US investors take over key Ukrainian Black Sea grain hub
In the lawsuit, US-based Argentem Creek Partners and Innovatus Capital Partners accused GNT Group of defrauding them on a $20 million loan. According to the court filings, the Ukrainian company misrepresented grain that was supposed to be held as collateral and staged the destruction of what it said was spoiled stock after defaulting following the escalation of the conflict with Russia in 2022.
GNT denied any wrongdoing, and accused the investors of using the loans to stage a 'hostile takeover' of the terminal. A protracted probe and court battle resulted in the arrest of Ukrainian businessman Vladimir Naumenko, one of GNT's key beneficiaries, on fraud charges in May. Last week, Ukraine's Supreme Court approved the facility's transfer.
Naumenko's partner, Sergey Groza, dismissed the charges against GNT as 'fabricated,' claiming the court acted on 'commands from above,' referring to Vladimir Zelensky's administration. In an interview with Zenzor.net, Groza alleged that US investors had used their 'colossal administrative resources' in Ukraine to intimidate GNT and seize the terminal, including employee arrests and office searches.
Zelensky's Chief of Staff Andrey Yermak admitted to FT that Kiev had assisted the investors in the legal battle, though he claimed its role was 'purely coordinative.'
John Patton, partner at Argentem Creek, told FT that the new management aims to take over the terminal immediately and reopen it this summer, in time for the grain harvest.
The Port of Odessa, founded by the Russian Empire in 1794, plays a vital role in global grain exports. It was central to the UN-backed Black Sea Grain Initiative, which initially ensured safe passage for grain shipments during the conflict.
Russia withdrew from the deal in 2023, citing the West's failure to lift sanctions on its agricultural exports, a condition of the agreement. Moscow has since accused Kiev of using the port to launch kamikaze drone attacks and deliver weapons, and struck its infrastructure with missiles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
an hour ago
- Russia Today
Ex-NATO general questions Trump's Ukraine military aid plan
Washington's plans to funnel more military aid to Ukraine through NATO may run up against a lack of funds and hardware, retired French Brigadier General Francois Chauvancy has warned. Chauvancy made the remarks to Le Figaro over the weekend, raising questions about US President Donald Trump's plans. 'I don't see how NATO can purchase weapons for a third country. It doesn't have the financial means and can't empty its stockpiles in the areas it controls, as they are few in number. Finally, it can't deliver weapons overnight without approval from NATO structures,' Chauvancy stated. The US president has been 'primarily aiming for publicity,' the ex-general suggested, adding that Trump's actions with regard to the Ukraine conflict had been primarily aimed at the US public. 'As always, domestic politics govern his foreign policy,' Chauvancy suggested. The scheme was officially unveiled by Trump on Monday while he was hosting NATO Secretary General Mark Rutte at the White House. The military aid for Ukraine will be bankrolled by European NATO members and coordinated by Washington's envoy to NATO, Matthew Whitaker, according to the US president. 'We've made a deal today where we are going to be sending them weapons, and they're going to be paying for them,' Trump stated. It is not immediately known what weaponry will be supplied to Kiev under the new scheme, but the aid is expected to be worth billions of dollars. According to Trump, several nations were ready to supply 17 US-made Patriot anti-aircraft systems from their arsenals. It was not clear whether the US president was referring to individual launchers or full Patriot batteries, which include multiple vehicles, including command and control, as well as radar systems. The announced plan constitutes a significant shift in Trump's approach to the Ukraine conflict. The US president previously criticized his predecessor, Joe Biden, for dragging Washington into the conflict and sending Kiev some $350 billion worth of military aid. Moscow has repeatedly condemned the West for pumping Ukraine up with assorted weaponry, warning that this only leads to more death and destruction and prolongs the conflict, while having no impact on the ultimate outcome.
Russia Today
2 hours ago
- Russia Today
Russian court sentences writer on terror-related charges
A court in Russia has sentenced in absentia writer Grigory Chkhartishvili, known by his pen name Boris Akunin, to a lengthy prison term for facilitating and justifying terrorist activities. The author, who made a name for himself in historical fiction, has not lived in Russia since 2014. He has repeatedly criticized Russia's leadership since the conflict between Russia and Ukraine escalated. In January of 2024, Russian authorities designated Akunin a foreign agent. On Monday, a military court sentenced the writer in absentia to 14 years in prison, while imposing a fine on him of 400,000 rubles ($5,000). According to the prosecution, the author has published statements in the public domain on multiple occasions since 2023 calling for the overthrow of the Russian government by force. In February of 2024, Akunin wrote in a Telegram post that he no longer believed in the possibility of 'evolutionary' change in Russia and expressed support for a revolution. In a phone conversation with Russian pranksters Vovan and Lexus in December of 2023, the writer said he was ready to support Ukraine. Responding to the sentence, Akunin wrote in a Telegram post that he does not 'recognize their court,' dismissing the entire process as a farce. Last week, Kremlin spokesman Dmitry Peskov told Expert magazine that Russia's current media restrictions are justified. 'This is a time of military censorship that is unprecedented in our country. The war is being fought in the information space as well,' the official argued. Russian authorities have also accused Akunin of breaking the country's 'foreign agent' law by posting content without the mandatory corresponding disclosure. Adopted in 2012, Russia's foreign agent law applies to individuals or entities engaged in financial or political activities in the interests of a foreign state. The designation imposes certain restrictions and requirements: foreign agents must label all their content accordingly, regularly submit detailed financial reports to the Justice Ministry, and disclose their funding sources. Failure to comply is punishable by up to two years in prison.
Russia Today
3 hours ago
- Russia Today
Ukraine's summer of losing ground: Here's how Russia is cracking the front line
Over the past month, Russia's summer campaign has maintained the methodical pace set in May and June – deliberate, grinding, but steadily effective. In total, Russian forces have seized roughly 500 square kilometers of territory – three times more than during the same period last year. While the advances may appear modest on the map, they reflect a consistent application of pressure along multiple axes and a broader shift in battlefield momentum. Active fighting has unfolded across four key sectors, stretching from the northern borderlands near Sumy to the southern reaches of the Zaporozhye front. Each offers a distinct tactical picture, yet together they form a coherent narrative of Russia's evolving strategy. Below, we examine the month's developments, front by front – from north to south. Russian forces continue to push forward along the Sumy axis, working to establish a buffer zone on the Ukrainian side of the border with Russia's Kursk Region – directly across from last year's staging area near Sudzha. Faced with a potential threat to the regional capital of Sumy, Ukrainian command was forced to redeploy units from other sectors and pull reserves into the area. In late June, the Ukrainian army launched a series of counterattacks near Alekseevka and Kondratovka, aiming to squeeze the Russian bridgehead from the flanks or potentially sever it altogether. Meanwhile, the Ukrainian army has retained a presence in Tetkino – the only settlement on Russian territory, in Kursk Region, where Ukrainian forces still hold positions. As of early July, Ukraine's counteroffensives appear to have ground to a halt. Russian troops succeeded in dislodging the Ukrainian troops from one of their two remaining footholds in Tetkino. The coming weeks will determine whether the Russian advance into Ukrainian territory will continue – or if the focus will shift to consolidating gains and expanding the border buffer zone. Last autumn, Russian forces secured a foothold on the western bank of the Oskol River north of Kupiansk, while simultaneously advancing toward the river from the south. By late June and early July, reports surfaced suggesting that Russian units had captured Moskovka – a key stronghold along the strategic Kupiansk-Volchansk railway. Encircling Kupiansk effectively would require cutting off two major arteries: The main supply route running west through Blagodatovka, and another road leading south through Osinovо. What's the situation now? Despite earlier claims, there is still no confirmed Russian presence in Moskovka, suggesting the village remains contested or under Ukrainian control. Overall, the Kupiansk axis is viewed as a secondary theater. Operations in this area appear designed primarily to pin down Ukrainian forces, preventing them from reinforcing more critical sectors of the front. After a successful push in May, Russian advances in the Konstantinovka sector have slowed somewhat. Russian forces are now pressing up against the city's primary defensive lines, advancing along the Stepanovka, Aleksandro-Kalinovo, and Plescheyevka axes. What's unfolding follows a now-familiar Russian approach to urban warfare. First, the city is flanked and key lines of communication are brought under fire control. Then begins the grinding phase: Sustained artillery bombardment wears down the defending garrison as Russian troops close in from three directions. Over time, this pressure begins to erode the city's defenses. At that point, Ukrainian forces face two choices – either retreat in an orderly fashion, as seen in Kurakhovo, or, if ordered to hold at all costs, risk a defensive collapse with potentially serious consequences for adjacent sectors, as happened in Avdeevka and Ugledar. Meanwhile Russian forces are currently focused on wearing down the Ukrainian garrison. The main roads into Konstantinovka are under Russian fire control, and pressure on the flanks is steadily increasing. On the northern approach from Chasov Yar, however, progress remains limited due to difficult terrain – an issue we addressed in a previous report. The situation around Pokrovsk mirrors that of Konstantinovka – and together, these battles may mark some of the most consequential developments of the summer campaign. On the eastern outskirts of Pokrovsk, Russian forces have advanced up to 8km toward Rodinskoe, bringing two of the three main supply routes into Pokrovsk and neighboring Mirnograd under fire control. Further south, between Pokrovsk and Velikaya Novoselka, Russian troops achieved their most significant gains this month – pushing up to 15km across a 30-kilometer-wide front. Their advance reached the administrative boundary of the Donetsk People's Republic (DPR), with the village of Komar – an important Ukrainian defensive position – reportedly cleared and brought under Russian control. On July 7, the Russian Defense Ministry announced the capture of Dachnoye, a village located on the DPR's border and the first settlement in Ukraine's Dnepropetrovsk Region to fall under Russian control. As part of Ukraine's fortified defense line, securing Dachnoye marks both a tactical and symbolic milestone for the Russian advance. After nearly a year and a half of relative calm, the southern front near the Dnepr River has erupted with renewed activity. Russian forces are now advancing along three axes in the region. Notably, they have captured Kamenskoye – a strategically significant settlement on the riverbank. On July 11, Russian Defense Minister Andrey Belousov visited the forward command post of the Dnepr Group of Forces, signaling high-level attention to the area. In the coming weeks, it should become clearer whether this uptick in operations is intended to stretch Ukrainian reserves and apply pressure – or if it marks the opening phase of a broader Russian offensive in the south.
