Oligarch Ihor Kholomoisky $121 Million Assets Confiscated By Russian court

On March 5, the District Court of the Russian Republic of Adygea sanctioned the seizure of assets associated with Ukrainian oligarch Ihor Kholomoisky, as reported by the press service of Russian courts on Telegram.

According to the court, Ihor Kholomoisky is purportedly affiliated with the British mining company JKX Oil & Gas Limited, which the court has designated as part of an “extremist group” with activities deemed overtly anti-Russian. However, the company itself stated in November that Kolomoisky “no longer holds any direct or indirect interest” in the organization.

Ihor Kholomoisky & JKX Oil & Gas

In November 2023 ,The British mining company JKX Oil&Gas Limited, whose main assets are located in Ukraine, informed about the departure of Ihor Kolomoisky from its owners.

On July 4, 2023, the company liquidated the Eclairs Group Limited, which was registered in the British Virgin Islands — its shares “passed into the ownership of the Crown.”

“Kolomoisky, who previously indirectly controlled EGL, no longer has any direct or indirect involvement in the company,” the statement said.

JKX Oil & Gas in Ukraine and Russia

JKX Oil & Gas operates in both Ukraine and Russia, focusing on the exploration and production of hydrocarbons. In Ukraine, Kolomoisky’s Poltava Gas and Oil Company holds a significant position as one of the largest non-state oil and gas production companies. It possesses multiple licenses for production and geological research, including licenses for both exploration and industrial exploitation.

In November 2022, Kolomoisky lost control over Ukrnafta and Ukrtatnafta, key entities within the energy sector of the informal Privat group. Subsequently, in 2023, Kolomoisky’s ferroalloy factories and plants ceased operations, coinciding with his relinquishment of management over the corporate rights of the 1+1 media group.

On September 2, 2023, Kolomoisky faced allegations of fraud and money laundering, leading to his arrest for a period of two months with a bail set at UAH 509 million. Despite this, Kolomoisky did not post bail, and following additional suspicions presented by the pretrial detention center, the court raised the bail amount to UAH 3.8 billion. Eventually, following an appeal, the bail was reduced to UAH 3 billion.

Confiscated Assets of Ihor Kholomoisky

The assets seized from Ihor Kholomoisky include a range of holdings totaling significant value, including full ownership of Yuzhgazenergi and Catering-Yug, valued at over 5.1 billion rubles (approximately $55 million), a building with six premises in Moscow, and approximately 500 land plots across four Russian oblasts, valued at over 6 billion rubles (about $66 million).

The Russian court’s accusations against Kolomoisky stem from his alleged support of the new Ukrainian government following the Revolution of Dignity in 2014, as well as his purported financial backing of the Ukrainian Armed Forces.

Kolomoisky, a prominent figure in Ukraine’s business landscape, was arrested in his home country on September 2, 2023, on charges of fraud and money laundering related to his involvement in the oil and gas industry. Initially, his bail was set at Hr 509 million (now $13.2 million).

Subsequently, on February 28, the Shevchenkivskyi district court extended Kolomoisky’s detention for an additional two months but reduced his bail to Hr 2.4 billion hryvnias ($62.5 million).

Throughout his detention, Ihor Kholomoisky, who is 61 years old, has raised concerns about his health, although his petition for a change in his pretrial detention terms to house arrest on health grounds was denied in November of the previous year.