uAH 150.3 billion for the year: YouControl shows the profits of companies in Ukraine related to Russia
28 November 12:16
According to YouControl’s “Express Analysis,” 5,817 companies and 686 individual entrepreneurs in Ukraine are likely to have some ties to Russian business as of November 2025, "Komersant Ukrainian" reports.
Most of these companies are registered in Donetsk, Kyiv, and Luhansk regions. The capital is also the most popular place of registration among individual entrepreneurs with alleged ties to Russia. Analysts of the R&D center YouControl found that the revenue of companies with possible Russian connections in 2024 increased by one third compared to 2023. The sample also included 14 political organizations. In particular, the Political Party of Ukraine “Rus Yedyna” (United Russia), formerly known as the Putin’s Party of Politics.
Methodology
YouControl specialists studied data from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations (hereinafter – the USR) and the Unified State Register of Legal Entities of the Russian Federation (hereinafter – the USRLE) and found certain connections of more than 6,500 Ukrainian business entities through participation in authorized capital with 12,000 legal entities registered under Russian law. It is worth noting that one Ukrainian company or individual entrepreneur may have a possible connection with several Russian legal entities at the same time, and one Russian legal entity may have a connection with several Ukrainian companies.
This indicates that Ukrainian companies and individuals are quite present in the Russian business environment and have some connection with them. However, there is a downward trend in this type of alleged connection. For the period 2024-10.2025, when a Ukrainian company or its participant, ultimate beneficial owner or authorized person is a participant (shareholder) of a legal entity registered under Russian law, 755 Ukrainian companies and 84 individual entrepreneurs have a current connection to the historical data. This was mainly due to the liquidation of Russian companies with certain ties to them or changes in the composition of the shareholders of both Ukrainian and Russian legal entities.
*Information on the owners of Russian legal entities was taken from the Russian Unified State Register of Legal Entities.
Ukrainian owners and their Russian connections: working in trade and involved in real estate transactions
As of November 2025, 5,817 Ukrainian companies are likely to have links with Russian legal entities through participation in the authorized capital of either a Ukrainian legal entity directly or through its participants, ultimate beneficiaries and authorized persons.
The highest rate of registered legal entities with alleged ties to Russia is in Donetsk region (1905), Kyiv (985), as well as in Luhansk (901) and Zaporizhzhia (496) regions.
Most of the companies surveyed (1271) are engaged in trade. The main activity for 17% (996) of the analyzed legal entities is real estate transactions. 673 companies are involved in the manufacturing industry, and 625 in the agricultural sector. Another 7% (402) of Ukrainian legal entities operate in the construction industry.
As of November 2025, 686 active sole proprietors in Ukraine have probable links with legal entities registered under the laws of the Russian Federation. The largest number of them are registered in Kyiv (169), Donetsk (166), Zaporizhzhia (68), Luhansk (60), and Kharkiv (52) regions. Almost 36% (246) of individual entrepreneurs are engaged in trade. Other popular areas of activity of individual entrepreneurs with alleged ties to Russian legal entities are “Real estate transactions” (101), “Professional, scientific and technical activities” (64), and “Temporary accommodation and catering” (46).
Ukrainian companies, political parties and Russian ties
The list of analyzed companies with alleged ties to Russian business includes 14 political organizations (main type of economic activity 92.94 “Activities of political organizations”). In particular, this is the “Political Party of Ukraine “Rus Yedinaya”, which until May 2009 was called the “Putin’s Policy Party”. The organization is headed by Oleksiy Ivanovych Remeniuk. The individual with the full name match is a member of the Zhovtnevyi district organization of the political party “Putin’s Policy Party” and the Vinnytsia regional organization of the political party “Rus Yedyna”. Also, an individual with an identical name is a member of two Russian companies – Rybatska Derevnya LLC and Rybatskyi Khutorok LLC, registered in the territory of the temporarily occupied Crimea. And the name of the head of the Dnipropetrovs’k regional party organization of the political party “Narodna Volya” – Oleksandr Mykolayovych Abolonko – coincides with the initials of a member of the Russian legal entity “Yuzhnaya Legend” LLC and the head of the Ukrainian company “Maria 7” LLC. A member (90.86%) of the latter is Volodymyr Shkolnik, a key person of the Forum Group corporate group.
Top ten most profitable companies with billions in revenue
Only 792 out of the 5,817 companies analyzed generated more than zero revenue in 2024. The total revenue of legal entities in 2024 amounted to UAH 150.3 billion, which is 38% more than the revenue earned by 791 companies in the sample that reported to the relevant authorities in 2023.
The largest revenue, namely UAH 43.5 billion in 2024, among Ukrainian companies with probable ties to Russian legal entities through their presence in authorized capital with a share of 10% or more, was received by ADM UKRAINE LLC. The company is part of the Archer Daniels Midland corporate group, whose main activity is the production, storage, transportation, processing and trade of agricultural products. The participant (99.72%) of this company is the Dutch company “Company Alfred S. Topfer International Netherlands B.V.” It is a member of a Russian legal entity – ASTI SOVETSKY ELEVATOR LLC* (OGRN 1159102012332).
The total revenue of the companies of the Comfi corporate group – COMFI TRADE LLC and MARESTO UKRAINE LLC – in 2024 amounted to almost UAH 36 billion. The beneficiary of both companies is Svitlana Hutsul, a resident of Cyprus. Previously, the beneficiary of the above companies was a person with the name Hutsul Svitlana Vasylivna with Ukrainian registration. The name of the latter is the same as the name of the participant of the Russian legal entities: TSB-Invest LLC, TERMINALCOMPLEX LLC, and VESY LLC.
One hundred companies under sanctions and almost half of them are part of corporate groups
About 15% of the companies (844) in the analyzed sample belong to 207 corporate groups in the YouContol system. The largest number of companies (26) for which the “Express Analysis” factor in YouContol was triggered, when a Ukrainian company or its persons with certain connections to it are likely to be members of a legal entity registered under the laws of the Russian Federation, are corporate groups “VIPOS” and “Valery Mishchenko Family Group”. The key person of the latter, Valeriy Mishchenko, is, in particular, a business partner of OCKORKY-7 LLC Oleksandr Konstantinovsky, who in turn is a key person in the Konstantinovsky Brothers Group and the brother of former MP Viacheslav Konstantinovsky.
In addition, 102 companies in the sample were subject to sanctions related to the business entity, and 42 of them belong to different corporate groups. For example, 17 companies from the Yutkin Family Group, whose key person is Vyacheslav Yutkin, have been under the NSDC sanctions since December 2023. A person with the name Yutkin Vyacheslav Mikhailovich is a member of the Russian legal entity Morskoy LLC.
Dmitry Markovich Zusmanovich is a member of several companies registered under Russian law: TIME LLC* (OGRN 1085075000911) and KERAMIST LLC. The aforementioned full name is the same as the name of the key person of the Dmytro Zusmanovych Group and the person against whom the NSDC imposed sanctions in October 2022.
An analysis of the data from the Ukrainian Unified State Register and the Russian register of legal entities shows that Ukrainian companies and individuals with some connection to them are likely still present in the Russian business environment. At the same time, there is a tendency to reduce this presence. According to YouControl’s Express Analysis, information on the alleged participation of Ukrainian companies or their members in Russian legal entities for 755 Ukrainian companies and 84 individual entrepreneurs has moved from current to historical data. The main reasons for this were the liquidation of Russian companies or changes in the composition of the shareholders of Ukrainian and Russian legal entities. Checking counterparties for possible ties to the aggressor country helps minimize legal and reputational risks. Such ties, for example, whether current or historical, may be grounds for sanctions, asset seizure, or additional inspections by regulators and law enforcement. They can also affect the company’s financial stability and reputation, creating doubts about the transparency of business processes. A comprehensive study of counterparties allows you to identify potential challenges in a timely manner and make informed decisions about further cooperation.
