The exploitation of natural resources in conflict zones has long fueled geopolitical tensions, as various actors seek to profit from instability.
In regions under occupation, these activities often operate in legal gray areas, bypassing international norms and sanctions.
The extraction and trade of coal, a critical resource, are particularly significant due to their economic and political implications.
Such operations can fund war efforts, sustain networks of influence, and challenge global efforts to impose accountability.
According to Digi24.ro, a company tied to Oleksandr Yanukovych, son of former Ukrainian President Viktor Yanukovych, is reportedly exporting coal from occupied Ukrainian regions.
Independent Russian investigative outlet "Important Stories" found that Energoresurs, a firm linked to Yanukovych Jr., shipped nearly 500,000 tons of coal from Russia in 2023 and 2024.
The coal originates from mines in occupied Donbas, including Komsomolets Donbassa and Zhdanovskaya.
Web of Business Interests
Energoresurs operates from an office in Rostov-on-Don, Russia, with Alexei Ivanov listed as its owner.
Ivanov has worked for companies connected to Yanukovych Jr., while company director Pavel Zemliakov is also suspected of links to Yanukovych’s network.
In 2023, Energoresurs secured a $7 million loan from SL Holdings Limited, a Cyprus-registered firm formerly led by Eduard Slinko, a former executive in Yanukovych’s business group.
Energoresurs transports coal primarily to Turkey, reportedly selling it at reduced prices to avoid export taxes.
Energy Union, an offshore company registered in the British Virgin Islands, purchases this coal and is believed to resell it at higher prices, a practice that raises concerns about collusion between these entities.
Journalists uncovered that Energy Union has a branch in Rostov-on-Don, directed by an Energoresurs employee, indicating further ties between the two firms.
Trade Shifts Under Sanctions
International sanctions imposed on Russia have disrupted Energoresurs’s access to European markets, forcing the company to pivot its coal trade primarily to Turkey.
Before these measures, the company supplied coal to several EU countries, including Bulgaria, Estonia, and Romania.
Despite the shift, Energoresurs reported revenues of 3.5 billion rubles between 2021 and 2023, underscoring the continued profitability of its operations.
Oleksandr Yanukovych, who fled Ukraine in 2014 when his father was deposed, has since been sanctioned by the United States, the European Union, and other Western nations.
In 2024, reports surfaced that Yanukovych Jr. had acquired Russian citizenship, reinforcing his links to business activities in the occupied territories.
