ICFJ Fellow Uncovers Alleged Profiteering From Occupied Regions in Ukraine

By: Héloïse Hakimi Le Grand | 06/20/2025

This story is part of a series on ICFJ Jim Hoge Reporting Fellows. Read additional stories here and here.

“This is evidence for the future. It’s critical to document these crimes now, even if justice is delayed,” says Maria Zholobova, a Russian journalist in exile and an ICFJ Jim Hoge Reporting Fellow, who investigated how the son of Ukraine's ousted president allegedly profits from Ukraine’s Russian-occupied territories.

Maria Zholobova, a journalist working at investigative outlet IStories, has long been interested in who is financially benefiting from Russian-occupied regions in Ukraine. But, “few things are harder to investigate than the economy in those areas,” she said. “You can’t do the basic work: travel to the scene, talk to people on the ground, see things for yourself, or chase down leads.”

So, for a story supported by the Jim Hoge Fellowship, Zholobova turned to customs data and export records, hoping to find something. And she did. She noticed that a company registered to a run-down building on the outskirts of a Russian town had, over the past two years, exported nearly half a million tons of coal labeled as “Russian” but produced in Ukraine’s occupied territory, primarily to Turkey.

“The scheme is straightforward,” she said. “Coal is sold at a low price to an offshore company registered in the British Virgin Islands, helping minimize customs duties. From there, it can be resold anywhere, at any price, with the profits safely tucked away offshore.”
 


When she started digging, Zholobova found that Oleksandr Yanukovych, the son of Ukraine's former president who was ousted following the 2014 Revolution of Dignity, seemed to be behind the shell company. After fleeing the country in 2014, the younger Yanukovych found asylum in Russia. He is wanted in Ukraine, and the European Union has imposed sanctions against him. “Nearly a decade after Yanukovych was ousted, his family is still profiting from the country’s economy,” says Zholobova. 

The investigation received widespread media attention. But, “predictably, there will be no responsibility for the Yanukovych family right now,” Zholobova said, emphasizing the importance of documenting the profiteering nonetheless. 

Zholobova said that support from the ICFJ’s Jim Hoge Fellowship made this investigation possible. “This kind of long-term investigation is something small, exiled newsrooms often can't afford,” she said. “Spending months digging into a single story is a luxury –  but an essential one.”

The Jim Hoge Reporting Fellowships honor former ICFJ Board chairman and venerated editor James F. Hoge Jr., who passed away in 2023. The initiative supports rising news leaders in the U.S. and abroad, helping the next generation of journalists safely and effectively report on pressing global issues. 

Latest News

A New Era for News: Sharon Moshavi on AI, Micro Media and More

ICFJ President Sharon Moshavi recently joined Interlochen Public Radio News Director Ed Ronco for a public conversation on the state of journalism, hosted by the International Affairs Forum at Northwestern Michigan College. The discussion, part of the forum’s ongoing series focused on global affairs and press freedom, brought together journalists, students and community members from across northern Michigan. Topics included the erosion of trust in media, the collapse of traditional business models, the growing impact of artificial intelligence and the need for innovation in how journalism is practiced and supported.

ICFJ Fellow Builds Community of Women Journalists in Post-Assad Syria

When Bashar al-Assad’s government was overthrown at the end of 2024, Mais Katt, a Syrian journalist who has lived in exile for 14 years, immediately returned to her country. She was one of the first journalism trainers to enter Damascus after the fall of the regime. Her goal? Help prepare women journalists to take advantage of their newfound freedoms.

ICFJ Fellow Investigates Government Failures in West Bank Refugee Camps

Aziza Nofal, a Palestinian freelance journalist and an ICFJ Jim Hoge Reporting Fellow, through her fellowship, conducted a months-long investigation into the shortage of aid for refugees living in West Bank refugee camps. When Nofal was covering Israeli incursions into West Bank refugee camps for outlets like Al Jazeera, she observed a lack of support from Palestinian authorities.