Putin allowed transactions with shares of Gutseriev’s former company “Russian Coal”

Russian President Vladimir Putin signed orderauthorizing United Coal Company RU LLC to complete a transaction to acquire 1.03 billion ordinary shares of Russian Coal Company owned by Claverley Holding Limited, and Omega LLC to complete a transaction to acquire 103,137 ordinary shares of Russian Coal Company owned by Kilton Overseas Limited.

According to the order, the United Coal Company of the Republic of Uzbekistan and Omega are allowed to pledge shares acquired on the basis of this document to VTB Bank. By the same order, Vladimir Putin authorized the transfer by Russian Coal of 100% of the ordinary shares of Amur Coal and Krasnoirskkraigol to VTB Bank as collateral. In addition, it is permitted to pledge to VTB 100% of shares in the authorized capital of Razrez Kirbinsky LLC and 100% of shares in the authorized capital of Omega LLC.

In May 2023, it was reported that the brother and son of Mikhail Gutseriev were leaving the capital of Russian Coal. The company’s reporting stated that until August 11, 2022, the beneficial owner of the company was Sait-Salam Gutseriev (brother of Mikhail Gutseriev), and from August 12, businessman Iskender Khalilov became the beneficiary. At the same time, according to the list of affiliates of Russian Coal attached to the reporting, as of December 31, 2022, Cyprus Claverley Holding Limited retains more than 99% of the company’s authorized capital, Cyprus Kilton Overseas Limited – a share of 0.01%.

The production assets of Russian Coal JSC are located in the Krasnoyarsk Territory, Khakassia and the Amur Region. In 2021, the company produced 14.7 million tons of coal, but did not disclose data for 2022.

Alexander Kislov