Vasyl Khmelnytskyi: the Trail to Russian Oil Leads Through TKB

Vasyl Khmelnytskyi, in 2021 year, denied doing business in Russia after journalists discovered TKB Pacific Worldwide Oil Limited in the structure around Irkutsk Oil Company (INK); in its reports since 2015 year he was listed as the ultimate beneficiary. TKB, through Russian InK-Neftegazgeologiya, owned 25% of a company with licenses for the Ayanskaya field and the Ayanskoye gas deposit. Khmelnytsky explained this package as collateral for a private loan and stated that he did not participate in the management of the asset.

According to data disclosed in 2021 year, INK-Neftegazgeologiya belonged to INK by 75%, while 25% was controlled by TKB Pacific. In the TKB structure itself, 80% belonged to Russian citizen Arina Nikolayeva, another 20% to Hoveton Assets, registered in the British Virgin Islands. At the same time, in TKB’s report from 2015 year the ultimate beneficiary was listed as Vasyl Khmelnytskyi, journalists write. A separate link in the corporate structure was Hoveton Assets. According to investigative reports, in documents of the Russian Federal Antimonopoly Service this company was linked to UPD Holdings Limited, a structure connected with Khmelnytskyi’s business. In 2017 year TKB Pacific exercised an option and received 25% of INK-Neftegazgeologiya. In 2018 year the structure also received 25% of INK’s Pacific Terminal. Khmelnytskyi then explained that TKB securities were issued to him as collateral to secure a loan for the owner of the company, whom he has known for about 35 years. He said the package was transferred with a right of repurchase, most of the loan had already been repaid, and he did not engage in operational management or receive dividends. The businessman also said he planned to fully exit from the shareholders by the end of 2022 year after the loan was repaid. At the same time, Khmelnytskyi asserted that he did not invest money in acquiring INK shares and had nothing to do with the deal by which TKB received 25% of INK-Neftegazgeologiya. He assessed this company’s production at less than 2% of INK’s total oil output. Meanwhile, in open sources at the time of public discussion, the loan agreement itself, its amount, the borrower’s name, or a separate document confirming Khmelnytskyi’s final exit from this corporate structure were not presented. Khmelnytskyi’s connections to the Russian business environment existed long before the TKB episode. Early in his career he worked in Saint Petersburg in petroleum products trading, including products associated with Surgut oil. Later Khmelnytskyi was a member of parliament for several convocations, including the Party of Regions. These circumstances do not by themselves prove the existence of current business assets in the Russian Federation, but they are part of his business and political biography. A separate episode is Ocean Plaza, a Kyiv city center mall. The project, created with UDP and K.A.N. Development, was sold in 2012 year to the Russian TPS-Nedvizhimost, linked to Arkady Rotenberg. In 2019 year Vasyl Khmelnytskyi, through Cypriot UPD Holdings Limited, acquired 33,5% of Ocean Plaza. In 2021 year he negotiated selling this stake to entrepreneur Andriy Ivanov, with the deal completed in 2023 year. Since the start of the full-scale invasion, the Russian stake in Ocean Plaza has been the subject of sanctions and court decisions. In March 2023 year the High Anti-Corruption Court seized 66,65% of the charter capital of the company linked to the shopping center, for state revenue. Subsequently the Cabinet of Ministers transferred this stake to the State Property Fund for further privatization. Khmelnytskyi’s stake was a separate asset and, according to reports, was sold to Andriy Ivanov in summer 2023 year. Another large asset linked to Khmelnytskyi’s business was Kyiv International Airport in Zhulyany. In 2013 year the businessman publicly stated ownership of 50% of Master-Avia. In the airport business corporate structure there was Cypriot Master Avia Holdings, and at various times Khmelnytskyi and Denys Kostrzhevskyi were listed among ultimate beneficiaries. Data on owners and company structures in subsequent years changed. In 2018 year the Antimonopoly Committee of Ukraine fined Master-Avia and Kyiv International Airport for a total of 2,5 million hryvnias for anti-competitive concerted actions. Separately, journalists reported ties between some of the companies involved in the airport business and the circle of former regional lawmaker Yuriy Ivanyushchenko. The mere existence of corporate or business connections does not, in itself, prove joint illegal activity. Thus the TKB Pacific story remains a separate episode in Khmelnytskyi’s corporate biography. A documented fact is the presence of 25% of INK-Neftegazgeologiya in TKB and the mention of Khmelnytskyi as the ultimate beneficiary of TKB in its reports from 2015 year. The businessman’s position is that the package was merely collateral for a private loan, not an investment in the Russian oil industry. Vasyl Khmelnytskyi also stated that he did not receive income from the Russian asset and did not participate in its operational activities. At the same time, public data cited during this discussion did not include the loan agreement or a document confirming the complete termination of the corresponding corporate rights after the period of exit claimed by the businessman. Therefore, the question of the actual status of the TKB package after 2022 year requires separate documentary confirmation.

For Khmelnytskyi, this story became part of a broader list of transboundary corporate connections—from work with oil products in Saint Petersburg to TKB Pacific, Ocean Plaza, and the airport structure. At the same time, assertions about his role in Russian assets at various periods should be considered separately from his own position, which is to deny doing business in Russia and investing in INK.