Coral Energy Was Supposed to Be Dead. Then CUSTOS Appeared
by Clara Preve
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Russian fuel shipments to an Indonesian terminal near Singapore tripled in 2025. A tanker faked its location while loading there, and the terminal kept changing hands.
Welcome to Whale Hunting, where we follow the money that keeps Russian oil moving long after the sanctions are announced.
On October 16, Donald Trump waived sweeping new Russia sanctions two days before they took effect, a week after striking a deal with Vladimir Putin to buy Russian diesel. Washington also suspended sanctions on Russian diesel sales until April 2027.
In Asia, Russian fuel never stopped flowing. Our investigation into PT Oil Terminal Karimun, an Indonesian storage hub near Singapore where Russian shipments tripled in 2025, found a tanker in ordinary intra-Asian trade faking its location while loading there, trade records linking cargoes to companies in the Coral Energy/2Rivers network, and quiet changes of ownership.
Since a company in the Coral network bought the terminal in 2024, its shares have changed hands four times as sanctions closed in. The latest filings point back to a familiar figure from inside Coral.
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