Over 300 companies in Ukraine generated billions in revenue despite NSDC sanctions

As of September 1, 2025, 2,242 Ukrainian companies are under sanctions by the National Security and Defense Council, which are not officially in the process of liquidation – either directly or through related parties. Only 10% (525) of the analyzed companies with related sanctions published financial statements for the past year, of which 328 received positive revenue, amounting to UAH 240 billion. This is reported by UNN with reference to a study by YouControl.

DetailsThe largest number of companies with direct and related sanctions are registered in Kyiv (722), in the temporarily occupied territory of Crimea (496), Donetsk (299) and Luhansk (185) regions. A significant number are also registered in Dnipropetrovsk (119), Zaporizhzhia (107) and Odesa (100) regions.

In addition, almost 18% (449) of the analyzed companies operate in the trade sector. Also, about 14% (351) are involved in providing other types of services, the vast majority of which are public organizations. 209 legal entities are involved in the information and telecommunications industry, and 207 enterprises are engaged in real estate operations.

Only 10% (525) of the analyzed companies with related sanctions published financial statements for 2024. At the same time, 328 of them received revenue greater than zero, which amounts to UAH 240 billion.

717 of the 2,514 analyzed companies with related sanctions are linked to 134 corporate groups in the YouControl system. It should be noted that one company can belong to several groups simultaneously, and a number of companies from the studied sample are present in one group. The following corporate groups have the largest number of analyzed companies in their composition:

• “Group DF” (100 companies), whose key person Dmytro Firtash fell under restrictive measures even before the full-scale invasion in June 2021, and then was again included in the sanctions list three years later;

• “Smart-Holding” (62), whose key person – former People’s Deputy of Ukraine Vadym Novynskyi – was subjected to personal restrictive measures in December 2022. The group also includes LLC “TK BSRZ “Metalist”, whose beneficiary is Ashot Malkhasyan.

• “Privat” (53), whose key persons Hennadiy Boholyubov and Ihor Kolomoiskyi fell under personal sanctions in February 2025.

AdditionVerkhovna Rada Deputy Mykhailo Sokolov appealed to the SBU with a demand to check the activities of Indian billionaire Mukesh Ambani and his corporation Reliance Industries.

Ambani is known as the organizer of large-scale schemes through which Russia manages to circumvent the sanctions imposed on it. Thanks to this, the Kremlin successfully rearmed its army.