The list published by the president did not specify the activities of the businessmen and companies under sanctions that led to their inclusion, The Kyiv Independent reported.

Among the 13 individuals sanctioned are Arricano Real Estate PLC — a property company that owns several shopping centers in Kyiv and other Ukrainian cities — and its former majority shareholder, Estonian businessman Hillar Teder, as well as his son, Rauno Teder, who is also active in the real estate sector.

Also included on the sanctions list is Lauri Reinberg, a management board member of Admirals Group.

According to Zelenskyy, these sanctions are the first step in a broader package, with further measures expected. He added that the Ukrainian government is working to ensure the country's sanctions align with actions taken by its international partners.

Arricano CEO: Company has not violated Ukrainian laws

Margus Kurm, CEO of Arricano Real Estate Ltd — which is now under sanctions — said in a statement to the media on Monday that the company has not been informed of the reasons behind the sanctions.

According to Kurm, claims that the company continues to operate in Crimea are false and have been used in previous attempts to discredit the firm.

"In the spring of 2023, the Ukrainian Security Service launched a criminal investigation under a section of Ukraine's criminal code concerning support for an aggressor state. In the fall, four shopping centers owned by the Arricano Group were seized, and in the summer of 2024, two of them were handed over to ARMA, the agency responsible for tracing and managing criminal assets. In essence, this meant that Arricano's assets were taken over before any charges had been filed — let alone a conviction," Kurm said.

He noted that the process was eventually halted, and in the fall of last year, the company's assets were released.

"The court found that over the course of two years, the security service had failed to present any evidence to substantiate the suspicions that formed the basis of the investigation. Three weeks ago, the criminal proceedings were officially closed. Tellingly, not a single Arricano employee was ever named as a suspect during the three-year investigation, nor was any explanation given as to who allegedly supported the aggressor, when or how," he wrote.

In Kurm's view, the criminal proceedings were never about investigating a crime, but rather an attempt to unlawfully seize assets belonging to Estonian investors — and the sanctions imposed on Sunday are a continuation of that same process.

"Despite all these actions taken against it, Arricano has continued to operate in Ukraine and has remained transparent. We've kept the Estonian president, government and embassy in Kyiv informed, and we've answered every question from the press. We will continue to do so. We have nothing to hide or be ashamed of," the statement concluded.

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