Russian oligarch Yevtushenkov and relatives of high-profile officials profit from construction in occupied territories of Ukraine
Russian authorities have created extremely favorable conditions for developers in the occupied territories of Ukraine, offering tax breaks, nearly free land leases, and loans at 3% annual interest. By August 2026, more than 1.3 million square meters of mortgage-financed housing had been under construction in the Russian-occupied parts of Ukraine’s Donetsk, Luhansk, Zaporizhzhia, and Kherson…
Russian authorities have created favorable conditions for developers in Ukraine's occupied territories, offering tax breaks, nearly free land leases, and low-interest loans. By August 2026, over 1.3 million square meters of mortgage-financed housing were under construction in Donetsk, Luhansk, Zaporizhzhia, and Kherson regions. Entities associated with oligarch Vladimir Yevtushenkov, State Duma deputy Sergei Kolunov, and a company connected to the brother of a Presidential Executive Office staffer were among those profiting from these developments.
Yevtushenkov's AFK Sistema holds controlling stake in Etalon Group, which is closely tied to the Republican Construction Company (RSK). Russian state-controlled VTB bank allocated more than 26.5 billion rubles ($305.5 million) for RSK's construction projects in Mariupol, Luhansk, and Henichesk. Yevtushenkov-linked entities and Sergei Kolunov's Sadovoye Koltso group were the largest recipients of loans in Mariupol, with RSK and Proekt Invest receiving the most.
The potential combined profit from these projects is estimated at over 18 billion rubles ($207.5 million).
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