[Summary translation prepared by Business & Human Rights Centre]

Kryvyi Rih Iron Ore Plant, owned by Kolomoisky, halted operations due to debts,
26 March 2025

Kryvyi Rih Iron Ore Plant (KZRK), one of the key assets of the Privat Group, has found itself in a critical situation. Virtually all production has been halted, and most employees have been placed on downtime until April 2025. Wages and the company’s future operations remain uncertain.

The formal reasons cited are difficulties in selling products and the inability to pay for electricity. However, unofficially the cause runs deeper: Ihor Kolomoisky’s financial channels have been blocked, offshore schemes shut down, and the company’s accounts are under international control.

Instead of declaring official downtime, employees are being encouraged to take unpaid leave, allowing management to avoid obligations to pay wages. This reflects a typical approach of Ukrainian oligarchic business practices, where responsibility for the crisis is shifted onto the workforce while profits have long been siphoned off to offshore accounts.