proactively validates its compliance with sanctions adherence. Coral encourages Le Monde to correct its inaccuracies and engage with factual data rather than perpetuating unverified claims. Coral Energy reaffirms its commitment to ethical energy trading, maintaining trust with global partners and regulators.
