Spain’s Maxam repaid an $11 million debt via its Russian explosives plant Spain-based explosives manufacturer Maxam has orchestrated a financial maneuver involving its Russian subsidiary, YUII-Sibir LLC, to settle an $11 million debt owed to Switzerland-based EuroChem Trading GmbH. This was achieved by assigning the debt claim through several entities, ultimately allowing Maxam’s Spanish parent company, MaxamCorp International S.L., to clear its obligation to EuroChem while remaining indebted to its Russian subsidiary. Despite previous denials of ongoing operations in Russia, court documents reveal the completion of this transaction, which critics argue demonstrates continued ties and economic benefit derived from its Russian assets.

• Maxam’s Russian subsidiary, YUII-Sibir LLC, facilitated the settlement of an $11 million debt owed by MaxamCorp International S.L. to EuroChem Trading GmbH.
• A series of debt assignments allowed the Spanish parent company to settle its obligation to a European entity using funds from its Russian subsidiary.
• The transaction resulted in MaxamCorp International S.L. owing 863 million rubles (approximately $11 million) to YUII-Sibir LLC, a debt that the subsidiary reportedly did not intend to collect.
• Court documents confirm that MaxamCorp International S.L. obtained an economic benefit by settling its debt to a third party from an ‘unfriendly jurisdiction’ using Russian company funds.
• Maxam’s Russian operations, including three explosives production plants, continued after the start of the Ukraine invasion, with combined revenues exceeding 11.46 billion rubles during the war.
• While one plant in Samara came under new management, the Spanish company remains the formal owner, and two other plants and the management company stay under Maxam’s control.
• Maxam’s Russian subsidiaries have been involved in training personnel from sanctioned Russian enterprises.
• Evidence of continued ties includes dividend payments from YUII-Sibir to MaxamCorp International and a patent application listing MaxamCorp managers as inventors.
• Spanish anti-war activists appealed for an investigation into Maxam’s operations, but the investigation was closed, with the court concluding the corporation had lost control over its Russian subsidiaries.