Deripaska’s quarry in the Sumy region has been put up for privatization for ₴98 million
The Hlukhiv quartzite quarry in the village of Banychi, Sumy Oblast, has been put up for privatization with a starting price of 98.64 million hryvnias. The enterprise previously belonged to sanctioned Russian oligarch Oleg Deripaska and was later confiscated by the state.
The auction to sell the asset is scheduled for September 22, 2026.
The lot includes 100% of the authorized capital of Glukhiv Quartzite Quarry LLC, as well as 22 real estate properties.
The rights to the enterprise were forfeited to the state pursuant to a decision by the High Anti-Corruption Court in February 2023 as part of sanctions imposed on Oleg Deripaska. Since February 2024, the enterprise has been controlled by the State Property Fund of Ukraine.
The starting price of the lot is 98,641,904 UAH, excluding VAT. The winning bidder must also fulfill a number of obligations, including repaying the company’s existing debt and maintaining its core business activities.
Prior to the start of Russia’s full-scale invasion, the Hlukhiv Quartzite Quarry mined quartzite-like sandstone at the Banitsky deposit, located approximately 20 km from the border with Russia.
In February 2023, the State Bureau of Investigations reported that the company may have supplied components to Russia that were used or could have been used in the manufacture of a Russian tactical missile system.
The sole owner of the company was previously the Cypriot firm United Company Rusal Silicon Limited, linked to Oleg Deripaska.
In 2024, it was removed from the list of founders of LLC “Hlukhiv Quartzite Quarry” and replaced by the State Property Fund of Ukraine.
The Hlukhiv Quarry became part of the Russian oligarch’s assets that Ukraine confiscated as part of its sanctions policy.
Specifically, in April 2025, the High Anti-Corruption Court forfeited assets worth over 2 billion hryvnias to the state, which had belonged to Deripaska and the Russian corporation “RusAl” associated with him.
This includes, in particular, nearly 500,000 metric tons of bauxite and alumina produced in Ukraine before the start of the full-scale war. The products were stored in warehouses at the Mykolaiv Alumina Plant, which had previously also been under Deripaska’s control.
In February 2023, the High Anti-Corruption Court (HACC) ruled to confiscate the Russian oligarch’s assets in Ukraine, including the Mykolaiv Alumina Plant.
In addition, the State Property Fund of Ukraine is preparing to privatize the AmstelSki hotel complex in Bukovel, which previously belonged to Vyacheslav Zanevsky, a sanctioned former security chief for Viktor Yanukovych and a current officer in the Russian Armed Forces. Currently, all seizures and encumbrances have been lifted by the courts, and an inventory, asset valuation, and registration of property rights to land plots are underway in preparation for their subsequent sale.
