President Zelenskyy signs new sanctions into law, targeting developer in Dnipro and firms on Russian-occupied territories

Ukraine's National Security and Defence Council has introduced sanctions against more than 200 individuals and firms, including Ukrainian millionaire Vadym Yermalaiev, who is currently a citizen of Cyprus. Source: Presidential Decree No.

850-851 dated 23 December 2023 Details: The new sanctions target more than 100 firms, the majority of which are based in Russia, though some are based in the Russian-occupied territory of Ukraine, for example, Crimea-based Avtodel GAZ.

The sanctions additionally target over 50 individuals, including Vadym Yermalaiev, a Ukrainian millionaire.

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Sanctioned individuals and firms are subject to the following restrictions:

  • Their assets are blocked;
  • They must cease trade operations;
  • They are subject to restriction of, and must partially or completely cease to, transit of resources, flights and transportation through the territory of Ukraine;
  • They are prevented from withdrawing capital from Ukraine;
  • Their economic and financial obligations are suspended;
  • Their licences and other permits, including for the use of subsoil, are withdrawn or suspended;
  • They are banned from participating in privatisation, etc.

Vadym Yermalaiev, a Cyprus national, is subject to a 10-year sanctions order, which involves the freezing of his assets and the cessation of financial activities. According to Forbes Ukraine, as of 2021, Yermalaiev's wealth was estimated at US£220 million. He has held a Cypriot passport since 2017.

Yermalaiev is also a subject of Ukrainska Pravda's Monaco Battalion investigations. Yermalaiev was the owner of the Alef Group, which built the tallest building in Ukraine, the Brama complex in Dnipro. Other individuals subject to this package of sanctions include citizens of Russia, Latvia and Ukraine.

Previously: On 7 December, President Zelenskyy signed into law the National Security and Defence Council's sanctions on a number of Russian citizens and companies.

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