Zelenskyy extended sanctions against Ukrainian and Russian oligarchs for 10 years

President of Ukraine Volodymyr Zelenskyy has signed a decree extending for 10 years the sanctions against a number of individuals imposed in June 2021. In particular, the restrictions were imposed on Ukrainian businessmen Dmytro Firtash and Pavlo Fuks, as well as a number of Russian oligarchs and businessmen.

The guarantor signed the corresponding decree No. 376/2024 on Monday, June 24. Zelenskyy put into effect the decision of the National Security and Defense Council of Ukraine.

Sanctions were imposed against Fuchs in connection with the activities of the Golden Derrick company, and against Firtash they were imposed due to the supply of raw materials to Russia, the National Security and Defence Council explained.

“What concerns Firtash is his participation in the titanium business. This is the supply of raw materials, which then goes – and this was traced by our intelligence officers – to enterprises of the Russian Federation. And we cannot allow this to continue,” said the then Secretary of the National Security and Defence Council Danylov.

In addition, sanctions were also imposed on enterprises directly affiliated with the Russian military-industrial complex, which uses titanium specifically in the military sphere. In March 2023, SSU and BES officers conducted searches in the offices of gas distribution companies that are part of Dmytro Firtash’s RGK group.

The sanctions include the following restrictions:

– blocking of assets – temporary deprivation of the right to use and dispose of assets belonging to an individual or legal entity, as well as assets in relation to which such a person can directly or indirectly (through other individuals or legal entities) perform actions identical in content to the exercise of the right to dispose of them;

– restriction of trade operations (complete cessation);

– restriction, partial or complete cessation of the transit of resources, flights and transportation across the territory of Ukraine (complete cessation);

– preventing the withdrawal of capital outside Ukraine;

– stopping the fulfillment of economic and financial obligations (Firtash only);

– cancellation or suspension of licenses and other permits, the receipt (availability) of which is a condition for carrying out a certain type of activity, in particular, cancellation or suspension of special permits for the use of subsoil (hereinafter only for Firtash: cancellation of the special permit for the use of subsoil No. 3640, suspension validity of special permit for subsoil use No. 3735);

– prohibition of participation in privatization, leasing of state property by residents of a foreign state and persons directly or indirectly controlled by residents of a foreign state or acting in their interests;

– prohibition or restriction of entry of foreign non-military vessels and warships into the territorial sea of Ukraine, its internal waters, ports and aircraft into the airspace of Ukraine or landing on the territory of Ukraine (total ban);

– ban on the transfer of technology, rights to intellectual property rights;

– deprivation of state awards of Ukraine and other forms of celebration (Firtash only);

– other sanctions corresponding to the principles of their application established by this Law (prohibition of the payment of dividends or other payments related to corporate rights (ownership of shares, stocks, units) in favor of the sanctioned person and persons acting on his behalf) (Firtash only) .