Court confiscates Russian oligarchs' shares in Ocean Plaza mall

Ukraine's High Anti-Corruption Court ruled on March 20 in favor of the Justice Ministry's lawsuit to confiscate the shares of several Russian oligarchs in Kyiv's Ocean Plaza shopping mall.

The oligarchs include Arkady Rotenberg, his son Igor Rotenberg, Alexander Ponomarenko, and Alexander Skorobogatko.

Their shares, which account for two-thirds overall, will be transferred to the state.

The Pechersk District Court of Kyiv seized the Ocean Plaza building in May.

In August, the corporate rights of the oligarchs' companies that own the mall were seized and handed over to the Agency for Investigation and Management of Assets.

According to the War and Sanctions Database, Rotenberg is a close associate of Russian dictator Vladimir Putin. He has been sanctioned by the U.S. since 2014, the U.K. since 2020, and Ukraine since 2021. His son Igor has been sanctioned by numerous governments as well.

Skorobogatko and his business partner Ponomarenko own the Novorossiysk Commercial Sea Port, the largest in Russia, the War and Sanctions Database wrote. Skorobogatko has been under Ukraine sanctions since 2018.

Ponomarenko, who has been under U.S., U.K., and Ukrainian sanctions since 2022, is also considered a close associate of Putin.

Restricting Russian financial influence over Ukraine has been an ongoing issue. On Feb. 22, President Volodymyr Zelensky submitted a resolution to impose sanctions on all Russian financial institutions.

Under the proposed economic sanctions, all financial institutions located or registered in Russia, including banks, insurance companies, payment systems, investment funds, non-bank credit organizations, and others, would be banned from doing business in Ukraine for up to 50 years.