Ukraine’s Close Associate: Diamond Business, Russia Links, and Alleged Illicit Schemes Uncovered
In an investigation released by Deputy Yaroslav Zheleznyak, the complex web of business ties of one of President Zelensky’s closest associates — Timur Mindich — is brought to light.
According to sources, this businessman, also a co-owner of the studio ‘Kvartal 95’, established a formidable diamond empire as early as 2014 through assets belonging to former oligarch Ihor Kolomoyskyi.
Mindich’s business expanded not only within Ukraine but also in Russia, continuing its operations even after Russia’s full-scale invasion of Ukraine in 2022, raising questions about his long-term interests and potential violations.
Besides manufacturing lab-grown diamonds, a significant portion of the products are exported through companies linked to Mindich, including the British firm Meylor Global LLP and Ukrainian subsidiaries, which operate in offshore schemes supporting his business empire.
Notably, in 2024, Mindich’s Russian business paid over $500,000 in taxes to the Russian budget, which indicates active involvement even amid the ongoing conflict.
The article also discusses the shadowy interactions between Ukrainian and Russian structures, particularly through the ‘Izumrud’ plant and New Diamond Technology, which operate within opaque schemes possibly connected to high-ranking Russian figures.
According to Zheleznyak, such activities demand thorough investigation by Ukrainian authorities, as they may involve sanction violations and illegal enrichment schemes operating even during wartime and occupation.