“Kvartal 95” Slipped into the Red After Sanctions Against Mindich: Revenue Plummeted, Assets Shrank by 64%
11 August 09:39
Quartal 95 LLC, half of which is owned by Timur Mindich, ended 2025 with a loss of nearly 23 million UAH, and in the first quarter of 2026 alone, it lost another 5 million UAH. Over the course of the year, the company’s assets shrank by nearly three times, and its workforce decreased by 37%. Meanwhile, following the sanctions against Mindich, the studio established a new legal entity—Kvartal UA LLC—in which he is not listed as an owner. This is reported by "Komersant Ukrainian".
According to Opendatabot, the financial indicators of “Kvartal 95” LLC point to a sharp deterioration in the company’s financial condition. The year 2025 was unprofitable for the LLC. The company generated 128.9 million UAH in revenue, which is 4.7% less than in 2024, but instead of a profit of 11.6 million UAH (in 2024), it recorded a net loss of 22.9 million UAH.
The company’s profitability accordingly fell from 8.56% to minus 17.79%.
For comparison: in 2020, the company generated 230.7 million UAH in revenue and 46.8 million UAH in net profit. Thus, over five years, the revenue of “Kvartal 95’s” main legal entity has declined by approximately 44%.
“Kvartal”’s assets decreased by 64% over the year
As of the end of 2024, the assets of Kvartal 95 LLC amounted to 63 million UAH. A year later, they stood at just 22.5 million UAH—meaning they decreased by 40.5 million UAH in a single year .
In the first quarter of 2026, the company’s assets decreased by another third—to 14.1 million UAH.
SEE ALSO:
- Timur Mindich: From Personal Ties to Kolomoyskyi to NABU Investigations in the Energy Sector
- Mindich is suing Zelenskyy: demands the lifting of imposed sanctions
At the same time, the company’s liabilities fell from 3.54 million UAH at the end of 2025 to 149,300 UAH.
In the first three months of 2026, the LLC generated 6.64 million UAH in revenue but reported a net loss of 5.02 million UAH.
The LLC’s workforce has shrunk to 45 employees. For comparison, the company employed 104 people in 2022, 89 in 2023, 78 in 2024, and 72 in 2025.
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The old LLC remained with Mindich, while the new production company operated without him
As of the end of July 2026, “Kvartal 95” LLC continues to exist as a separate legal entity. Its authorized capital is approximately 6.18 million UAH. 50% is owned by Timur Mindich, 37.5% by Serhiy Shefir, and another 12.5% by Andriy Yakovlev. Iryna Pikalo remains the director.
However, after personal sanctions were imposed against Mindich in November 2025, “Kvartal 95” established a new legal entity— Kvartal UA LLC. Mindich is no longer listed as an owner of this entity.
The majority stake—54.5%—belongs to Serhiy Shefir, another 10.5% belongs to Iryna Pikalo, and 7% each to Serhiy Kazanin, Yevhen Koshov, Yuriy Krapov, Roman Marov, and Oleksandr Pikalo.
The studio has stated that it will produce new content through this new company.
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Sanctions Against Mindich
Sanctions against Mindich were imposed by President Zelenskyy last November. This occurred after the National Anti-Corruption Bureau of Ukraine (NABU) charged the businessman in the “Midas” case, which involves corruption at “Energoatom.” The sanctions are in effect for up to three years.
The imposition of sanctions against Mindich caused a significant stir. This decision is part of a broader anti-corruption campaign being carried out by the Ukrainian government. Mindich, for his part, considers the sanctions invalid and unfounded, and has therefore decided to challenge them in court.
As a reminder, the National Anti-Corruption Bureau is seeking the extradition of businessman Timur Mindich in the “Midas” case.
The “Midas” Case
Timur Mindich is a Ukrainian businessman and former co-owner of the “Kvartal 95” studio, who is currently wanted by authorities. He is linked to a large-scale corruption scandal in the energy sector (the so-called “Mindichgate” or “Midas” operation).
In November 2025, a few hours before the searches, Mindich left Ukraine. Journalists later tracked him down in Israel. Speaking to the media, Mindich called the case a “media stunt” and denied any wrongdoing.
It should be noted that NABU exposed the activities of a criminal group—which included officials and businessmen—last November. Using their official connections, the suspects controlled personnel decisions, procurement processes, and the company’s financial flows.
As law enforcement officials discovered, members of the group took kickbacks from Energoatom’s contractors. Later, the money obtained illegally was laundered through a special office.
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