Swedish authorities have launched efforts to collect hundreds of millions of krona linked to Russian interests, which allegedly passed through a Cyprus-based company, according to Expressen, as reported by the blog Ypervoreioi. The case focuses on Russian oligarch Oleg Deripaska.
Kubal aluminium plant at the centre
The dispute concerns the Kubal aluminium plant in Sundsvall, owned through the Cyprus company by Russian interests, specifically the Rusal group and its parent En+ Group, associated with Deripaska.
Tax demands and payments
In September 2025, Skatteverket demanded dividend tax for profits distributed in 2023 and 2024. Financial statements show that Sweden transferred 942 million krona to the Cyprus company over two years. The Swedish state now seeks 283 million krona in taxes.
Debt collection and concerns
The Cyprus company refused to pay and failed to postpone the decision. Skatteverket referred the case to the Swedish Enforcement Authority (Kronofogden), which sent a payment request to the company’s registered address in Nicosia. Officials fear the funds may have already moved out of Cyprus and beyond the authorities’ reach.
Political and economic concerns
The case has sparked political reactions in Sweden. Critics argue that Kubal’s profits indirectly support the Russian war economy. The plant employs about 450 people and remains controversial due to its energy-intensive operations and Russian ownership.
Deripaska’s influence and sanctions
Deripaska, who holds Cypriot citizenship, appears on international sanctions lists and faces US allegations of attempting to bypass them. While authorities limited his voting rights and control, he continues to influence the companies through a structure coordinated with the US Treasury to prevent direct control of Rusal.
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