January 15, 2026
Spain’s Maxam repaid an $11 million debt via its Russian explosives plant
Spain-based Maxam, one of the world’s largest explosives manufacturers, has settled a major debt involving its Russian subsidiary: YUII-Sibir LLC, which supplied explosives to MCC EuroChem JSC
TL;DR
- 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.