Kyiv to Sell Major Bottled Water Company, Owned by Russian Oligarch

The Ukrainian government launched a public auction for IDS Ukraine, the company behind mineral water brands Morshynska and Myrhorodska, whose assets have been frozen since 2022.

Under the new management, the state expects the company to contribute at least 24 million hryvnias ($6.5 million) per month to the national budget.

The assets of IDS Ukraine were frozen after the Kremlin’s full-scale invasion as they belong to Russian oligarch Mikhail Fridman, who is sanctioned by the US, EU, UK, and Ukraine.

The Ukrainian government Asset Recovery and Management Agency (ARMA) opened bidding for the collection of tender proposals today. Bids will be accepted until 6 p.m. Kyiv time (EET) on Dec. 12, 2025.

The auction itself will take place later in December on the Prozorro platform, Ukraine’s online platform for government tenders and auctions, Ukraineʼs Prime Minister Yulia Svyrydenko reported in a press release.

The auction covers a wide range of corporate rights across IDS Ukraine’s operations. This includes full and partial ownership stakes in its production and distribution companies, such as Morshynska and Myrhorodska bottling plants and several subsidiaries and service companies, with total registered capital valued at tens of millions of hryvnias (millions of dollars), according to Prozorro.

Under the auction conditions, all profits from IDS Ukraine’s operations will go to the state budget, except for the manager’s fee. Monthly revenue is expected to reach at least $6.5 million, Svyrydenko wrote.

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At the end of 2022, Ukraine’s Bureau of Economic Security seized 100% of the corporate rights of IDS Ukraine, including the rights of Morshynska and Myrhorodska.

Later, Kyiv’s Shevchenkivskyi District Court put IDS Ukraine under the management of the ARMA. Over half of the company’s shares are held by non-sanctioned investors from the UK, Georgia, and Ukraine.

Following a public competition, the management of the frozen corporate rights was awarded to the Carpathian Mineral Waters Company.

The Bureau of Economic Security says IDS Ukraine, which channels sales through foreign entities, is ultimately owned by Russian sanctioned tycoon Mikhail Fridman.

In March 2025, IDS Ukraine said that due to various restrictions since 2022, it has not paid any dividends to shareholders.