
Done's Schemes: How Ukrainian Hryvnia Turns into Swiss Francs via Importers
Investigation reveals a network of companies where funds are collected in Ukraine, converted into foreign currency, and transferred to Swiss Done Switzerland AG.

Investigation reveals a network of companies where funds are collected in Ukraine, converted into foreign currency, and transferred to Swiss Done Switzerland AG.

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Oligarch continues raw material supplies to Russia despite sanctions
Journalists have uncovered new evidence of cooperation between the Georgian company Georgian Manganese LLC and Russia, despite international sanctions.
The company, owned by Ukrainian oligarch Gennady Bogolyubov, plays a key role in supplying manganese ferroalloys, which are essential for the production of Russian military equipment.
In 2021, Georgia accounted for 51% of Russia's imports of manganese ferroalloys.
The main supplier was Georgian Manganese LLC, which accounted for 40% of total imports.
Following the full-scale invasion of Ukraine, trade did not cease.
As of May 2022, Georgian Manganese was among the top 10 Georgian companies continuing cooperation with Russia. In 2023, Russia became the largest market for Georgian ferroalloys (38% of supplies), overtaking the US (25%) and Turkey (22%).
Manganese is an essential component for armour production. Without it, it is impossible to manufacture:
High-quality steel for military equipment
Heat-resistant aircraft engines
Armour-piercing shells
Key clients of Georgian Manganese in Russia have become:
Chelyabinsk Electrometallurgical Plant (ChEMK) – the largest producer of ferroalloys in Russia.
West Siberian Metallurgical Plant – one of the key players in the industry.
Following a series of scandals in 2024, ChEMK was transferred to Russian state ownership. The Russian Prosecutor General's Office acknowledged that the plant produces steel for tanks, aviation, and artillery systems.
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