Mikhail Shelkov is the majority owner of VSMPO-AVISMA, a Russian titanium firm, through his ownership of Industrial Investments LLC.
[1] VSMPO stands for VerkhneSaldinskoye Metallurgicheskoye Proizvodstvennoye Ob'yedineniye (Верхнесалдинское металлургическое производственное объединение, or Metal-producing company of Verkhnyaya Salda; and AVISMA for AVIatsionnyye Spetsial'nyye MAterialy or AVIation Special MAterials).
[3][4] In 2018 Shelkov, whose Avisma company "provides landing gear parts for about one third of all Boeing jets", had not been sanctioned in the aftermath of the Annexation of Crimea.
[7] In August 2023 the SBU revealed to the court a scheme by which Shelkov stole from the State Property Fund of Ukraine, which was now the owner of the Demurinsky mining and beneficiation plant in the Dnipropetrovsk region since Shelkov had been relieved of this asset by National Security and Defense Council of Ukraine sanctions in February 2023.
[11] He was charged with two infractions of the Criminal Code of Ukraine:[8] In July 2024 Shelkov was convicted of profiting from a scheme by which he managed to import to Russia a significant quantity of Ukrainian ore, from Demurinsky, via an Austrian intermediary.