Video: Sergey Bubka found to have business ties in Russia and the occupied territories
Serhiy Bubka, former president of the Ukrainian National Olympic Committee and Olympic champion, is implicated in an investigation alleging that his family business has ties to Russia and receives income from occupied Donetsk. The investigation also cites real estate holdings in Crimea and the receipt of dividends through affiliated entities.
This is detailed in an investigation by “Toronto Television.”
As of May 2026, Serhiy Bubka still holds the highest state honors—the title of Hero of Ukraine, the Order of Prince Yaroslav the Wise, and the Order of Freedom. At the same time, he is an official co-owner of three Russian companies in Donetsk: “Firma Montblanc,” “August LLC,” and “Serhiy Bubka Sports Club.” This fact was uncovered in 2023 by investigators at Bihus.Info. His main partner is his older brother, Vasyl Bubka. The companies trade directly with the occupiers. At the time, the athlete recorded a video message, insisting that he “has no connection whatsoever to business in the occupied territories.”
However, leaked Russian tax databases obtained by journalists refute Bubka’s claims. The documents clearly show that Sergei Nazarovich received personal income from “Montblanc Firm” throughout 2023. In total, Bubka was credited with 1,141,186 rubles in personal income, on which he paid a 15% tax directly to the Russian Federation’s budget.
The Bubka family business is not merely operating; it is rapidly growing in wealth. The revenue of “Montblanc Firm,” which supplies official vehicles to the Russian Treasury and “DPR” militants, grew by a quarter in 2025 and exceeded 328 million rubles.
The profits of the “August” firm jumped by 223%, even though not a single employee is officially registered there. The family’s sources of income range from trade and real estate to baking bread under the brand of the “Sergey Bubka Sports Club.”
Separately, there is the company “Maris 2006,” registered to Neonila Bubka (presumably the brother’s wife, who received a Russian passport in 2020). This firm supports the occupation’s education system through 31 government contracts with Donetsk schools. Its net profit for 2025 amounted to 22.3 million rubles (approximately $290,000). In just one year, these four firms paid nearly 29 million rubles in taxes to the aggressor’s budget.
Journalists discovered that Sergey Bubka did not abandon his estate in occupied Crimea but officially legalized it under Russian law.
In the village of Popivka in the Saki District (the former site of the “Kantyp” festival), the former athlete registered a land plot (1,200 square meters) with the Russian cadastre in 2018, and in August 2020, he formalized ownership of a villa with an area of over 560 square meters. The value of the house is estimated at over 15 million rubles. To complete the registration, Bubka provided his Ukrainian passport.
In addition, his son Vitaliy Bubka, who lives in France, owns commercial real estate in Alushta. The Deluxe apartments at the “Dacha Shteintsa” hotel are currently being successfully rented to tourists at a price starting from 12,900 rubles per night.
In response to a request from journalists, the Office of the Prosecutor General officially confirmed: The Main Directorate of the SBU in the Donetsk and Luhansk regions is currently conducting a pre-trial investigation into Serhiy Bubka. The case was opened under Article 111-2 of the Criminal Code of Ukraine—“Aiding an Aggressor State.”
As for his brother, Vasyl Bubka, the investigation into collaboration and financing of terrorism has been formally suspended for now, as the family’s “occupation manager” is currently a fugitive. Law enforcement has not yet initiated an in absentia conviction.
As a reminder, the SBU notified Serhiy Bubka’s brother of his status as a suspect for selling fuel to the occupiers.
Additionally, Zelenskyy has revoked state scholarships for well-known athletes.
