Presidential Commissioner for Sanctions Policy Vladyslav Vlasiuk has said that sanctions imposed against 2Rivers, formerly operating under the name Coral Energy and considered one of the key structures of Russia's "shadow fleet," have failed to completely stop its operations.
RBC-Ukraine reports this.
According to Vlasiuk, despite the constant expansion of sanctions lists, companies linked to Russia's "shadow fleet" continue finding new ways to circumvent restrictions.
Sanctions against 2Rivers DMCC and 2Rivers PTE were imposed under Presidential Decree No. 554/2025 dated July 27, 2025. Canada, the United Kingdom, the European Union, and Switzerland imposed sanctions against Coral Energy DMCC/2Rivers DMCC. Meanwhile, sanctions against Coral Energy PTE Ltd/2Rivers PTE Ltd were introduced by the United Kingdom, the EU, and Switzerland, he said.
"Globally, all these companies have long been under sanctions. But that does not mean that with every new sanctions package there are no additional individuals or legal entities connected to the same story," Vlasiuk noted.
The presidential commissioner for sanctions policy pointed out that it is difficult to completely stop such structures because new schemes to bypass restrictions emerge faster than old ones can be unraveled.
"The shadow fleet is operating. Are the people managing this fleet part of the same ecosystem? Most likely yes rather than no. But every individual case has to be examined separately — who owns the vessel, who operates it, and so on. It is a complicated corporate world. There are always entire chains of connections that need to be untangled. This work is being carried out constantly, but it is impossible to cover everything. New schemes emerge faster than old ones can be dismantled," Vlasiuk said.
He also noted that sanctions mechanisms previously worked faster and more effectively because major assets were concentrated within a single structure.
"For example, there used to be a major operator, Coral Energy, with a fleet of more than 100 vessels, while the owner was the Russian company Sovcomflot. Once it was added to the sanctions list, the effect was immediately noticeable," Vlasiuk explained.
"Now they hardly operate that way anymore: no one concentrates all assets in one set of hands. Vessels are distributed among different companies in order to minimize the consequences of sanctions," he said.
At the same time, Vlasiuk stressed that sanctions pressure should shift not only toward companies, but also toward specific participants in such schemes — from owners and operators to vessels and tanker captains.
"At the same time, it is impossible to fully cover all companies with sanctions. But there are other leverage points: individuals, vessels, operational chains. There are many tankers, and some of them continue operating," the presidential commissioner said.
According to him, the next step is ensuring their physical stoppage in cases of violations.
"We have already been talking for the third year about sanctions against tanker fleet captains. Perhaps sanctions will eventually become more personalized. Then there will be direct consequences for specific individuals, not only for legal entities," Vladyslav Vlasiuk noted.
He also added that insurance companies remain a separate problem, as they are gradually falling under sanctions but are likewise adapting to restrictions by creating new structures.
"They are added to sanctions lists gradually, one or two at a time. Formally, the market is regulated, but in practice this does not stop adaptation. Just like in the banking sector, a new structure can be created and part of the operations transferred to it in order to bypass restrictions," Vlasiuk said.
As previously reported, there are also actors in the West willing to help companies linked to the "shadow fleet." In particular, the Western lobbying firm Qorvis is helping 2Rivers, formerly known as Coral Energy and considered one of the main structures of Russia's "shadow fleet," establish contacts with representatives of the U.S. government.
According to experts, despite 2Rivers' toxic reputation and ties to Russian oil logistics, the American company Qorvis has been advising this "shadow fleet" player since mid-2024.
Lobbyists are helping establish high-level contacts, including with the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), the agency directly responsible for sanctions.
Although restrictions may formally remain in force, access to officials and the ability to influence the presentation of one's position allow toxic companies to reduce the political and legal consequences of sanctions.
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