Ferrexpo

The world's third largest iron ore exporter

Ferrexpo is a British public company (LSE) managing three iron ore mining complexes in Poltava Oblast: Pivdennohirskyi Mining and Processing Plant (PZHK), Yerystivskyi, and Bilanivskyi Mining and Processing Plants (GZHK). Before the full-scale war, it was the world's third largest exporter of iron ore pellets. The majority shareholder (49.5%) is Kostyantyn Zhevago, who was subjected to lifelong sanctions by the National Security and Defense Council of Ukraine in March 2025.

Finance and Credit Bank, UAH 45.979 billion in losses, owner wanted

In 2019, the General Prosecutor's Office announced Zhevago on the international wanted list in a case involving embezzlement and legalization of UAH 2.5 billion through Finance and Credit Bank, which went bankrupt in 2015. The Deposit Guarantee Fund filed a lawsuit to recover UAH 45.979 billion in losses from Zhevago caused to the bank's depositors. In March 2026, the French prosecution served Zhevago with new charges accusing him of creating a criminal organization, large-scale embezzlement, and money laundering.

UAH 157 billion, sales to Russia and bankruptcy risk

According to the Security Service of Ukraine, Zhevago’s companies AutoKrAZ and Rosava sold goods to Russia—trucks and car tires—worth UAH 7.5 billion from 2017 to 2022, which could have been used for military purposes. The Economic Security Bureau is preparing charges related to underpayment of subsoil rent fees by the mining complexes amounting to UAH 10 billion. The head of PZHK has been charged with causing losses of UAH 157 billion. Due to sanctions against Zhevago, the tax service stopped reimbursing VAT since March 2025—the debt exceeded $90 million. Creditors declined cooperation due to compliance risks. The company declared a risk of bankruptcy.