The company announced on Thursday that the Dubai-based oil trading firm 2Rivers (formerly Coral Energy) has stopped its trading activities due to UK sanctions.

Western powers have imposed sanction on Russia's traders and fleet, accusing them of evading bans and trading Russian crude oil above the Group of Seven Nations (G7) price limit.

The Russian oil exports are steady, as Moscow has been able to find new intermediaries and financial institutions to facilitate the exports of Russian crude to its key customers: China, India and Turkey.

Britain sanctioned 2Rivers last December, and several 2Rivers directors as well as Coral Energy founder Tahir Garrayev were added to the list this month. In December, British Prime Minister Keir starmer described 2Rivers' role as "a key linchpin" of the Russian oil industry.

Coral Energy changed its name to 2Rivers after a management takeover in mid-2024. The company also announced that it had severed all ties with the previous owner, stopped any new Russian oil contracts at the end 2022 and had fully exited from the market by the beginning of 2024.

The company announced on Thursday that it would be forced to stop trading by the end of 2024 because of problems with banks and insurers.

It stated that it would still contest Britain's actions, as they were misapplied sanctions. (Reporting and editing by Julia Payne)

(source: Reuters)