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18 Apr 2023

B4Ukraine Coalition

Letter to Minerva Marine regarding its ongoing business activities in Russia

...As oil is the principal source of income for the Kremlin, shipowners who assist Moscow in earning from it support Russia and its war in Ukraine. As a result, the Ukrainian National Agency for Prevention of Corruption (NAPC) has included Minerva Marine in the list of international sponsors of the war. The basis for this decision was the information provided by the Economic Security Council of Ukraine, which notes the company’s significant contribution to the Russian economy. Likewise, Thanasis Martinos, the owner of Minerva Marine, and Andreas Martinos, the Chief Executive Officer of Minerva Marine, were personally included on the list as individual sponsors of war.

Due to these developments, we are requesting a clarification from Minerva regarding its position on the Russian market. The company’s activities risk enabling and financing Russia’s violations of IHL and human rights law during the ongoing invasion and occupation of Ukraine and violating Minerva’s obligations to the UNGPs. It remains to be seen how directly Minerva will be impacted by the partial mobilisation and the heightened legal, regulatory, operational, and financial risks associated with companies being required to provide direct support to the internationally sanctioned Russian military.

We seek to understand how Minerva has conducted and continues to conduct heightened human rights due diligence and how the findings of such a process has resulted in these continued business activities and relationships...