Estonian company sanctioned for supporting Russian war machine

According to the US authorities, Gold Solution has been transporting European-origin work benches and spare parts to the Russian company Pumori Northwest and other sellers of metalworking machinery, all supporting the Russian war effort. Photo: Konstantin Sednev

The latest US list of sanctions released on Friday includes the Estonian company Gold Solution OU, accused of supporting the Russian war machine.

The Office of Foreign Assets Control (OFAC) of the US Treasury Department last week added nearly 300 individuals to the list of sanctions against Russia, and the US Department of Commerce added more than 90 companies to the list.

Alongside companies from Serbia, the United Arab Emirates, China, Kyrgyzstan, Liechtenstein, and Finland, the US Treasury's announcement on its website also names the Estonian company Gold Solution OU.

According to the US authorities, Gold Solution has been transporting European-origin work benches and spare parts to the Russian company Pumori Northwest and other sellers of metalworking machinery, all supporting the Russian war effort.

«Gold Solution was included in the sanctions package for materially assisting, sponsoring, or providing financial, material, or technological support, or goods or services to or in support of Pumori Northwest,» the announcement of the US Treasury Department reads.

According to the Estonian Business Register, Gold Solution OU, established in 2008, is a company engaged in transportation and storage. The firm is registered on Mahtra Street in the Lasnamae city district of Tallinn, and its owners and board members are Jelena Jakimcuk and Ilja Jakimcuks.

Delovye Vedomosti (DV), a Russian-language financial newspaper published in Estonia, also reported on Gold Solution's suspicious activities earlier this year.

«We simply transport goods from point A to point B,» Jakimcuk told DV.

Gold Solution reported a sales revenue of 1.97 million euros in 2022, earning a profit of 205,915 euros.