A company linked to Oleksandr Yanukovych, son of former Ukrainian President Viktor Yanukovych, has reportedly been exporting coal from Russian-occupied territories in Ukraine through shell companies, according to an investigation by “Important Stories.”
Yanukovych Jr. has been involved in the coal trade for years.
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During his father’s presidency, his company exported coal from Ukraine’s state-owned mines to Europe through Swiss-based Mako Trading, which is the subsidiary company of Mako Holding, established in 2011.
According to the Anti-Corruption Action Center (AntAc), Mako Holding, owned solely by Yanukovych Jr., is a parent company of about 20 successful businesses in Ukraine, the Netherlands, and Switzerland. Many of these businesses rapidly expanded between 2010 and 2013, during Viktor Yanukovych’s presidency.
In 2013, Forbes Ukraine ranked Yanukovich Jr. among the wealthiest people in Donetsk, estimating his fortune at $500 million.
Following the occupation of Donbas, many mines shut down, and coal production in the region dropped significantly, to around five million tons per year.
Suspicious Trade Routes
After Russia “annexed” the self-proclaimed DPR, LPR, Zaporizhzhia, and Kherson regions in September 2022, customs points between these territories and Russia disappeared, making it difficult to track exports. However, “Important Stories” identified key coal exporters by analyzing customs data.
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Journalists identified Russia’s largest coal exporters, focusing not on major producers from Kuzbass, Yakutia, or Khakassia but on lesser-known companies.
Energoresurs, a relatively unknown company, stood out. It exported nearly 500,000 tons of coal from Russia in 2023 and 2024. Registered in a small office on the outskirts of Rostov-on-Don, near a car service station and a building materials store, the company sources its coal from occupied Ukrainian territories.
Its suppliers include Donskiye Ugli Trading House, RTKVostokugol, Komsomolets Donbas mine, Zhdanovskaya mine, and Impex-Don.
Who Controls Energoresurs?
Energoresurs is officially owned by Alexey Ivanov, who has worked in law firms linked to Oleksandr Yanukovych since 2016. The company’s director, Pavel Zemlyakov, is also believed to have ties to Yanukovych’s business network.
Financial records show that Energoresurs received a $7 million loan in 2023 from SL Holdings Limited, a Cyprus-registered company previously controlled by Eduard Slinko, former CEO of Yanukovych’s Mako Holding.
After purchasing coal from Donbas, Energoresurs exports it to Turkey, where it is sold to a company called Energy Union, registered in the British Virgin Islands.
The Russian company sells coal to Energy Union at a low price—around 5,700 rubles ($57) per ton – helping avoid high export duties. This allows Energy Union to resell the coal at a higher price, a strategy that suggests both companies may be connected.
A branch of Energy Union was also found in Russia’s corporate registry. It was registered in Rostov-on-Don in July 2022, and its director, Artem Opolinsky, is an employee of Energoresurs.
Due to EU sanctions, Energoresurs has primarily exported coal to Turkey over the past three years. Before sanctions tightened, the company also sold coal to Bulgaria, Estonia, the Czech Republic, and Romania. Between 2021 and 2023, Energoresurs reported revenues of 3.5 billion rubles ($35.1 million).
Oleksandr Yanukovych fled Ukraine in 2014 after his father was ousted. He is wanted in Ukraine and remains under sanctions from the US, the EU, and other Western nations. Reports from October 2024 indicate that he has obtained Russian citizenship.
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