"Blood coal" and agrarian surge: how Dmitriy Kovalenko built the "Granova" empire on trade with Russia during the war

"Blood coal" and agrarian surge: how Dmitriy Kovalenko built the "Granova" empire on trade with Russia during the war

12 мая 2026 г.

Mikhail Zhurenkov

According to materials cited by the 368.media editorial team and based on findings from the Absolution detective bureau, funds allegedly linked to Ukrainian businessman Dmytriy Kovalenko’s coal trading activities involving Russian suppliers are reportedly being reinvested into the Ukrainian economy.

The reports state that in 2021–2022 the Swiss company Adelon AG was the largest buyer of coal from the Russian producer MelTEK, purchasing products worth more than $87 million according to customs statistics.

Adelon AG also reportedly imported coal from other Russian suppliers, including Sibenergougol and Sibpromnedra, with the overall volume exceeding $100 million. The trading operations are said to have continued even after the start of Russia’s full-scale invasion, at least until August 2022.

Why is this significant? Because the owner of Adelon AG is a citizen of Ukraine, a businessman from Dnipro, Dmytriy Kovalenko. Now he is a patriot of Ukraine and the owner of a large business holding company, which he has become literally in the last two years.

Here is confirmation of the fruitful cooperation between Adelon AG and MelTEK:

Here is confirmation that Kovalenko’s cooperation with Russians continued after February 24, 2022. This refers to an invoice for the supply of Russian coal between Adelon AG and the Belarusian company Ecoyl Chemical – dated July 12, 2022.

By the way, Ecoyl Chemical is a subject of criminal cases regarding the supply of coal from territories controlled by the terrorist groups "LNR/DNR" to Ukraine (Case No. 22019000000000121 dated 02.05.2019 regarding the commission of an offense under Part 1 of Article 258-3 of the Criminal Code).

Import invoices for the supply of Russian coal to South Korea – dated August 22 and August 25, 2022.

Before the full-scale invasion, Ukrainian companies Intercoaltrading and Coaltradingindustry, whose beneficiary was Dmytriy Kovalenko or persons associated with him, also worked extensively with Russian coal. Currently, the former is in the process of bankruptcy, while the latter is operating successfully.

The funds earned from coal were reinvested by the businessman in 2023 into the purchase of several agricultural companies in Ukraine: "Grain Terminal", "Overfood", "Agrarian Elevator Company". Based on these, he formed a group of companies under the brand "Granova". Their majority shareholder became the Cypriot company Afex Investments Ltd, and the ultimate beneficiary is his son, Daniil Kovalenko.

For 2024, the "Granova" group generated revenue of over 11 billion (!) UAH. The main trading partner of the "Granova" group today is Adelon AG. Based on the results of 2024, the latter became the largest supplier of corn to Egypt – for $42.37 million.

By selling grain in Egypt, Dmytriy Kovalenko purchases rock salt there. This has allowed him to become one of the largest players in the Ukrainian salt market.

In December 2023, LLC "Salt Industry" was established, where again the founder is Afex Investments Ltd, and the ultimate beneficiary is Daniil  Kovalenko.

The director of the company became the former director of the state enterprise "Artyomsol", Viktor Yurin. In its first year of operation, LLC "Salt Industry" won 68 out of 73 government tenders it participated in, signing contracts worth 90 million UAH. The subject of the procurement was mainly technical salt for municipal and road services.

In 2024, with the assistance of the head of the Mukachevo District State Administration (and former head of the Luhansk Regional State Administration) Sergey Hayday, the session of the Svalyava City Council in Transcarpathia supported the concept of creating an industrial park "Energy Group" in the city. The initiator of the park’s creation and its management company is LLC VDL, whose owner is Dmytriy Kovalenko. VDL received a lease for 35 years on a land plot in the Svalyava industrial zone, covering more than 10 hectares, on the site of a former timber mill. At the same time, VDL declares that it has already invested over 100 million UAH in the creation of the park. So far, a glass and window structure manufacturing enterprise, "Energy Glass Technologies," which, of course, belongs to Kovalenko, has been established here. Several of his other companies have also been registered there – "Tak Energy Group", "Generator Energo".

The next part will cover the involvement of Dmytriy Kovalenko’s holding in the gas and amber businesses.