UPG after the change of CEO: what we know about Oleksandr Matyushenko's Belarusian background
About this writes political scientist Mar’yan Oshchanovsky in the Censor publication.
The appointment of Alexander Matyushenko general executive directorfuelof of the company UPG in July2025this was presented as a business upgrade and modernisation. Howeveralready in Decemberhe quietly leaves the company and moves to the position of CEO of Parallel Group. Formallylooks like a career growth. In fact, it is a departure after a completed «mission», which could relate to old fuel ties with Belarus.
«Matyushenko – not just a «bank manager». Before joining PP "Ukrpalletsystems" (the operator of the petrol station network UPG)he was responsible for corporate banking for years, where he worked with traders importing Belarusian oil products and companies associated with the Mozyr Oil Refinery, Naftan and BNK. His role – financial support for fuel flows from Belarus to Ukraine», - writes Oshchanovsky.
These ties are recorded not only in documents but also publicly. In the photo from Minsk, Matyushenko poses with a top manager of the state-owned company Belorusneft. The photo was taken in 2021 – after the repressions in Belarus and the seizure of the Ryanair plane by the regime of Alexanderа Lukashenko. At that time, such cooperation was already considered toxic.
«The demonstration and its publicand statement at the same time – Belarus was called Ukraine's «strategic partner» in the oil products market. Today, the same Belarusian producers are under US and EU sanctions for financing the regime that supports the war against Ukraine», – notes the political scientist.
Fuel market experts do not rule out that the appearance of a person with such a background in UPG could be aimed at restoring or adapting Belarusian supply routes through third countries – Poland, the Baltic States, and Turkey. In this context, international traders are also mentioned, in particular Swiss commodities giant Glencore, asand decades of workis with the Belarusianand and Russian companies.
In 2023–2025, the special services of Poland, Lithuania and Latvia have repeatedly recorded attempts by Belarusian companies to export oil under the guise of «mixed cargo», use European ports to circumvent sanctions and work through dubious traders.
After the imposition of tough sanctions, Belarusian fuel exports have plummeted, and the Lukashenko regime is interested in 'grey' channels of access to the EU and Ukrainian markets. That's why the presence of such managers in large fuel companies has long gone beyond corporate history and has become a matter of national security.
«In December 2025, Matyushenko will leave UPG. Officially – without scandals. Unofficially – after becoming too toxic an asset amid the war, sanctions and attention to the Belarusian trail. But the key question remains unanswered: has the company really cut all ties, or has it just changed its public face, leaving the shadow routes intact?" In the conditions of war, such «career changes» – it's not easy anymoreabout business. This is about the security of the state, – emphasises Oshchanovsky.
