2Rivers Responds to UK Sanctions Designation

Coral Energy/2Rivers is deeply disappointed by the decision of the UK Foreign, Commonwealth & Development Office (FCDO) to impose sanctions. This action fails to reflect the company’s current structure, leadership, and operations following significant transformations over the past year, and a full exit from Russian trading activities.

Challenging the Sanctions Designation
Coral/2Rivers strongly believes that the UK sanctions designation is unfounded and does not align with the facts. The company will challenge this decision through all appropriate legal and diplomatic channels. Coral/2Rivers remains confident that its clear record of compliance and recent strategic changes will clarify any misunderstandings and lead to a fair resolution.

Commitment to Compliance and Transparency
Coral/2Rivers has undergone a fundamental restructuring and now operates under a new leadership team, comprised of senior industry professionals committed to the highest standards of integrity, compliance, and operational excellence.

The company has fully exited all trading activities involving Russian-origin products and entities as of 2023. There has been no commercial engagement with Russian business since. This strategic decision reflects Coral/2Rivers’ proactive approach to aligning with evolving international regulatory frameworks, including sanctions compliance across the US, EU, and UK.

To reinforce its leadership in regulatory adherence, Coral/2Rivers has implemented an enhanced compliance framework, which includes:
• Advanced compliance tools and rigorous manual checks to vet transactions, vessels, and counterparties.
• Oversight by a dedicated Compliance Committee conducting regular audits and risk assessments.
• Engagement with top-tier legal and financial advisors to ensure adherence to all global sanctions laws and standards.

Ongoing Dialogue with Authorities
Coral/2Rivers is actively engaged in open dialogue with global regulatory bodies, including the Office of Foreign Assets Control (OFAC) in the United States and European Union (EU) authorities. Through these ongoing engagements, Coral/2Rivers has demonstrated its transparency, compliance measures, and commitment to international standards.

Looking Ahead
Under its new leadership, Coral/2Rivers is focused on becoming a trusted, responsible, and compliant global energy trading partner. The company remains committed to:
• Sustainable growth and innovation.
• Supporting global energy market stability.
• Maintaining full transparency and regulatory compliance.