Maxam
LeaveRussia detail: Continue Operations
Maxam Explosives is one of the largest explosives manufacturers in the world.
Business in Russia
Spanish prosecutors have launched a probe into the multinational corporation Maxam after an investigation by The Insider revealed that the company’s Russian subsidiaries continued producing explosives after the start of the full-scale invasion of Ukraine. The complaint requesting the probe was originally filed by anti-war activists from La Asociación de Rusos Libres (Association of Free Russians), and its launch was confirmed in a response from the State Attorney General’s Office that was shared by the activists via Telegram on June 20, 2025. Spain’s public prosecutor has closed a pretrial investigation into MaxamCorp International S.L. that was opened after a report by The Insider exposed the company’s Russian factories, which continue to produce explosives despite Russia’s full-scale invasion of Ukraine. Russian antiwar activists living in Spain filed a complaint that prompted the probe in June. Three months later, the prosecutor at Spain’s National Court dropped the investigation, despite the factories not halting their operations.
Decision trail
Decision date 15/01/2026 · Reference ↗
Still operating in Russia. The Spanish company Maxam, one of the world's largest manufacturers of explosives, continues to manufacture its products in Russia despite EU and US sanctions. In particular, through its division in Uzbekistan, Maxam supplies ammonium nitrate to both Russia and Iran. Revenue significantly (by more than -50%) decreased in 2024 vs 2023. Indian company Ideal Detonators Pvt. Ltd. exported 20 tons of the powerful explosive HMX to Russia in December 2024, despite warnings from the U.S. government. The shipment was intended for Maxam, a Spanish firm controlled by American private equity company Rhone Capital. Documentation confirmed that the cargo was bound for the Russian market, including entities linked to the defense sector. Although Rhone Capital declined to comment, it remains the owner of Maxam, which directly received the HMX shipment. Spain-based Maxam, one of the world’s largest explosives manufacturers, has settled a major debt involving its Russian subsidiary: YUII-Sibir LLC, which supplied explosives to MCC EuroChem JSC. Through a series of transactions that replaced direct settlements between the Russian entities, Spain-based MaxamCorp was able to repay the $11 million it owed to Switzerland-based EuroChem Trading GmbH. Previously, MaxamCorp denied that it continued operations in Russia.
Local stats (LeaveRussia)
Status history since 2022
- 03/08/2026 — operating · Imported from KSE LeaveRussia
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