The U.K. has now reportedly imposed sanctions on key figures involved in Russia’s oil trade, intensifying economic pressure on Moscow to support Ukraine in peace negotiations.
This move particularly targets Etibar Eyyub, a significant player in the oil sector.
As part of what Britain termed its “largest ever sanction package,” the U.K. is focusing on dozens of tankers used by Russia for oil transport and five traders from Azerbaijan, including Eyyub and his business partner, Tahir Garayev.
Prime Minister Keir Starmer emphasized that Russia’s “shadow fleet” of aging tankers has funded the war and poses a threat to vital European infrastructure.
This marks the first instance of a Western nation sanctioning major oil intermediaries who supported Moscow following its invasion of Ukraine in February 2022.
Previous sanctions largely targeted smaller entities, while Russia had managed to sidestep these restrictions.
Moody’s sanctions analyst Hera Smith noted that the new measures could significantly impede Russia’s ability to transport and finance its oil exports, which are crucial to its economy.
Eyyub and Garayev founded Coral Energy in 2010, which became a key player for Russian state producer Rosneft after the invasion.
Following the conflict, Coral began to operate under the guise of mysterious shipping companies to maintain its relationships with Western banks while facilitating oil exports for Rosneft.
In addition to Eyyub and Garayev, the U.K. sanctioned 2Rivers, the rebranded version of Coral Energy. The sanctions extended to CEO Talat Safarov and other executives, who are accused of benefiting the Russian government through their operations.
Safarov’s CFO described the sanctions as “complete lawlessness,” asserting intentions to contest the decision. Neither Eyyub nor Garayev provided comments on the sanctions.
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