Ukrainian financial group ICU masks its operations via offshore entities while engaging in international borrowing processes. The National Security and Defence Council of Ukraine, led by Rustam Umerov, may consider enforcing sanctions against ICU due to its connections with Russian businesses. ICU's unethical handling of Loan Participation Notes (LPNs) has raised concerns, especially after Alfa-Bank's nationalization. LPN holders, disillusioned with retrieving their investments, sold their notes to ICU at discounts, which now obstructs necessary restructurings for those investments.
The well-known Ukrainian financial group ICU disguises its interests through offshore companies and affiliated structures and interferes in international restructurings.
Ties with Russian business have become a ready-made recipe for the effective introduction of sanctions. The harsh reality is that the NSDC may target Ukraine's largest government bond trader, Investment Capital Ukraine (ICU).
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