Odesa Port may come under the control of people linked to Russia – law enforcement urged to investigate

Odesa Port is a key artery of Ukrainian exports, handling 18 million tons of cargo last year. But now one of its largest terminals — Olimpex — has found itself at the center of a scandal involving funds with possible ties to Russia.

Political expert Oleksiy Holobutskyi, in his investigation, highlighted ambiguous trends surrounding one of Ukraine's largest stevedoring complexes — the Olimpex terminal in Odesa. Recently, the investment fund Argentem Creek Partners, registered in the Cayman Islands, announced it had gained control over it. Following a court battle, the asset was transferred to the Austrian company Lavanda Spectrum, which appointed Swedish businessman Carl Sturen as its manager.

The figure of Sturen raises many questions. He began his activities in Ukraine in the 1990s, co-founded Chumak, and later actively developed a renewable energy business in southern Ukraine — in close proximity to occupied Crimea. His companies received favorable "green" tariffs and state payments, despite warnings from the Security Service of Ukraine (SBU) and the National Energy and Utilities Regulatory Commission (NEURC).

According to Holobutskyi, after the full-scale invasion most of Sturen's assets ended up in occupied territories but did not cease operations. The investigation claims he maintained influence through partners, some of whom openly cooperate with the Russian occupation authorities. Among them are Eduard Repilevskyi, who in 2022 became the "minister" of agriculture in the occupation administration of Kherson region, and Petro Zbarovskyi, former head of the Novotroitske united community, now also working within the occupiers' structures.

Another partner is Pavlo Filipchuk, a former regional council deputy with pro-Russian views, who in 2022 became the de facto gauleiter of the Kakhovka district. Also, according to the expert, Sturen's business structures feature a company owned by Russian businessman Igor Linshits, associated with Alfa Group.

Holobutskyi's investigation also points to Argentem's ties with Russian capital in international projects. In particular, since 2022 the fund has had joint investments with Artem Volynets, a former top manager of Oleg Deripaska's Rusal. In 2024, Argentem issued a $20 million loan to the fintech company Salmon, which is linked to Pavlo Fedorov — former vice president of Rosneft and Norilsk Nickel — and Heorhiy Chesnakov, a former manager at Tinkoff Group.

In Ukraine, Argentem has backed individuals with a pro-Russian background, the expert writes. Last year, the company Trans-Oil, controlled by Russian citizen Vaja Jhashi, announced it had signed a lease and management agreement for Olimpex with the terminal's creditors — Argentem and Innovatus.

The expert emphasizes that the enterprise is in poor condition: the staff has been dismissed, and massive debts have accumulated. He therefore suggests that the current situation is not economic in nature but aimed solely at gaining control over a strategic asset, which is particularly alarming given the controversial reputation of Argentem and Carl Sturen.