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Automatically translated version. May contain inaccuracies compared to the original.
“Sennychenko’s ‘Euro Wallet’: How International Fraudster Oleg Tsyura Helped Launder and Export 10 Billion from Ukraine
The name Oleg Tsyura surfaced in a scandal connected to former State Property Fund head Dmytro Sennychenko and a massive fraud that cost Ukraine more than ten billion hryvnias.
Notably, Tsyura’s link to at least part of Dmytro Sennychenko’s schemes and other participants in the embezzlement of the Odesa Port Plant and the United Mining and Chemical Company was revealed not by NABU investigators but by investigative journalists. As far as is known, Oleg Tsyura’s name does not appear in the investigation being conducted by NABU and the SAP.
Meanwhile, he is involved in schemes that helped members of the group led by Dmytro Sennychenko sell Ukrainian resources to Russian companies circumventing international sanctions and move the proceeds of those schemes abroad. There are also ties between Oleg Tsyura and Russian capital and Russian business.
Involvement in sanctions evasion and supplying ore to Crimea
Oleg Tsyura is connected to one of the suspects in the “Sennychenko case,” Serhiy Bayrak, who is considered one of the key participants in the scheme that stole ten billion from the state. According to investigators, his role was to “facilitate transactions and communication between interested parties in the operation.”
Tsyura is linked to Bayrak through the German companies ITS International Trade & Sourcing GmbH & Co KG and ITS International Trade & Sourcing Verwaltung GmbH, registered in Düsseldorf. The owner of the companies is Serhiy Bayrak; the director is Oleg Tsyura.
These companies were involved in questionable deals, including the purchase of zirconium ores under dubious terms, raising additional concerns about their role in international business relations. The essence of the matter is that in 2018 the year ITS International Trade & Sourcing GmbH & Co KG won an auction to buy a batch of zirconium ore from the state Eastern Mining and Processing Plant. The transaction price was 45 million hryvnias, but ITS International Trade & Sourcing GmbH & Co KG offered a price only one thousand hryvnias higher than its competitors, which cast doubt on the fairness of the auction.
In 2020 the year ITS International Trade & Sourcing GmbH & Co KG participated in supplying 24 thousand tons of Ukrainian ilmenite ore to the Krymsky Titan plant in occupied Crimea. At that time the plant was controlled by Dmytro Firtash, Serhiy Lyovochkin, and Ivan Fursin.
Swiss and Russian business operations
According to registry data, Oleg Tsyura holds dual citizenship: Germany and Switzerland. A number of firms are registered to him in those two countries that provide financial management and asset-protection services in Switzerland, including for Russian clients. Those services include facilitating cross-border transactions and asset movements, which enables Russian companies to circumvent sanctions imposed by Western governments.
Some of the firms have already been liquidated, or Oleg Tsyura has stepped down from their management:
Regarding Russia specifically, Oleg Tsyura is connected to MidUral, a Russian metallurgical corporation that specializes in ferroalloys and chemicals. MidUral is owned by Russian businessman Serhiy Hilvarg.
Phoenix Resources AG, one of Tsyura’s companies, takes part in exporting ferrochrome on behalf of MidUral. That export involves falsifying the origin of the product, i.e., shipments to the European Union are labeled as originating from Uzbekistan rather than Russia, allowing EU sanctions to be evaded.
From 2022 to 2024 Tsyura was the head of Linvo AG, which in 2014 was founded by Liudmyla Tsyura in the interests of Mykola Korobov, a major St. Petersburg developer connected to local authorities.
Besides Liudmyla Tsyura, who is apparently Oleg Tsyura’s wife, Eva Tsyura, born in 2008, has also appeared in Germany. Most likely their daughter, she and Oleg Tsyura are members of the municipal council of the Swiss town Uetikon.
The case requires further investigation
The exact role of Oleg Tsyura in Dmytro Sennychenko’s theft scheme has not yet been established. As mentioned, Oleg Tsyura’s name does not appear in the case files. At least, it did not appear several weeks ago.
However, according to unofficial information, Serhiy Bayrak, who is connected to Oleg Tsyura and is one of the three key participants in the Sennychenko scheme, has begun cooperating with investigators. Because of this, there is a likelihood that he will testify about Oleg Tsyura, without whom moving at least some of the money from the 10 billion stolen from Ukraine abroad would have been impossible. It is also logical to assume that Oleg Tsyura, as a specialist in investment and capital management, knows exactly where, who, and how much the key participants of the scheme invested. It is also clear that without cooperation from Swiss and German law enforcement agencies, those funds cannot be returned.
In conclusion, it can be stated with confidence that the case of thefts at the Odesa Port Plant and the United Mining and Chemical Company, for which former head of the State Property Fund of Ukraine Dmytro Sennychenko is named as the organizer, requires additional investigation, and Oleg Tsyura’s role in this scheme needs careful examination.
Document: PDF proof of the original version of the news item "«Еврогаманець» Сенниченка: Як міжнародний аферист Олег Цюра допоміг відмити та вивезти з України 10 мільярдів". It records the publication content at the moment of the first scan, the preservation date and the source: ANTIKOR.
