According to YouControl's "Express Analysis," 5,817 companies and 686 individual entrepreneurs in Ukraine likely have certain ties to Russian business as of November 2025. The largest number of such enterprises are registered in Donetsk Oblast, Kyiv, and Luhansk Oblast. The capital is also the most popular registration location among individual entrepreneurs with probable ties to the Russian Federation. Analysts from YouControl's R&D center found that the revenue of companies with possible Russian ties increased by a third in 2024 compared to 2023. The sample also included 14 political organizations, notably the "Political Party of Ukraine 'Rus Yedyna,'" formerly known as the "Party of Putin's Politics." This is stated in a new study by YouControl, writes UNN.
Methodology
Specialists from YouControl studied data from the Unified State Register of Legal Entities, Individual Entrepreneurs, and Public Formations (hereinafter — USR) and the Unified State Register of Legal Entities of the Russian Federation (hereinafter — USRLE RF) and found certain ties of over 6,500 Ukrainian business entities through participation in the authorized capital with 12,000 legal entities registered according to Russian legislation. It should be noted that just as one Ukrainian company or individual entrepreneur may have a probable connection with several Russian legal entities simultaneously, one Russian legal entity may also have a connection with several Ukrainian companies.
This indicates a rather significant presence of Ukrainian companies and individuals in the Russian business environment, having certain ties with them. However, there is a trend towards a decrease in this type of probable connection. For the period 2024-10.2025, when a Ukrainian company or its participant, ultimate beneficial owner, or authorized person is likely a participant (shareholder) of a legal entity registered under Russian law, the current connection for 755 Ukrainian companies and 84 individual entrepreneurs moved to historical data. This primarily occurred due to the liquidation of Russian companies that have certain ties with them or a change in the composition of participants of both Ukrainian and Russian legal entities.
*Information about the owners of Russian legal entities is taken from the USRLE RF.
Ukrainian Owners and Their Russian Ties: Working in Trade and Involved in Real Estate Operations
As of November 2025, 5,817 Ukrainian companies likely have ties to Russian legal entities through participation in the authorized capital of the Ukrainian legal entity directly, as well as through its participants, ultimate beneficiaries, and authorized persons.
The highest number of registered legal entities with probable ties to the Russian Federation is in Donetsk Oblast (1905), Kyiv (985), as well as Luhansk (901) and Zaporizhzhia (496) Oblasts.
The largest number (1271) of the surveyed companies operate in trade. The main activity for 17% (996) of the analyzed legal entities is real estate operations. 673 companies are involved in manufacturing, and 625 in the agricultural sector. Another approximately 7% (402) of Ukrainian legal entities work in the construction industry.
As of November 2025, 686 active individual entrepreneurs in Ukraine have probable ties to legal entities registered under the laws of the Russian Federation. The largest number of them are registered in Kyiv (169), Donetsk (166), Zaporizhzhia (68), Luhansk (60), and Kharkiv (52) Oblasts. Almost 36% (246) of individual entrepreneurs work in the trade sector. Popular areas of activity for individual entrepreneurs with probable ties to Russian legal entities also include "Real Estate Operations" (101), "Professional, Scientific, and Technical Activities" (64), and "Temporary Accommodation and Food Service" (46).
Ukrainian Companies, Political Parties, and Russian Ties
The list of analyzed companies with probable ties to Russian business includes 14 political organizations (main economic activity 92.94 "Activities of political organizations"). In particular, this is "Political Party of Ukraine 'Rus Yedyna'", which until May 2009 was called "Party of Putin's Politics". The organization is headed by Oleksiy Ivanovych Remeniuk. A person with a full match in full name is a participant of the Zhovtneva District Organization of the Political Party of Ukraine "Party of Putin's Politics" and the Vinnytsia Regional Organization of the Political Party of Ukraine "Rus Yedyna". Also, a physical person with an identical full name is a participant of two Russian companies — OOO "Rybackaya Derevnya" and OOO "Rybackiy Khutorok", registered in the temporarily occupied Crimea. And the full name of the head of the Dnipropetrovsk Regional Party Organization of the Political Party "Narodna Volya" — Oleksandr Mykolaiovych Abolonka coincides with the initials of a participant of the Russian legal entity OOO "Yuzhnaya Legenda" and the head of the Ukrainian company TOV "Maria 7". The participant (90.86%) of the latter is the key person of the corporate group "Forum Group" Volodymyr Shkolnyk.
Top Ten Most Profitable with Billion-Dollar Revenue
Only 792 of the 5,817 analyzed companies generated revenue greater than zero in 2024. The total revenue of legal entities for 2024 amounted to UAH 150.3 billion, which is 38% more than the 791 companies from the studied sample that submitted reports to the relevant structures in 2023.
The largest revenue, namely UAH 43.5 billion, for 2024 among Ukrainian companies that have probable ties to Russian legal entities through participation in authorized capital with a share of 10% or more, was received by TOV "ADM UKRAINE". The company is part of the corporate group "Archer Daniels Midland", whose main activity is the production, storage, transportation, processing, and trade of agricultural products. The participant (99.72%) of this company is the Dutch "Company ALFRED C. TOPFER INTERNATIONAL NETHERLANDS" B.V." It is a participant of the Russian legal entity — OOO "ASTI SOVETSKIY ELEVATOR"* (OGRN 1159102012332).
The total revenue of companies from the corporate group "Comfy" — TOV "COMFY TRADE" and TOV "MARESTO UKRAINE" for 2024 amounted to almost UAH 36 billion. The beneficiary of both companies is Svitlana Hutsul with Cypriot residency. Previously, the beneficiary of the aforementioned companies was a person with the full name Svitlana Vasylivna Hutsul with Ukrainian registration. The full name of the latter coincides with the full name of a participant in Russian legal entities: OOO "TSB-INVEST", OOO "TERMINALCOMPLEX", and OOO "VESY".
A Hundred Companies Under Sanctions and Almost Half Belong to Corporate Groups
About 15% of enterprises (844) from the analyzed sample belong to 207 corporate groups in the YouControl system. The largest number of companies (26), for which the "Express Analysis" factor in YouControl worked, when a Ukrainian company or its related persons are likely participants of a legal entity registered under Russian law, include the corporate groups "VIPOS" and "Valeriy Mishchenko Family Group". The key person of the latter is Valeriy Mishchenko, who, in particular, is a business partner of TOV "OSOKORKY-7" of Oleksandr Konstantynovskyi, who in turn is a key person of the "Konstantynovskyi Brothers Group" and the brother of former MP Vyacheslav Konstantynovskyi.
In addition, 102 companies from the studied sample fell under sanctions related to the business entity, and 42 of them belong to various corporate groups. For example, 17 companies from the "Yutkin Family Group", whose key person Vyacheslav Yutkin — is under NSDC sanctions since December 2023. A person with the full name Vyacheslav Mykhailovych Yutkin is a participant of the Russian legal entity OOO "MORSKOY". A person with the full name Dmytro Markovych Zusmanovych is a participant of several companies registered under Russian law: OOO "TAIM"* (OGRN 1085075000911) and OOO "KERAMIST". The aforementioned full name fully coincides with the full name of the key person of the "Dmytro Zusmanovych Group" and the person against whom sanctions were imposed by the NSDC in October 2022.
Supplement
Analysis of data from the Ukrainian USR and the Russian register of legal entities shows that Ukrainian companies and individuals associated with them are likely still present in Russia's business environment. At the same time, there is a trend towards a reduction in such presence. According to YouControl's "Express Analysis," information about the probable participation of Ukrainian companies or their participants in Russian legal entities for 755 Ukrainian companies and 84 individual entrepreneurs has moved from current data to historical data. The main reasons were the liquidation of Russian companies or a change in the composition of participants of Ukrainian and Russian legal entities. Checking counterparties for probable ties with the aggressor country helps minimize legal and reputational risks. Such ties, for example, current or historical, can become a basis for sanctions, asset freezes, or additional checks by regulators and law enforcement. They can also affect the financial stability of the company and its reputation, creating doubts about the transparency of business processes. A comprehensive study of counterparties allows for timely identification of potential challenges and making informed decisions regarding further cooperation.
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