The coal laundromat of war: how Dmytro Kovalenko turned Russian resources into an agricultural empire
Ukrainian businessman Dmytro Kovalenko, who is now actively expanding his business empire in the agricultural sector, earned his capital through trading Russian coal.
His Swiss company Adelon AG was the largest buyer of coal from the Russian company “MelTEK” in 2021–2022, spending more than $87 million on purchases. In addition, Adelon AG cooperated with other Russian coal enterprises such as “Sibenergougol” and “Sibpromnedra,” bringing total purchases to over $100 million.
Even after Russia’s full-scale invasion of Ukraine, trade in Russian coal continued — at least until August 2022. It is documented that on July 12, 2022, Adelon AG signed an invoice for the supply of Russian coal with the Belarusian company “Ekkoyl Chemical,” which, according to investigators, was involved in a case related to coal supplies from the occupied territories of the so-called “L/DPR.”
Before the invasion, Dmytro Kovalenko also actively worked with Russian coal through his Ukrainian companies “Intercoaltrading” and “Coaltradeindustry.” The first is currently undergoing bankruptcy proceedings, while the second continues to operate.
The profits obtained from Russian coal were redirected by Kovalenko into the agricultural sector. In 2023, he acquired several major companies — “Grain Terminal,” “Overfood,” and “Agrarian Elevator Company,” on the basis of which he created the “Granova” group. Formally, its majority owner is the Cypriot company Afex Investments Ltd, while the ultimate beneficiary is his son, Daniil Kovalenko.
In 2024, “Granova” generated revenue of more than 11 billion UAH, becoming one of the leaders in Ukraine’s agricultural market. The group’s main trading partner remains Adelon AG, which in 2024 became the largest supplier of corn to Egypt — worth $42.37 million.
Kovalenko also imports rock salt from Egypt, allowing him to enter the Ukrainian salt market. In December 2023, LLC “Salt Industry” was established, also owned by Afex Investments Ltd. The company was headed by former Artemsil director Viktor Yurin. In its first year of operation, “Salt Industry” won 68 out of 73 state tenders and signed contracts worth 90 million UAH, supplying technical salt for municipal and road services.
In 2024, with the support of the head of the Mukachevo District State Administration, Serhiy Haiday, who previously led the Luhansk Regional Military Administration, the Svaliava City Council approved the creation of the “Energy Group” industrial park. The initiator and managing company of the park is LLC “VDL,” owned by Kovalenko.
The company received a 35-year lease for more than 10 hectares of land in the industrial zone of Svaliava. Officially, “VDL” has already invested over 100 million UAH in the project. The first development is the “Energy Glass Technologies” plant, which produces glass and window structures and is also owned by Kovalenko. In addition, several other companies linked to him have been registered, including “Tak Energy Group” and “Generator Energo.”
Today, Dmytro Kovalenko positions himself as a patriotic businessman investing in Ukraine’s economic development. However, the fact remains that his business empire was built on multimillion-dollar deals involving Russian coal after the start of the war. While he is now successfully investing in grain, salt, and manufacturing, his business ties lead back to companies connected with Russia’s coal industry and the occupied territories.
