Investigation Concluded by Spanish Prosecutor
Spain's public prosecutor has officially closed a pretrial investigation into MaxamCorp International S.L., a major Spanish explosives manufacturer, concerning its Russian operations. The probe, which examined allegations that Maxam's Russian factories continued to produce explosives despite an EU ban and Russia's full-scale invasion of Ukraine, was dropped on September 19, 2025. Chief Prosecutor Jesús Alonso Cristóbal ordered the case closed, concluding that there were no legal grounds for criminal charges.
Origins of the Probe and Allegations
The investigation was initiated in June 2025, following a report by The Insider and a formal complaint filed by La Asociación de Rusos Libres, a group of Russian anti-war activists based in Spain. The complaint highlighted that Maxam, one of the world's largest explosives producers, maintained operations in Russia through subsidiaries such as Maxam Rusia, VSI, IMS, and YUII-Sibir. These entities reportedly produced emulsion explosives, including Riomeks, Rioflex, Rioxam, Emunex, and VET, during 2022 and 2023. While categorized for civilian use, these materials are known to support industrial chains critical to military production.
The EU Council Regulation 2023/1214, effective from June 23, 2023, explicitly bans the export of explosives, detonators, and related equipment to Russia. Despite this, allegations included Maxam's continued involvement and financial benefit from its Russian subsidiaries.
Prosecutor's Rationale and Criticisms
In its decision to close the case, the prosecutor's office stated that Maxam did not export explosive substances to Russia in 2024-2025 and that the company had lost control of its Russian subsidiaries in 2024. However, this conclusion has drawn criticism. Alex Prezanti, co-executive director of the nonprofit State Capture Accountability Project (SCAP), suggested that the prosecutor 'appears to have only examined events in 2024-2025 — once Maxam had lost control of its Russian subsidiaries.'
Prezanti and The Insider's reporting pointed to evidence of Maxam International providing materials and intellectual property for explosive production to its Russian subsidiaries between 2022 and 2023. An example cited was a patent application filed in April 2023 by Maxam Rusia for an industrial mixer, listing two Spanish MaxamCorp managers, Raquel Vivanco González and Fernando Beitia Gómez Segura, as inventors.
Financial Transactions Under Scrutiny
Further allegations included Maxam's direct financial gains from its Russian operations during the conflict. In March 2023, MaxamCorp International S.L. reportedly approved an agreement where its Russian subsidiary, YUII-Sibir, transferred the right to collect a debt of approximately €10.4 million for explosives supplied to EuroChem (a company linked to defense plants) directly to the Spanish parent company. Additionally, YUII-Sibir paid 40 million rubles (nearly €500,000) in dividends to MaxamCorp International S.A. in 2023.
While Maxam's attempt to exit Russia in 2023 was reportedly hindered by a fraud probe, leading to state intervention and the takeover of some key assets by former partner Promsintez by early 2024, some of Maxam's plants in Russia reportedly remained under its ownership and control.
5 Comments
Bermudez
The prosecutor focused on 2024-2025, which is after the EU ban and Maxam's loss of control. However, the allegations of patent applications and debt transfers in 2023 suggest a deeper, more problematic involvement that seems to have been sidestepped.
Muchacho
Maxam's attempt to exit Russia was complicated, but the fact that they continued to benefit financially from Russian operations during the war, even if technically legal at the time, raises serious questions about corporate ethics. The legal system often struggles with moral gray areas.
Fuerza
They only looked at 2024-2025? What about all the profits before that?
Manolo Noriega
While the prosecutor's decision might be legally sound based on their narrow timeframe, it completely overlooks the ethical implications of Maxam's alleged activities and financial gains from 2022-2023. The timing of the investigation is highly questionable.
Ongania
It's true Maxam eventually lost control of its Russian assets, but the article highlights significant financial benefits and continued involvement during the critical period after the invasion. There's a clear disconnect between the legal finding and the public's expectation of corporate responsibility.