Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Maxam Explosives is one of the largest explosives manufacturers in the world.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackSpanish 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.
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.
| June 23, 2025 | Spain launches probe into major explosives manufacturer Maxam after The Insider exposes its links to Russia’s arms supply chain |