Britain calls itself Ukraine’s staunchest ally. Yet 41 Ukrainian companies have both British and Russian co-owners—and one UK-registered firm supplying Ukrainian farmers has been flagged for “probable connection with Russia.”
The data offers the first systematic look at how UK corporate structures intersect with Russian interests inside Ukraine’s wartime economy.
These findings emerge from new research published on 2 February by YouControl, a Ukrainian corporate intelligence firm. The data offers the first systematic look at how UK corporate structures intersect with Russian interests inside Ukraine’s wartime economy.
What the data shows
YouControl identified 5,170 Ukrainian companies with British co-owners, shareholders, or ultimate beneficial owners. Of these:
- 498 reported positive revenue totaling $7.2 billion in the first three quarters of 2025
- 41 have both UK and Russian beneficial owners or shareholders
- 35 have sanctions notifications tied to their participants or beneficiaries
The report names the top earners: ArcelorMittal Kryvyi Rih ($1.2 billion), Rozetka group ($700 million), McDonald’s Ukraine ($350 million), Spektr-Agro ($210 million), and Nikopol Ferroalloy Plant ($118 million). It does not specify which 41 companies have dual UK-Russian ownership.
Russia-flagged firm in top 10
One company that was flagged is Oscar Agro Limited, the UK-registered owner of Spektr-Agro, which earned over $210 million by supplying seeds, fertilizers, and equipment to Ukrainian farmers.
YouControl’s international platform, YC World, identified Oscar Agro as having a “probable connection with Russia” and a historical connection with China. The firm is part of Japan’s Sumitomo Corporation group, which acquired a 51% stake in 2018.
Sanctioned oligarch’s shadow
The Nikopol Ferroalloy Plant, another top-10 earner, lists two UK citizens as beneficiaries. But the ownership trail also leads to Ihor Kolomoiskyi, the oligarch under Ukrainian National Security Council sanctions since February 2025.
According to YouControl’s ownership analysis, Yuriy Kiperman indirectly holds 24.79% of the plant. A February 2025 Dozorro investigation described Kiperman as Kolomoiskyi’s “long-time business partner.” Victor Pinchuk and his family have another 18.63%.
Why UK structures attract opacity
The pattern fits a broader concern. Transparency International Russia, now in exile, found “continued use of LLPs and LPs in the trade of high-risk goods to Russia and from Russian occupied Ukraine.”
Kharon, a US firm tracking sanctions evasion, documented UK limited partnerships sending military-applicable electronics to Russia as recently as March 2024.
Reforms have tightened some requirements.
UK Companies House historically operated as what Transparency International called “an honesty box, exploited by criminals determined to hide their identity.”
Reforms have tightened some requirements. Between March 2024 and March 2025, Companies House removed false information from over 100,000 company records and rejected 10,200 suspicious applications.
Britain has announced it will ban UK companies from providing ships, insurance, and maintenance for Russian LNG in 2026. The YouControl data shows where UK corporate structures and Russian interests intersect inside Ukraine. What to do about it is a question for policymakers—and voters.
