The company that wanted to profit from supplying potash salt to the EU under the guise of road salt abandoned "Belaruskali" and went bankrupt
The Economic Court of Minsk declared "European Agricultural Agency" bankrupt. Not all of the 60 creditors who hoped to profit from the scheme will even get their investments back. The main party abandoned is "Belaruskali" itself.
On May 5, 2026, the Economic Court of Minsk issued a ruling in case No. 155NB2542: to declare LLC "European Agricultural Agency" (EAA) bankrupt and open liquidation proceedings.
Working as an agricultural machinery dealer since 2016, this company became known in the 2020s for making a risky bet on trying to profit from a non-core business under sanctions.
"Cyberpartisans," together with the Belarusian Railway Workers' Community and journalists from the Belarusian Investigative Center, revealed that the company began supplying then-sanctioned potash salt to the EU under the guise of road de-icing salt.
The company likely entered this business as a last resort to improve its financial position: "European Agricultural Agency" was an issuer of bonds which it failed to repay in 2024.
But the business of supplying sanctioned goods did not pan out.
At the time of bankruptcy, the majority owner of the company (55%) is the private Estonian company European Agricultural Agency, behind which are Belarusians Sergey Kupriyanovich and Alexander Bagachenko, while 45% belongs to a subsidiary of "Belaruskali" — "Belaruskali-Agro," which itself filed for bankruptcy, being a creditor of the company.
As can be understood from the case materials, the company's largest debt is precisely to "Belaruskali." But the exact amount that "European Agricultural Agency" owes "Belaruskali" for salt supplies is unknown. According to estimates based on previous claims, the amount could be around 3 million rubles.
In total, the register includes claims from 60 creditors amounting to 13 million rubles. EAA's assets, according to the results of the liquidation proceedings, are estimated at 11.8 million rubles, but 8.7 million of these are accounts receivable.
Only 74 thousand rubles remained in the settlement account.
In other words, "Belaruskali" lost the most in this situation. The Belarusians from Estonia — Bagachenko and Kupriyanovich — did not appear at the meeting in Minsk.
Comments