Skip to content
Edit post

NGO: 88 Ukrainian companies owned by Russian military industry-linked oligarchs not confiscated

by Martin Fornusek and The Kyiv Independent news desk August 10, 2023 5:46 PM 2 min read
Mikhail Fridman attends the plenary session of the Congress of Russian Union of Industrialists and Entrepreneurs (RSPP) on the slidelines of Russian Business Week in Moscow, March 2017 (Photo by Mikhail Svetlov/Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

At least 88 Ukrainian companies directly or indirectly owned by Russian oligarchs linked to the country’s military industry have not yet been confiscated, the Trap Aggressor project of the StateWatch think-tank reported on Aug. 10.

According to the report, Ukrainian-born Russian oligarch Mikhail Fridman, whose Sens Bank has been recently nationalized, continues to directly or indirectly hold shares in the mobile operator Kyivstar, bottled water producers Morshinska and Myrhorodska, and other companies.

Fridman, the founder of Russia’s Alfa Bank, is currently under international sanctions and was arrested in the U.K. in December 2022. He was released on bail on suspicion of fraud-related offenses.

Investigative reporters discovered in May that his company Alpha Insurance Firm insures the vehicles of Russian forces fighting in Ukraine.

The company is also reported to provide services to Russian dictator Vladimir Putin’s Main Office of Special Programs, which guards him. Another company Fridman co-owns, X5 Retail Group, also cooperates with the Russian military through the group’s grocery chains.

Russian oligarch Alexei Mordashov, the owner of the Ukrainian travel agency Tui, also owns the Russian Severstal company, which has supplied steel to Russian military-industrial plants, the analysts said.

Ivan Savvidi, a Greek Russian businessman who owns the trading company Atlantis-Pak Ukraine and the plastics manufacturer Pentopak, also funds an organization "Greeks in Russia" that has supplied generators and vehicles to Russian occupation authorities in Donetsk Oblast.

The research further identified Vahit Alekperov, Alisher Usmanov, Yuriy Kovalchuk, and others as Russian oligarchs who continue to hold assets in Ukrainian companies. This includes enterprises in energy, logistics, hospitality, industry, and other sectors, Trap Aggressor said.

The analysts reminded that Ukraine has already confiscated at least 23 companies of Russian oligarchs. Among them are Oleg Deripaska's enterprises, Mikhail Shelkov's factories, as well as the "Ocean Plaza" shopping center of the Rotenberg brothers.

Investigative Stories from Ukraine: Companies of Russian oligarch Fridman allegedly support Russian war effort in Ukraine
Welcome to Investigative Stories from Ukraine, the Kyiv Independent’s newsletter that walks you through the most prominent investigations of the past week. If you are fond of in-depth journalism that exposes war crimes, corruption and abuse of power across state organizations in Ukraine and beyond,…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
1:54 AM

Russia attacks 10 communities in Sumy Oblast.

Russian forces struck 10 communities in Ukraine's northeastern Sumy Oblast in 28 separate attacks throughout the day, the regional administration reported on May 26. No casualties were reported.
3:12 PM

Russian shell production three times greater than of Ukraine's allies.

Using publicly available data, consulting firm Bain & Company claims that Russian factories can produce or refurbish 4.5 million 152 mm shells for $1,000 per round this year. European countries and the U.S. are only expected to produce 1.3 million 155 mm shells combined at an average cost of $4,000 per unit.
12:50 PM

Governor: 16 killed in Russian strike on Kharkiv hypermarket.

The death toll of Russia’s May 25 strike on a building materials hypermarket in Kharkiv has risen to 16, Kharkiv Oblast Governor Oleh Syniehubov said on the afternoon of May 26. Over 40 people are confirmed to have been wounded, and over a dozen more are considered missing, the National Police reported earlier the same day.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.