**Ukraine’s Ex-President Son Made Billions from Coal Sales**
Oleksandr Yanukovych, son of former Ukrainian President Viktor Yanukovych, has earned billions by selling coal from Russian-occupied Ukraine to Turkey. This was reported by the investigative outlet Important Stories on February 4.
Viktor Yanukovych was Ukraine’s president from 2010 to 2014 before fleeing to Russia with his family after the EuroMaidan Revolution. In October, it was revealed that Oleksandr had been granted Russian citizenship.
**Coal Exports and Hidden Deals**
The company behind the coal exports is Energoresurs, which is registered in Rostov-on-Don, Russia. Between 2023 and 2024, the firm exported almost half a million tons of coal abroad. Journalists linked Energoresurs to Oleksandr through his coal holdings and mining enterprises.
The company received a loan from SL Holdings Limited, a Cypriot firm allegedly controlled by people close to Oleksandr. The coal is sold to an offshore company in the British Virgin Islands at a low price of $60 per ton in 2024. This allows Energoresurs to minimize export duties before selling it at a higher price on international markets.
**Changes in Coal Exports**
Before Russia’s full-scale invasion of Ukraine in 2022, Energoresurs exported coal to several European countries, including Bulgaria and the Czech Republic. However, since then, almost all coal shipments have been directed to Turkey.
Between 2021 and 2023, the company reportedly generated $350,000 in revenue at a “modest transfer price.”
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