Ukrainian businesses still trying to hide ties with Russia- report
Photo: Depositphotos

More than 400 Ukrainian companies have removed their owners and beneficiaries from Russia over the year and a half of the full-scale war with Russia despite existing legal prohibitions, according to Opendatabot, a consultancy.

Before Russia’s full-scale invasion of Ukraine in February 2022, the Russian beneficiaries were found in 20,881 companies registered in Ukraine.

Since then, a moratorium has been imposed on registration actions against companies owned by Russians in order to ensure the protection of national interests in future claims of Ukraine in connection with Moscow’s armed aggression.

Currently, only certain categories of Russian citizens have the right to change their beneficiaries, including those who legally reside in Ukraine and those who own up to 10 percent of a company's share capital.

In addition, the law does not impose any restrictions on Russian citizens who have changed their citizenship to any other country not considered an aggressor state under Ukrainian law.