Ukraine imposes sanctions on 19 mining companies

Ukrainian President Volodymyr Zelensky has enforced a resolution by the National Security and Defense Council (NSDC) dated March 19, 2021, to apply personal special economic and other restrictive measures (sanctions) against 19 companies engaged in mining.

Read alsoRaw iron ore exports almost double in Jan-FebThat is according to presidential decree No. 123/2021 dated March 25.

In particular, the president instructed NSDC Secretary Oleksiy Danilov to monitor the implementation of the decree on sanctions against the said legal entities.

Background

On March 19, the National Security and Defense Council decided to audit all licenses for extracting minerals that have been issued in Ukraine since 1994.

The NSDC also made a decision to impose sanctions on the following companies: Geo Connect LLC, Global Geo Invest LLC, Trans Set Geo LLC, Geo Post LLC, Geo Vertikal LLC, Geo Target LLC, Nadra Pride LLC, GeoForce LLC, Geo Stance LLC, Nadra West Group LLC, Best Oil LLC, Nadraprostir LLC, Info Geo Trend LLC, Adgein Macro LLC, Eco Gas Alliance LLC, Epival Energy LLC, Yunolit Oil LLC, Profi Naft LLC, and Best Geo Tech LLC.

These companies are facing the toughest sanctions, Danilov said.

According to Zelensky, the companies were sanctioned because they had received licenses for reduced payments, which caused great losses to the state.