The financing of Russia's war of aggression in Ukraine, ah, that murky corporate world again, money trumps all.
Coral Energy, to be kind, possibly had their fingers crossed when they declared that they were conforming to Western Sanctions. An investigation by Le Monde debunks that claim.
Western sanctions on Russian oil have too many loopholes — Le Monde [in English]
Based in Geneva and Dubai, this company was already a privileged partner of Russia before the war in Ukraine. Although the company claims to have terminated its Russian contracts at the beginning of 2022, and to have complied with Western sanctions, our investigation refutes this version of events.
Through offshore companies, a fleet of ghost freighters and clandestine cargo transshipments, Coral Energy has helped Russia illegally export a significant proportion of its oil to the rest of the world. Its trading activity was fueled by financing from European banks, including Société Générale, as well as by purchases from several oil majors, including TotalEnergies
Hilarious. We would all be better off if there were any political will to prevent these corporate shenanigans. Globalization has enabled the greatest robbery since Colonisation and the East India Company.
The EU can only blame itself for allowing Greece to sell a large number of tankers to Russia in 2022. They have swelled the fleets of phantom vessels flying flags of convenience, which blur the traceability of the origin of hydrocarbons, thus enabling higher prices to be charged. Not to mention the environmental risk they pose to European coasts.
This is costing thousands of lives in this senseless war, and Putin, probably the richest man in the world, is coining it in, just as long as everyone else gets a share. [The shareholders, of course not you or I.]
Added to this is the hypocrisy of banks and oil companies who work with companies of dubious reputation. They do little due diligence on suspicious transactions and seek above all to cover themselves legally.
Well, they have the same group of shareholders.
BTW the same shareholders probably also own shares in the world’s Military Industrial Complexes.
Has the Mafia gone global? Ha.
A morning muse.
~A
PS It would almost be amusing if it were not so deadly.
