In a significant move against Russian oligarch Oleg Deripaska, the State Property Fund of Ukraine has taken over the Mykolaiv Alumina Plant, marking the loss of Deripaska’s largest asset in Ukraine. The transition of ownership follows the High Anti-Corruption Court’s February 2023 ruling to confiscate the enterprise as part of sanctions against Deripaska, effectively making the Ukrainian government the sole founder as of March 20, 2024.
Previously held by Aluminium of Ukraine and Guardon Ukraine, the corporate rights to the Mykolaiv Alumina Plant, one of Europe’s largest non-ferrous metallurgy enterprises, have been nationalized. This action underscores Ukraine’s commitment to enforcing sanctions and dismantling Russian influence within its critical industries.
The alumina plant, which was under Deripaska’s control since the early 2000s, has faced significant operational challenges due to sanctions and the ongoing war. With a production capacity of 1.7 million tons of alumina annually, the plant’s operations were crucial for Rusal, Deripaska’s company, representing about 20% of its total alumina output.
Following the court’s ruling, assets totaling over UAH 2 billion, including corporate rights, real estate, and financial assets, were nationalized, highlighting the extensive nature of Deripaska’s holdings within Ukraine. This action is part of a broader effort by Ukraine to target Russian oligarchs and their assets, stemming from accusations of money laundering and support for the Russian Federation’s aggressive policies. 
