Trans-Oil denies allegations of supplying grain to Iran in exchange for Shahed drones

Moldovan agribusiness group Trans-Oil has denied allegations linking its founder, Vaja Jhashi, to a scheme involving shipments of Ukrainian grain to Iran through companies allegedly under his control. According to an investigation by Ukrainian media outlet Ukrainska Pravda, Russia allegedly used the grain as payment for Iranian-made Shahed drones, Bloomberg reported.

Following the publication of the investigation, the company has begun holding meetings with its bondholders, who expressed concern over the allegations. According to Bloomberg, investors requested discussions with Trans-Oil after the value of its bonds fell sharply.

While Trans-Oil itself is not named in the Ukrainska Pravda investigation, the report alleges that the company's founder and shareholder, Vaja Jhashi, may have been involved in an illegal scheme to supply Ukrainian grain to Iran through companies under his control. According to the investigation, Russia allegedly used the grain as payment for Iranian Shahed drones.

In a statement released on Tuesday evening, Trans-Oil said that both the company and Vaja Jhashi “fully and categorically reject the allegations contained in the recent reports by Ukrainian media.”

The company described the claims as “entirely fabricated” and said it had engaged international law firm Pillsbury Winthrop Shaw Pittman LLP to investigate the circumstances surrounding the publication.

Trans-Oil's bonds declined sharply following the report. According to Bloomberg, the company's $300 million bonds due in 2031 are currently trading at around 70 cents on the dollar, down 21 cents from Tuesday's opening level. Its $450 million bonds maturing in 2029 are also trading at approximately 70 cents on the dollar.

Yegor Fedorov, Senior Credit Analyst at ING, said the bond market had likely reacted directly to the publication by the Ukrainian outlet but expected only a limited impact on Trans-Oil's underlying fundamentals.

The Trans-Oil Group operates in the grain, flour, vegetable oil, and meal markets. It owns oilseed processing facilities in Moldova, Romania, and Serbia, sources part of its grain from Ukraine, and operates two port terminals in Reni, Odesa region.

The criminal case materials also mention Ledesma Agro. Investigators believe the company exported grain in 2025–2026 that was documented as destined for Turkey but may have ultimately been delivered to Iran. However, Artur Zolotarevskyi, head of Ledesma Agro, denied the company's involvement, stating that it had not exported grain to Iran, had not loaded grain onto the vessel XIN YU, and was cooperating with the investigation.