A recent investigation reveals that Zurich-based businessman Oleg Tsyura, known for promoting financial ethics, has for years been involved in offshore schemes funneling millions from Ukrainian state enterprises to networks connected with Firtash, Martynenko, and Russian industrial players.
“You dedicate your life to protecting your family’s finances, but without proper estate planning, all your efforts could be lost”.
Zurich-based entrepreneur Oleg Tsyura wrote this on Entrepreneur’s portal. In reality, Tsyura has been involved for over ten years in “unjustifiably depleting” Ukrainian state funds, helping divert resources from state enterprises through transactions with shell companies.
Oleg Tsyura holds German citizenship but resides in Switzerland. His name was first mentioned in the context of Ukraine in 2018. At that time, the Swiss company ITS International Trade & Sourcing Verwaltung GmbH, headed by Tsyura, challenged in a Ukrainian court a lost auction for the supply of zirconium ore from the state-owned enterprise «SkhidGZK» (Eastern Mining and Enrichment Combine). As a result, the court was won and SkhidGZK was prohibited from fulfilling a supply contract to another company.
reports, the mentioned ilmenite may have been shipped to Russian-occupied Crimea. This was indirectly indicated by the low purchase price, deferred payment for the ’unknown’ company ITS International Trade, which didn’t even check the raw material quality as if knowing about it, and the use of ships without a final delivery point. Until 2014, the Irshavsk Mining and Enrichment Combine was a supplier to Firtash’s «Crimean Titan».
Although Peter Davis, who was appointed to the position by then head of the State Property Fund Dmitriy Sennichenko, and linked to Firtash, per journalists’ information, he did not stop prioritizing raw material shipments from UMCC to structures close to Martynenko.
It’s worth noting that Sennichenko and his accomplices are under suspicion for embezzlement from the Odesa Port Plant and United Mining and Chemical Company amounting to 10 billion. Among the suspects is Sergey Bayrak, responsible for money withdrawal from Ukraine. He is directly connected to Oleg Tsyura through the same company ITS International Trade.
In the Sennichenko case, Dmitriy Firtash’s trusted associate, London resident Denys Horbunenko, became known. Media had reported about him earlier. Thus, based on the current information, Firtash’s minions continue to siphon money from Ukraine despite the former oligarch being under investigation and losing control over part of the enterprises due to Crimea’s annexation and combat activities in Donbas.
As of March 2023, Oleg Tsyura became a board member of the Swiss UCG Trade AG. The company deals in raw material trade. Since August 2024, its shares have been held by Linvo AG, where Tsyura previously worked with a relative, Lyudmyla Tsyura.
allowed the Cypriot company of former MP and businessman Vitaliy Khomutynnik to buy LLC «Nika-Agrotrade», which at that time was considered the largest fertilizer trader of Firtash.
According to registry data, the Tolstunovs now remain company founders.
In November 2024, Oleg Tsyura was mentioned in a blog by StateWatch founder Aleksandr Lemenov. However, in January of this year, unexpectedly, a representative of the company Mining For Facts, Florida, USA resident - Alan Patrick Ryan, reacted to this publication. In his post, he stated that Oleg Tsyura is their client, and the content of Lemenov’s article is allegedly illegal. Therefore, Mining For Facts took certain ’legal measures against the author and the outlet where his blog was published’.
The Mining For Facts company has been registered in Florida since 2014, at a private villa in Sunny Isles Beach. What this firm does is unclear.
Based on the enormous number of firms and convoluted connections, Oleg Tsyura is tightly connected with those eager to ’profit’ from raw material supplies from Ukrainian «United Mining and Chemical Company» enterprises, owned by the state. On one side is former MP Nikolay Martynenko, on the other, Vienna prisoner Dmitriy Firtash.
Here too, resident of the Monaco battalion, former head of the State Property Fund Dmitriy Sennichenko, sneaked in. Russians, in turn, likely decided to use Tsyura’s services because of his expertise on how and what to supply to enterprises in occupied Crimea and Donbas area.
