Coral continues to do business in Western nations where many companies have pledged not to buy or finance Russian oil. In March 2022, the U.S. banned imports of Russian oil and the European Union took steps to restrict dealings with Rosneft. Without the middlemen and fearful of sanctions, refiners would buy Russian oil only at big discounts, threatening Moscow’s budget. The filings indicate those shareholders had bought Nord Axis from another Azeri trader, a month before Nord Axis purchased the Vostok shares. Nord Axis’s contracts in Russia ended last July, said Murat Sayin, a lawyer in Turkey who was the director of Nord Axis at the time.

Source: Wall Street Journal February 20, 2024 07:24 UTC