Ukraine Security Service confiscate Russian oligarch’s assets worth UAH 1 billion

Ukraine Security Service confiscate Russian oligarch’s assets worth UAH 1 billion

The Ukraine Security Service has confiscated the assets of a Russian oligarch’s mining companies which are said to be worth more than UAH 1 billion (€43 million).

The confiscation came on June 24 after the company were found to have engaged in illegal extraction of minerals on an industrial scale on Ukrainian soil.

According to an announcement on Twitter, the group was run by an unnamed influential Russian businessman who owns an entire financial-industrial group, some of the profits which it is said were used to finance the Russian Federation. 

The company was also accused of providing material support to invading forces, as well as the occupying administrations in Crimea and eastern Ukraine.

According to the report the company was involved in the large scale extraction of sand and minerals without a licence and without paying taxes in Ukraine.

The statement went on to say that the unidentified owner had systematically justified Russian aggression, denied the crimes of the occupiers and supported terrorist organisations in eastern Ukraine.

The blocking of the Russian oligarch’s assets in Ukraine and the seizure of equipment and other items will not be welcomed in Moscow, however it will encourage the Ukraine Security Service to continue the search for illegal assets that are being used to fund the war against them.

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Written by

Peter McLaren-Kennedy

Originally from South Africa, Peter is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]