US investors take control of key Ukrainian grain terminal

US-based investment firms Argentem Creek Partners and Innovatus Capital Partners have taken control of the Olimpex grain export terminal in the Ukrainian port city of Odesa, marking a big milestone in Kyiv’s efforts to attract foreign investments amid the ongoing war, Caliber.Az writes, citing FT.

The terminal, one of Ukraine’s largest with an annual capacity nearing 5 million tonnes, was previously controlled by Odesa tycoons who allegedly defaulted on loans and misrepresented grain held as collateral during the chaos of Russia’s invasion. After a protracted legal battle involving allegations of loan fraud, the Ukrainian supreme court approved the terminal’s handover this week.

The victory comes amid increasing challenges for Ukraine’s economy, which faces sustained Russian attacks on critical infrastructure and a massive reconstruction bill estimated by the World Bank to exceed $500 billion—more than twice the country’s current GDP of around $200 billion.

With official funding for Kyiv’s war effort becoming more uncertain, President Volodymyr Zelenskyy’s government is seeking to persuade private investors to engage in higher-risk projects, while also demonstrating progress in fighting corruption and enforcing the rule of law.

John Patton, partner at Argentem Creek, said: “Like in any emerging market, there are certain things you have to be prepared to deal with when they come at you. But in Ukraine, even in the war, we have been able to follow through the rule of law. It’s taken longer, but we are getting there, and that has always been my thesis about Ukraine.”

By Khagan Isayev