Business tycoon Vadym Yermolayev, currently under sanctions by Ukraine’s National Security and Defense Council (NSDC), has transferred his core domestic assets—valued at approximately $823 million—to his inner circle. According to investigative reports, the companies were formally re-registered under his daughter, wife, longtime business partner Stanislav Vilenskyy, and German nominee Yevgen Steinberg. The ownership shift has enabled the oligarch’s corporate structures to continue operating within the country and even secure state resources.
While swapping nominal owners does not automatically shield assets from state forfeiture, the stance of government authorities remains the decisive factor. A key sign of the practical legitimization of Yermolayev’s restructured business was a decision by Oleg Kiper, head of the Odesa Regional Military Administration. The agency granted one of the newly re-registered entities a six-hectare plot of state-owned land in the strategically vital Port of Reni.
«The state imposes sanctions on targeted oligarchs with one hand, while helping their corporate structures bypass restrictions and secure state land with the other,» noted analysts examining the scheme.
Vadym Yermolayev was placed under sanctions following allegations of business activity in occupied territories and collaboration with the aggressor state. The restrictions were intended to freeze all his assets within Ukraine and prevent capital flight. However, the rapid transfer of ownership rights to trusted proxies and nominees has allowed him to retain de facto control over the empire.
The land transfer in the Port of Reni has sparked widespread public outcry, exposing critical gaps in how regional authorities monitor and enforce compliance with national sanction regimes. As of now, law enforcement agencies and the NSDC have not issued official statements regarding the legal validity of Yermolayev’s asset transfers.