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Ukraine nationalizes Russian oligarch's oil, gas assets

by Rachel Amran February 6, 2024 5:46 PM 2 min read
Eduard Khudainatov, former chief executive officer of Rosneft OAO, speaks with attendees between sessions at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, on June 19, 2015. (Chris Ratcliffe/Bloomberg via Getty Images)
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Ukraine’s High Anti-Corruption Court (HACC) nationalized Ukrainian assets valued at half a billion hryvnias ($13 million) belonging to sanctioned Russian oligarch Eduard Khudainatov.

The Security Service of Ukraine (SBU) announced in a statement that '100% of his share in the authorized capital of LLC 'Alliance-Ukraine Oil Company,' which is estimated at almost half a billion hryvnias, was recovered as revenue to Ukraine.'

Khudainatov reportedly controlled the oil trader through several offshore companies to avoid nationalization following the full-scale invasion. Over the last two years, the oligarch continued to earn significant profits from the oil and gas market in Ukraine.

The SBU investigation claimed that Khudainatov is not only "one of Putin's confidants," but also heads the Russian oil and gas company NNK-Group and was a member of Rosneft's board of directors.

The NNK-Group and Rosneft are two of the biggest sponsors of Russia's war in Ukraine. They regularly supply fuel and lubricants for Russia's occupation groups and military-industrial complex. Taken together, these companies provide billions of rubles in revenue each month to the Russian Federation.

Ukraine's High Anti-Corruption Court has prosecuted a number of high-profile cases, including the confiscation of assets of collaborator Volodymyr Saldo, a Ukrainian politician who defected to Russia and was placed in charge of the occupied part of southern Kherson Oblast.

Over the last three years, Ukraine has increased efforts to address political and economic corruption, particularly among Ukrainian officials with ties to the Russian Federation. Tackling corruption is one of the main conditions for Ukraine's integration into Western political structures, namely the EU.

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