Arricano responds to Zelensky’s sanctions: prepares for arbitration over SkyMall
24 June 18:45
Arricano Real Estate PLC, against which Ukrainian President Volodymyr Zelenskyy imposed sanctions on June 22, 2025, has made an official statement regarding the restrictions it has been subjected to. This was reported by "Komersant Ukrainian" with reference to the company’s official website.
The press service of the limited liability company is convinced that Arricano Real Estate PLC was unjustifiably subjected to presidential sanctions.
Estonian investors are shocked by the decision of the President of Ukraine Volodymyr Zelenskyy, who imposed sanctions against them on June 22, 2025. “Over the past two years, the company and its affiliates have been fighting for their Ukrainian assets, which were attempted to be taken away from them under various pretexts, including by opening criminal proceedings,” the statement said.
The company also noted that over the past few years, Estonian investors have been under constant pressure from security forces, as they have repeatedly publicly stated. Arricano Group companies in Ukraine have gone through searches, pressure from law enforcement agencies, lawsuits, an attempt to transfer assets to the Asset Recovery and Management Agency (ARMA), and blocking of subsidiaries’ activities.
However, at someone’s suggestion, the President of Ukraine imposed sanctions on long-time employers and investors who had been investing heavily in Ukraine’s economy for a long time and did not stop this process after the outbreak of a full-scale war. At the same time, they constantly defend their right to do business and protect their business assets. “The imposition of sanctions is seen as another attempt to unreasonably block the activities of Arricano Group companies in Ukraine, which will have negative consequences not only for the companies, but also for their ability to pay taxes, and may lead to job losses,” the company representatives added.
And they immediately announced their intention to defend themselves both in Ukraine and in the jurisdiction of the European Union – the International and Investment Arbitration.
Read also: Zelenskyy imposed sanctions against Cypriot companies: they are linked to Fiala
As a reminder, on June 22, 2025, President of Ukraine Volodymyr Zelenskyy signed Decree No. 417/2025, which imposed new sanctions against 13 individuals and 8 legal entities. The sanctions list includes Cypriot companies whose alleged ultimate beneficiary is Tomas Fiala.
Although the decree does not mention the businessman’s name directly, some of these companies have previously appeared in open sources in the context of his business activities in Ukraine, particularly in real estate and finance.
Arricano is controlled by Estonian citizens Rauno Teder and his father Gillar Teder, who are associated with business in the occupied Crimea after 2014. In addition, the Teders are considered business partners of Tomas Fiala, with whom they collaborated on a number of projects (Fiala himself denies any ties to Arricano). However, it is known that in 2023-2024, Fiala tried to exit Arricano (he owned about 12.5%), but faced obstacles.
In addition, the conflict over the old Lukianivsky tram depot, an object of industrial architecture from the early twentieth century, continues in Kyiv. Arricano has announced “restoration with elements of new construction,” but in fact it is about the construction of a shopping center, which could lead to the loss of buildings.
Arricano Real Estate Plc in Ukraine: what you need to know
Arricano Real Estate Plc was founded on January 31, 2008 as a limited liability company under the name Arricano Trading Limited. on September 12, 2012, the company’s name was changed to Arricano Real Estate P.L.C.
In 2007, the company received a loan from UkrSibbank totaling $13 million for the further development of the CITY MALL shopping and entertainment center in Zaporizhzhia. In the same year, the 1st stage of the Sky Mall shopping and entertainment center in Kyiv was opened.
In 2008, the subsidiaries of Retail Real Estate S.A. were merged into a single company Arricano for further construction and operation of shopping centers in Ukraine. In addition, Arricano signed a loan agreement for financing from the European Bank for Reconstruction and Development (EBRD) in Ukraine for a total amount of $ 139 million 307 thousand. In the same year, Arricano opens the shopping and entertainment center “Sun Gallery” in Kryvyi Rih, with a GLA of 35,600 square meters.
In 2010, Arricano opens the second stage of one of the largest shopping centers in the capital – Sky Mall in Kyiv. The shopping center’s GBA is 90,500 sq.m. and GLA is about 68,000 sq.m.
Next year, Arricano’s development portfolio will be expanded and a new project in Zaporizhzhia – CITY MALL shopping center with GLA of 21,450 sq.m. will be implemented.
In 2012, Arricano put into operation the second shopping and entertainment center in Kyiv, RayON, with a GLA of 24,350 sq.m.
In September 2014, Arricano opens Prospekt shopping mall in Kyiv with a GLA of 30,400 sq.m.
In 2015, the Odesa Mall project (working name) received an opportunity for further development, as in 2015 the Prosecutor’s Office of Odesa region withdrew the claim regarding the illegality of the decision of the Odesa City Council to approve the detailed plan of the territory developed with Arricano’s investments. The Odesa Mall project was supported by the city authorities and the governor of Odesa region.
In 2022, the company opened 36 new stores and facilities across its shopping center portfolio, including a mix of local and international brands: “Ukrzoloto, Anabel Arto, Brand Shop, brabrabra, Zolota Krayina, Provocator, Diverse, Yabluka, ODH, Sushi take out, Doner Market and Greek House, etc.
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