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Ukrainian Enterprise Awarded USD 292 Million in Recoveries from Russia

News date: 23 February 2024

The Commercial Court of Luhansk Region ordered to recover from the Russian Federation over USD 292 million of damages caused to PJSC Alchevsk By-Product Coke Plant, one of the largest coke and chemical enterprises in Ukraine. The relevant court judgment was issued on 12 February 2024.

The Alchevsk By-Product Coke Plant is located in the temporary occupied territory of the Luhansk Region. The company specializes in the production of coke for industrial enterprises and was one of the three largest producers in Ukraine.

In April 2014, the Russian Federation occupied a part of the territory of Donetsk and Luhansk Regions, including Alchevsk, where the production facilities of Alchevsk By-Product Coke Plant were located. The enterprise has been “seized” and transferred under control of persons controlled by the Russian Federation.

In 2021, the Commercial Court of Luhansk Region declared Alchevsk By-Product Coke Plant insolvent and initiated the liquidation procedure. Honored Lawyer of Ukraine, Senior Partner at Ilyashev & Partners Law Firm, Roman Marchenko, was appointed as liquidator of the enterprise. The registered claims against Alchevsk By-Product Coke Plant amount of UAH 52.61 billion. So far, the claims of the first-priority creditors have been repaid in full.

As a result of Russian armed aggression, Alchevsk By-Product Coke Plant suffered significant material damage because of losing control over its assets, as well as a loss of profit due to the impossibility of carrying out economic activities. Consequently, the company was declared insolvent.

The Commercial Court of Luhansk Region satisfied the claim of Alchevsk By-Product Coke Plant in full.