Yershova, the new shareholder of the Zangezur combine, is the manager of another business of the Trotsenkos, who are under sanctions. will the combine manage to bypass the American sanctions?

At the beginning of November, Tert.am reported that the next expansion of American sanctions against Russia also affected businessman Gleb Trotsenko.

The Trotsenko family owns the mining company GeoProMining, which combines various mining assets, including gold, copper and molybdenum mining in Armenia and the Zangezur copper-molybdenum plant.

According to the media, Roman Trotsenko transferred his shares of ZMPK to his son, and since April 2022, the latter is one of the main beneficiaries of ZMPK. This implies that the sanctions imposed by the United States may be extended to ZMPK. In order to get a comment on this issue, Tert.am turned to ZMPK.

"Zangezur Copper-Molybdenum Combine" CJSC issued a statement today.

"Zangezur Copper-Molybdenum Combine" CJSC (hereinafter referred to as the "Company"), founded and operating in accordance with the legislation of the Republic of Armenia, hereby informs that neither the Company, nor the Company's shareholders or beneficial owners, as of the date of publication of this statement, are included in any list published by any sanctioning authority and the Company is not subject to any international sanctions.

Former beneficial owner of the Company, Mr. Gleb Trotsenko, is no longer a beneficial owner following the disposal of his entire indirect stake in the Company on October 27, 2023. There is currently no relationship between Mr. Trotsenko and the Company.

Summary information about the real beneficiaries of the company is available on the official website of the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia at the following link: https://www.e-register.am/.../09d58b41-5083-4abd-86c6....

"Zangezur Copper-Molybdenum Combine" CJSC remains committed to its commitment of transparent corporate governance, and the regular publication of declarations of beneficial owners in accordance with the law underlines the company's continuous efforts to ensure the highest standards of business conduct".

Although the company claims that they are not on any sanctions list and are not subject to sanctions, we learn from the electronic register of the RA government that Svetlana Yershova, who is related to the Trotsenkos in terms of business, is included in the list of ZPMK shareholders. She held and holds governing offices in Trotsenko's corporations. Previously, Yershova was the vice president of AEON Corporation. The owner of the corporation is Roman Trotsenko.

Later, Yershova became a shareholder of 99.01 percent of the company "Profi" associated with Trotsenko. This company operates airports in several cities of Russia. 

The relevant American structures may consider the above-mentioned facts as an attempt to circumvent the Trotsenko sanctions.

Tert.am will again apply to the ZPMC to get clarifications.