Shrouded in Neon: The Illusive Russian Inert Gas Trade
This report investigates how the Ukrainian company Cryoin Engineering and its Russian partner, Business Management, have evaded sanctions to continue their trade in rare gases. In 2022, both companies and their owners were prosecuted in Ukraine, revealing a network of Cypriot and Turkish entities used to bypass trade restrictions. Despite these legal actions, the companies have relocated their operations to Romania, resuming inert gas production.
The report begins by detailing the importance of rare gases and the roles Ukraine and Russia historically played in the global market. It then covers the sanctioned trade practices under investigation and concludes with an analysis of a newer, previously unexamined scheme.
