Russian-owned company found to be part Ukraine’s “National cashback” program

Source: Opendatabot

In a surreal twist, a Russian-owned business has joined Ukraine’s “National Cashback” program that was introduced as a nudge encouraging spending on Ukrainian-made goods, according to Opendatabot. Eariler this year,  investigation has helped weed out three more companies with links to Russia.

Embawood Ukraine, a furniture manufacturer based in Sambir, Lviv region, joined the cashback initiave earlier this year.  The company is owned by Russian citizen Tamara Polyakova who holds a 34% stake. The business is fairing well – it reported over 180 million hryvnias in revenue last year, with a net profit exceeding 10 million hryvnias.

What’s more, Embawood Ukraine secured two state contracts in 2024, which were worth over 914,000 hryvnias. It made money working on the  municipal projects in Kyiv and with Ukraine’s national road agency, Ukravtodor.

The three companies that were found to have Russian owners have reportedly changed hands. These include:

• Orzhytskyi Dairy Plant in Poltava region. Earlier owned by  Russian citizen Valeriy Horb, it is now listed as a business of Oleksand Horb and his family.
• Cherkasy Auto Chemicals Plant and Eskaro Industry in Odesa. Both businesses had Russian ties at the onset of the war but have reportedly shed their Russian ownership. The owner of Eskaro Industry even took Ukrainian citizenship after the invasion, officially cutting off the company’s Russian roots.

As Ukraine continues to distance itself from Russian influence, the presence of a Russian-owned business in a national economic initiative is sure to spark contorversies.