The press service of Alisher Usmanov's USM holding called the decision of the Supreme Anti-Corruption Court of Ukraine to confiscate iron ore products of the Swiss company Metalloinvest Trading AG (part of the Metalloinvest group), as well as 100% of the shares of the IT company Peter-Service Ukraine LLC, illegal. In the near future, the companies intend to appeal the ruling in international courts and seek compensation for reputational damage.

According to the decision of the Supreme Anti-Corruption Court of Ukraine dated September 25, 165 thousand tons of iron ore located in Ukrainian ports are subject to confiscation. The value of the products is estimated at more than $40 million.

“This court decision is a blatant example of illegal and unjustified ‘legalization’ of the appropriation of property belonging to individuals, which had previously been blocked and illegally held by Ukrainian law enforcement agencies in the ‘best’ pirate traditions for more than two years,” the USM press service said in a statement (at Kommersant’s disposal).

Until February 2022, Metalloinvest Trading AG purchased iron ore products from Russian producers and exported them in transit through Ukraine. In February 2022, Ukraine arrested a batch of iron ore stored in ports, explaining the decision by the fact that the supplies were allegedly planned to be ‘smuggled’ to the Russian military-industrial complex. Metalloinvest rejected this accusation, and called Ukraine’s actions “the seizure of old commercial cargo.”

"In the near future, Metalloinvest Trading AG, JSC Nexain (owner of PeterService Ukraine LLC) and their owners will take the necessary steps to protect their legal rights and interests, including compensation for reputational damage," USM noted. The holding noted that the purchase of illegally expropriated products from the Ukrainian authorities and third parties may entail legal proceedings by USM companies.