Russian 'GeoProMining', which has Armenian assets, placed under sanctions

On February 23, 2024, Washington announced the introduction of a new package of anti-Russian sanctions. The package includes more than 500 individuals and entities. Notably, the adoption of this package is linked to the second anniversary of the onset of the Russian-Ukrainian war and the death of Russian opposition figure Alexei Navalny. This information was reported by Hetq.

The restrictions have been jointly introduced by the Department of the Treasury, the Department of Commerce, and the U.S. Department of State. In connection with Navalny's death, the State Department has imposed restrictions on 'three officials of the Russian government.'

The U.S. Treasury emphasized that the restrictions relate to companies in the Russian financial sector, as well as those in Europe, Eastern and Central Asia, and the Middle East that assist in circumventing the sanctions regime. Hundreds of companies linked to the Russian defense industry have also been included in the sanctions list.

Through these sanctions, the U.S. restricts access to the U.S. for the listed companies and individuals, limiting financial and various other transactions, economic relations, and trade. In other words, the U.S. is 'freezing' connections with the mentioned companies and individuals, trying to limit their operations, their ability to support the Russian defense industry, and to economically strike Russia.

Included in this new package of sanctions is the Russian mining company 'GeoProMining' LLC (OOO ГЕОПРОМАЙНИНГ).

The Armenian assets of the Russian 'GeoProMining' group include the Zangezur Copper-Molybdenum Combine CJSC, 'GeoProMining Gold' LLC, which operates the Sotk gold mine and the Ararat gold extraction factory, as well as the Agarak Copper-Molybdenum Combine CJSC.

Russian billionaire Roman Trotsenko's son, Gleb Trotsenko, until October 2023, was a shareholder in both 'GeoProMining Gold' LLC and the Zangezur Copper-Molybdenum Combine (ZCMC). Both Roman Trotsenko's company and Gleb Trotsenko found themselves under American sanctions at the end of 2023. Following this, Gleb Trotsenko exited the list of shareholders of 'GeoProMining Gold' LLC and ZCMC.

In both companies, Gleb Trotsenko was replaced by Svetlana Yershova, a Russian citizen linked to the Trotsenko family. Although Trotsenko is no longer the owner of ZCMC, the new shareholder is connected to him. It was assumed that this move was influenced by the sanctions factor. Trotsenko distanced himself from the Armenian assets so that these companies would not suffer from the sanctions.

This time, however, the Russian 'GeoProMining', which controls the Armenian assets, has come under sanctions. The new shareholder of ZCMC and his links to another company under sanctions, AEON Mining, have raised concerns.

In addition to 'GeoProMining', another company linked to the Trotsenko family has also appeared in the new sanctions list. This refers to AEON Mining (ООО АЕОН МАЙНИНГ). According to Russian sources, the company is part of Roman Trotsenko's business empire. Trotsenko previously owned the infrastructure corporation named AEON. At the end of 2023, Roman Trotsenko sold 69% of the AEON corporation to two individuals holding high positions within the same corporation. No information was found regarding changes in the shareholders of AEON Mining.

Svetlana Yershova, who now holds shares in 'GeoProMining Gold' and 'Zangezur Copper-Molybdenum Combine', occupies high positions in numerous companies owned by or connected to the Trotsenko family. In some companies, she is also listed as an owner.

According to the Russian publication Vedomosti, as of 2019, Svetlana Yershova owned 99.01% of the well-known 'Profi' company in Roman Trotsenko's businesses. In the last five years, she has held positions concurrently, including as the director of legal affairs in the AEON corporation (Общество с ограниченной ответственностью Инфраструктурная корпорация «АЕОН»). This is evidenced not only by reports but also by numerous articles in the Russian media.