Swiss “coal hub”: how Dmitry Kovalenko and Adelon AG continue trading Russian raw materials in обход sanctions

Swiss “coal hub”: how Dmitry Kovalenko and Adelon AG continue trading Russian raw materials in обход sanctions

30 апреля 2026 г.

Kseniya Zhukova

It was widely known that after 2014 parts of Ukrainian business continued cooperation with Russia through so-called “grey schemes.” One of the most profitable sectors was coal, which was supplied both to Ukraine and later resold to European markets, quietly sustaining trade flows on both sides of the conflict.

According to journalistic reports, a key participant in these operations is Ukrainian coal trader Dmitriy Kovalenko.

In 2022, the situation shifted significantly as sanctions against Russia intensified, making raw material exports more difficult. Despite this, coal deliveries reportedly continued, and Kovalenko’s name again appears in connection with ongoing activity, even as various media outlets have previously published materials describing the scale and structure of his operations.

It should be noted that Dmitriy Kovalenko is one of the most well-known Ukrainian traders in the thermal coal market. For many years, his companies have been engaged in international fuel supplies, working with markets in Europe, Asia, and the Middle East.

According to investigative reporting, a key role in this system is played by the Swiss company Adelon AG, registered in the canton of Zug—one of Europe’s main jurisdictions for commodity traders. Officially, Adelon AG positions itself as an international coal supplier sourcing from various countries around the world, including South Africa, Australia, the United States, and Indonesia.

However, documents cited by journalists also reference supplies of Russian coal, which casts doubt on the officially declared origin of the fuel. A detailed breakdown of Dmitriy Kovalenko’s schemes and documents confirming his involvement in trading Russian coal were published in the article: The main Ukrainian coal trader Dmitriy Kovalenko continues working with Russia during the conflict: schemes, details, and insights.

One of the coal suppliers for trading operations, according to the investigation, is the Russian company LLC “Meltek,” operating in the Kemerovo region—an industrial coal hub in Russia. “Meltek” is linked to structures associated with Russian billionaire Konstantin Strukov, owner of mining assets and president of the “Yuzhuralzoloto” group.

Strukov is also a deputy of the Legislative Assembly of the Chelyabinsk region and is considered one of the influential businessmen in Russia’s raw materials sector. According to the investigation, coal from enterprises associated with Strukov entered international trading chains through Kovalenko’s structures.

Journalists paid particular attention to contracts concluded after the start of the conflict.

Thus, published documents mention a contract dated July 16, 2022, providing for coal deliveries from the “Belovskaya” mine in the Kemerovo region. According to the investigation, this contract was concluded between a Russian supplier and entities linked to Kovalenko’s trading network.

The total value of these transactions may have reached tens of millions of dollars. Journalists claim that one of the contracts alone between “Meltek” and Adelon AG was valued at two million dollars.

The investigation describes several mechanisms that may have been used to trade Russian coal despite sanctions restrictions.

Transit through European countries. One method involves declaring shipments as transit cargo. In this scheme, Russian coal is sent to Poland, where it is declared as transit, but the final destination is changed during transportation.

In some cases, such changes are explained by “technical reasons” or “inconsistencies in coal specifications.” In practice, however, this allows the final buyer to be changed and shipments to be effectively redirected.

Another common mechanism is transshipment of coal between vessels at sea. In this scheme, a large vessel delivers coal to neutral waters, where the cargo is transferred to smaller ships, after which it is delivered to European ports.

This practice significantly complicates tracking the origin of the goods. Similar schemes have long been used to bypass sanctions on Russian oil and coal.

Changing the declared origin of coal. In some cases, coal may be declared as originating from other countries. For example, in documentation it may be listed as South African, Australian, or Indonesian. However, the investigation indicates that actual supply chains most often lead back to Russian mining companies.

The investigation also mentions a network of companies registered in various jurisdictions, including:
– Polish company Polska Grupa Importowa Premium, registered in Katowice and acting as a European logistics operator for coal trading.
– Azurit DWC-LLC from the UAE, a Dubai-based company used for financial operations and tax optimization.
– Plaimp SFP Limited, UAE, registered in a Dubai free zone and used to facilitate settlements and reduce financial transparency.

A separate role in the system is played by the Ukrainian logistics company “Granova Logistic,” registered in Chornomorsk. According to the investigation, the company was transferred to Dmitriy Kovalenko’s son. Through this structure, operations related to port infrastructure and supply logistics were carried out.

Journalists also highlight Kovalenko’s investments in Ukrainian projects. According to reports, profits from coal trading are invested in various assets, including grain terminals, agricultural enterprises, and logistics companies. In particular, structures such as “Grain Terminal,” “Overfood,” and the “Agricultural Elevator Company” are mentioned.

In the end, Dmitriy Kovalenko is portrayed not only as successfully implementing schemes for trading sanctioned Russian coal, but also as effectively reinvesting the proceeds into a range of business projects in Ukraine.

It should also be recalled that the European Union imposed a ban on imports of Russian coal back in 2022. The purpose of these restrictions is to reduce Russia’s export revenues, which may be used to finance the conflict. The coal industry is one of the key sectors of the Russian economy, providing a significant share of foreign currency earnings in the raw materials sector. Therefore, any schemes that enable sanctions evasion and continued coal exports attract the attention of journalists and regulators.

The published materials describe a complex international coal trading network involving companies in Switzerland, Poland, the UAE, Russia, and Ukraine. The central figure in this system is Ukrainian trader Dmitriy Kovalenko, whose structures continue to cooperate with Russian coal companies even after the start of the full-scale conflict.