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Zelenskyy Sanctions Two Businessmen in Massive “Midas” Energy Corruption Case
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
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Ukrainian President Volodymyr Zelenskyy has signed a decree enforcing new sanctions on two businessmen implicated in a sweeping corruption case tied to the country’s energy sector, according to the Presidential decree, published on November 13.
The presidential decree enacts the November 13 decision of the National Security and Defense Council (NSDC) titled “On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions).”
The order specifically names Timur Mindich and Oleksandr Tsukerman, both of whom were recently identified as key figures in a major anti-corruption investigation conducted by Ukraine’s National Anti-Corruption Bureau (NABU).
“These sanctions are a matter of accountability and justice,” Zelenskyy said earlier this week, calling for transparency and zero tolerance toward corruption in the country’s strategic industries.
The sanctions follow one of the most extensive operations in NABU’s history. On November 10, detectives launched Operation “Midas,” a nationwide effort that mobilized nearly 1,000 investigators and included dozens of simultaneous raids across Ukraine.
According to NABU, the operation—named after the mythological king who turned everything he touched to gold—targeted a criminal network that for years had exerted shadow control over “Energoatom,” Ukraine’s state nuclear energy company.
Investigators say the group used a combination of kickbacks, intimidation, and political influence to manipulate contracts and drain millions from the energy sector. At least five individuals were detained, and authorities seized millions of dollars in cash believed to be linked to the scheme.
While NABU did not publicly identify the suspects, Ukrainian media and anti-corruption monitors quickly pointed to Timur Mindich, a businessman known in the case files under the codename “Carlson,” and Oleksandr Tsukerman, referred to as “Sugarman.”
According to NABU’s findings, Mindich acted as the organizer, overseeing the network’s financial operations and political connections. Tsukerman allegedly managed a “laundromat”—a covert financial hub operating out of central Kyiv that handled money laundering and payment distribution.
The two men, both long active in the energy sector, are accused of running what one investigator described as “a parallel chain of command” over Energoatom, steering contracts, personnel appointments, and supplier lists from behind the scenes.
Under the system uncovered by NABU, private companies hoping to work with Energoatom were forced to pay 10–15% kickbacks to have their contracts approved or even considered. Those who refused were blacklisted.
Inside the organization, the rule was bluntly referred to as “the barrier”—either you paid a share, or “the door stayed shut.”
The alleged shadow managers, though holding no official titles, effectively controlled procurement, staffing, and payments, bypassing legitimate oversight mechanisms.
NABU officials have not ruled out that senior government or corporate figures could be implicated as the investigation expands.
Earlier, Zelenskyy called for the resignation of the country’s justice and energy ministers following an investigation into a corruption scheme involving the state nuclear energy company Energoatom.
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