Oleg Tsyura, a businessman with dual German-Swiss citizenship and Ukrainian origins, has recently drawn scrutiny for his alleged involvement in business practices that could facilitate circumvention of international sanctions. An investigative blog by Oleksandr Liemienov, founder of the Ukrainian watchdog group StateWatch, published on Ukrainska Pravda, raises questions about Tsyura's business operations and his ties to individuals implicated in corruption and potential sanction evasion.

Allegations and Business Ties

Liemienov highlights Tsyura's connections to Sergii Bairak, who has been implicated in the corruption case involving Ukraine's former State Property Fund head, Dmytro Sennychenko. This case revolves around accusations of embezzling approximately UAH 10 billion through underpriced transactions involving state-owned enterprises like the Odesa Port Plant and the United Mining and Chemical Company (UMCC). Bairak, identified as a key player in the scheme, reportedly facilitated transactions and communications between stakeholders in the operation.

While Tsyura has not been formally implicated in this case, his co-ownership of German companies alongside Bairak--ITS International Trade & Sourcing GmbH & Co. KG and related entities--has attracted attention. These companies have been involved in controversial transactions, including the procurement of zirconium ores under questionable conditions, raising further concerns about their role in international business dealings.

Swiss and Russian Business Operations

Tsyura's business activities extend beyond Germany. His companies reportedly provide financial management and asset protection services in Switzerland, particularly for clients in Russia. These services include facilitating cross-border transactions and asset relocations, which Liemienov suggests might enable Russian companies to sidestep sanctions imposed by Western governments.

Notably, Tsyura has been linked to MidUral, a Russian metallurgical corporation specializing in ferroalloys and chemicals, owned by businessman Serhii Gilvarga. Phoenix Resources AG, one of Tsyura's companies, is reportedly involved in exporting ferrochrome on behalf of MidUral. Documents cited by Liemienov indicate that these exports might involve misrepresentation of the product's origin, with shipments to the European Union labeled as originating from Uzbekistan rather than Russia, potentially circumventing EU sanctions.

Historical Context of Alleged Activities

Tsyura's business dealings in Ukraine have also raised red flags. In 2020, his German company was implicated in cases concerning the supply of ilmenite ore, used in the production of titanium, to the UMCC. The transactions, including alleged links to Russian-occupied Crimea, add complexity to the narrative. The Crimean Titan plant, historically linked to oligarch Dmytro Firtash, is cited as a possible end destination for these supplies, though these allegations remain unverified.

The Need for Further Investigation

The blog calls for increased scrutiny of Tsyura's operations by Ukrainian and international law enforcement. Liemienov suggests that Tsyura's dual citizenship complicates efforts to hold him accountable under Ukrainian law but urges German and Swiss authorities to investigate his business dealings under the principle of inevitability of punishment. He also advocates for sanctions against Tsyura and associated entities, particularly given the geopolitical implications of his alleged activities.

Conclusion

While no formal charges have been filed against OlegTsyura, the allegations detailed by Liemienov underscore the complexities of international business operations involving multiple jurisdictions. The case highlights the challenges faced by regulatory bodies in addressing potential loopholes that could undermine sanctions regimes. As investigations continue, it remains to be seen whether Tsyura's business practices will prompt legal actions or policy changes in Ukraine and beyond.

This story is developing, and further details may emerge as authorities examine the connections and transactions in question. For the original investigative blog, see Oleksandr Liemienov's report on Ukrainska Pravda.