The Kremlin has approved the sale of Rinat Akhmetov’s former coal properties
Ukraine’s richest man to lose assets in Russia
A Russian conglomerate will be allowed to buy out the coal-mining companies previously owned by Ukrainian oligarch Rinat Akhmetov, the Kremlin confirmed on Thursday. President Vladimir Putin approved the sale in line with the standing anti-sanctions measures.
The joint stock company ‘Best Solution’ will acquire 100% of the shares of Don Anthracite and Obukhovsky Mine Management, located in the Rostov Region, from the Cyprus-based Fabcell Limited.
Putin signed off on the sale under his August 2022 decree on “applying special economic measures in the financial, fuel and energy sectors in connection with the unfriendly actions of certain foreign states and international organizations.”
Akhmetov’s energy holding company DTEK originally bought the two enterprises in 2012, for $39 million. By 2021, however, DTEK announced that it would be selling them to pay off the debts it owed Sberbank. According to the Russian outlet Kommersant, Don Anthracite and Obukhovsky Mine Management were sold in August 2021 to the Cyprus-based Valleyton Investments for $230 million, while their outstanding debt was estimated at almost $447 million......more below
