According to reports by investigative news outlet Important Stories, a company linked to the family of former Ukrainian President Viktor Yanukovych has amassed a significant fortune by selling coal from Russian-occupied Ukrainian territories to Turkey.
Energoresurs, a firm registered in Rostov-on-Don, Russia, has exported nearly 450,000 tonnes of coal between 2023 and 2024, sourced from occupied regions of Donbas and transported to Turkey via a combination of rail and sea routes. The investigation points to a direct connection between Energoresurs and Oleksandr Yanukovych, the president’s son, through his involvement in coal holdings and mining enterprises.
Journalists discovered that the company received a substantial loan from Cypriot firm SL Holdings Limited, allegedly controlled by associates of Oleksandr Yanukovych. Furthermore, the coal is sold to an offshore company Energy Union, based in the British Virgin Islands, highlighting the complexity of transactions involved in these coal exports.
Energoresurs stands accused of selling coal at significantly lower prices – averaging $60 per ton in 2024 – thereby minimising export duties, before reselling it at a higher price on international markets. Prior to Russia’s full-scale invasion of Ukraine in 2022, the company primarily exported coal to European nations including Bulgaria, Estonia, the Czech Republic, and Romania. Today, nearly all shipments are directed to Turkey.
It is reported that between 2021 and 2023, Energoresurs generated approximately £260,000 (around $350,000 USD) in revenue at a “modest transfer price,” although the exact extent of this revenue is uncertain.
