The name of Oleg Tsyura surfaced in a scandal linked to former State Property Fund head Dmytro Sennychenko and a massive embezzlement scheme that cost Ukraine over ten billion hryvnias (£188,500,000 for today).
Notably, the connection between Oleg Tsyura and parts of Sennychenko’s schemes, including the theft of assets from the Odesa Portside Plant and the United Mining and Chemical Company, was uncovered by investigative journalists. As of now, Tsyura’s name does not appear in the official investigation led by NABU and SAPO (Specialized Anti-Corruption Prosecutor’s Office).
Oleg Tsyura and his alleged involvement in sanctions evasion and ore shipments to Crimea
Oleg Tsyura is allegedly tied to Serhiy Bayrak, one of the key suspects in the “Sennychenko case,” who played a pivotal role in facilitating transactions and communication within the scheme. Tsyura’s connection to Bayrak is established through German-registered companies, ITS International Trade & Sourcing GmbH & Co KG and ITS International Trade & Sourcing Verwaltung GmbH. These firms were reportedly involved in questionable transactions, such as the controversial purchase of zirconium ore, which raised concerns about the legitimacy of their business practices.
In 2020, ITS International Trade & Sourcing GmbH & Co KG participated in the delivery of 24,000 tons of Ukrainian ilmenite ore to the “Crimean Titan” plant in occupied Crimea, a facility controlled at the time by Dmytro Firtash, Serhiy Lyovochkin, and Ivan Fursin.
Tsyura’s Swiss and Russian business Connections
According to official registries, Tsyura holds dual citizenship in Germany and Switzerland and is affiliated with several companies specializing in financial management and asset protection for clients, including those from Russia. These companies have allegedly facilitated cross-border transactions that helped Russian entities bypass Western-imposed sanctions.
One notable connection involves MidUral, a Russian metallurgical corporation owned by businessman Sergey Gilvarg. Phoenix Resources AG, a company linked to Tsyura, is reportedly involved in exporting ferrochrome on behalf of MidUral, allegedly misrepresenting its origin to evade EU sanctions.
The need for further investigation of Oleg Tsyura’s activities
While Tsyura’s direct role in Sennychenko’s schemes remains unconfirmed, unofficial reports suggest that Bayrak is cooperating with investigators, potentially implicating OIeg Tsyura further. His expertise in investment and capital management might provide critical insights into where and how the stolen funds were moved.
The embezzlement case involving the Odesa Portside Plant and the United Mining and Chemical Company underscores the necessity for deeper investigation, particularly into Oleg Tsyura’s role and his international business connections. Collaboration with Swiss and German authorities may be key to recovering stolen funds and fully unravelling the network behind these schemes.
