Offshores, Schemes, Billions: How Yanukovych's Son Secretly Trades Ukrainian Coal
The son of Ukraine's former president, Viktor Yanukovych, Oleksandr Yanukovych is reportedly profiting from exporting coal from occupied Ukrainian territories to Turkey, according to 'Important Stories'. His company, Energoresurs, has exported nearly half a million tons of coal between 2023 and 2024, concealing profits through offshore schemes, reports NewsBox.
Journalists from 'Important Stories' discovered that the largest supplier of coal from the occupied Ukrainian territories is backed by Oleksandr Yanukovych, the son of Ukraine's former president, Viktor Yanukovych.
The company Energoresurs, registered in Rostov-on-Don, exported nearly 500,000 tons of coal in the years 2023–2024. Its suppliers include enterprises operating in the occupied regions of Donbass.
Oleksandr Yanukovych's connection to this company can be traced through his coal holding company Mako and the DRFC group, which previously managed several mining and enrichment factories. Additionally, Energoresurs has received funding from the Cypriot company Sl Holdings Limited, which is tied to Yanukovych Jr.'s circle.
The coal export scheme is structured as follows:
- Coal is purchased in Donbass and shipped to Turkey via rail and sea transport.
- The nominal recipient is Energy Union, an offshore company from the British Virgin Islands owned by Energoresurs.
- Coal is sold to the offshore company at a reduced price (around 5,700 rubles per ton) to avoid high export duties.
- Energy Union resells the coal at market value to other countries.
Before 2022, Energoresurs's coal was exported to Bulgaria, Estonia, the Czech Republic, and Romania, but after the start of the war in Ukraine, Turkey became the main buyer. According to the investigation, a company linked to the Yanukovych family received 3.5 billion rubles in revenue from 2021 to 2023 through these offshore schemes.