Russian businessman Dmitry Nikolaev, whose company Stroyservis was sanctioned in August 2024 by the U.S. Treasury Department for allegedly financing Moscow’s military campaign in Ukraine, appears to be continuing international business operations through a maze of intermediary companies in the United Arab Emirates and Hong Kong, according to findings published by Ukrainian outlet Ukranews.com.
Dmitry Nikolaev, the majority owner of coal producer Stroyservis, which is based in Russia’s mining heartland of Kuzbass, entered Forbes’ rankings in 2023 with an estimated net worth of $1.1 billion and climbed to $1.8 billion in 2024 amid Russia’s invasion of Ukraine. Ukrainian investigators accuse him of supplying coking coal to metallurgical plants in Russian-occupied areas of eastern Ukraine and profiting from the export of grain that Ukrainian authorities say has been unlawfully seized from their country.
In an August 2024 press release announcing new restrictions targeting Russia’s metals and mining industries, the U.S. Treasury described firms like Stroyservis as “tools in service of the Kremlin’s military industrial complex.” Ukrainian media allege that despite sanctions Dmitry Nikolaev continues to move coal and grain worldwide with the help of multiple intermediaries—several of which, according to the reports, are operated by Ukrainian citizens who also hold Russian passports.
Documents obtained by Ukrainian investigators reportedly show that Stroyservis has sold large quantities of coking coal to metallurgical enterprises on territories under the control of Russian-backed separatists in the Donetsk and Luhansk regions—often referred to by Moscow and local proxies as the “L/DPR.” These shipments appear to be channeled through a complex network of interconnected companies that mask the coal’s true origin.
Just one example cited in the Ukrainian reports involves Barzasskoye Partnership JV LLC, a subsidiary of Stroyservis that, according to the investigators, supplied over $10 million worth of coal to entities in occupied eastern Ukraine. To conceal these transactions, various smaller firms allegedly acted as “middlemen,” creating multiple layers of ownership transfers. Publicly available Russian corporate records reviewed by the Ukrainian outlet show overlapping email addresses, shared directors, or parallel registration data among these companies, raising questions about their independence.
Earlier, another Ukrainian outlet Apostrophe reported that Dmitry Nikolaev stands to gain the most from Russian forces’ seizure of the Ukrainian town of Pokrovsk, which holds country’s last remaining coking coal deposit under its control. The raw material is vital for the iron and steel industry, a sector that contributed up to 10% of Ukraine’s GDP and nearly 30% of its exports before Russia’s invasion.
Nikolaev’s network is also accused of facilitating the export of Ukrainian wheat and other agricultural products seized from occupied Ukrainian territories. Investigators point to shipping documents that list Hong Kong-based Green Rabbit Limited and the UAE-based Black Rabbit DMCC as key players in moving stolen grain from southern Russia and occupied Ukrainian regions to foreign ports, including those in Turkey. Both companies, according to Ukrainian investigators, are operated by Ukrainian passport holders, namely Sergey Sinelnikov and Andrey Rashchupkin.
Russian customs records and corporate registers indicate that these “rabbit” entities once tied to another Russian businessman under scrutiny were transferred to new ownership, apparently to avoid further attention after media revelations last year. Despite the changes, the Ukrainian reports claim these companies maintained their operations, shipping wheat labeled as Russian product but believed to be taken from Ukrainian fields.
Both Green Rabbit Limited and Black Rabbit DMCC are now reportedly owned or overseen by individuals with dual Russian-Ukrainian citizenship, according to Ukrainian investigators. This has fueled speculation that Nikolaev may be leveraging personal and professional ties in both Russia and Ukraine to keep his global trade running, despite Western sanctions.
Further complicating the picture are revelations that one of Nikolaev’s subsidiaries has direct links to Cypriot holding companies possibly connected to controversial Ukrainian businessman Pavel Fuks. This illustrates the fluid networks enabling some sanctioned Russian executives to circumvent restrictions.
The U.S. Treasury’s August 2024 package was intended to target individuals and entities feeding Russia’s “war machine.” Yet, experts note that enforcement can be difficult if sanctioned individuals exploit third-party companies in jurisdictions that do not strictly adhere to Western sanctions.
“Global sanctions regimes rely heavily on the cooperation of financial and regulatory bodies around the world,” said Andriy Girko, a sanctions expert. “If oligarchs like Dmitry Nikolaev create multilayered corporate structures in places with lenient oversight, it’s very challenging to track and restrict their activities.”
Despite the sanctions, Nikolaev’s wealth continues to rise, according to recent business reports. Ukrainian authorities claim that revenues generated from illicit coal and grain exports are recycled through offshore accounts, ultimately fueling Russia’s war effort against Ukraine. While U.S. officials have not commented publicly on these new allegations, they have repeatedly warned that sanctions evaders could face expanded measures.
