Oleksandr Yanukovych, the son of former Ukrainian President Viktor Yanukovych, has made billions selling coal from Russian-occupied Ukrainian territories to Turkey, independent investigative outlet Important Stories reported on Feb. 4.
Viktor Yanukovych was Ukraine's pro-Kremlin president from 2010 to 2014 before fleeing to Russia with his family in the wake of the EuroMaidan Revolution. In October 2024, reports emerged that Yanukovych Jr. had been granted Russian citizenship.
The company behind the coal exports, Energoresurs, is registered in Rostov-on-Don, Russia, and has exported nearly half a million tons of coal abroad between 2023 and 2024. According to the investigation, the firm sources coal from suppliers in occupied Donbas and transports it to Turkey by rail and sea.
Journalists linked Energoresurs to Yanukovych Jr. through his coal holdings and mining enterprises. The company also received a loan from the Cypriot firm SL Holdings Limited, allegedly controlled by individuals close to the ex-president's son.
The coal is reportedly sold to an offshore company, Energy Union, registered in the British Virgin Islands. Energoresurs sells the coal at a significantly low price — an average of $60 per ton in 2024 — allowing the company to minimize export duties before reselling it at a higher price on international markets.
Before Russia's full-scale invasion of Ukraine in 2022, Energoresurs exported coal to Bulgaria, Estonia, the Czech Republic, and Romania. Since then, almost all coal shipments have been redirected to Turkey.
Between 2021 and 2023, the company reportedly generated $350,000 in revenue, though at a "modest transfer price," according to the report.
Tim Zadorozhnyy
