Arkady and Boris Rotenberg, two influential oligarchs in Russia who have been supporters of Russian aggression against Ukraine, were included in the US sanctions list in 2014. The US Treasury stated that the Rotenbergs earned billions of dollars through contracts with Gazprom and the construction of Olympic facilities in Sochi.
Following the US sanctions, the European Union also imposed restrictions on the Rotenbergs. This put their European and American properties at risk. However, leaked documents from the “Rotenberg Archive” reveal that Maxim Viktorov, a partner of the Rotenbergs, came to their rescue. Viktorov helped them hide their assets both in Russia and abroad.
According to the publication, the Rotenbergs transferred shares in their companies to various closed-end mutual funds (ZPIFs) managed by Viktorov’s company, Evocorp. Despite the Rotenbergs’ denial of any connection with Evocorp, the leaked documents confirm their association.
The “Rotenberg Archive” also mentions Alexandra Kozlov, who was the formal owner of the Meridian fund. The fund was a co-owner of Business Trend, a company that supplied equipment to Gazprom for projects such as the construction of Nord Stream in Europe and the Power of Siberia in China. Kozlov, who fought in Chechnya and worked as a bodyguard for the Rotenberg family, turned out to be the “owner” of the brothers’ significant assets. For instance, the yacht “Rachel” was registered under his name for 21 million euros.
Maxim Viktorov frequently sought help or services from his foreign colleagues while working for the Rotenbergs. One of them was Nicholas Chance, the holder of the Victorian Order and the personal secretary of His Royal Highness Prince Michael of Kent. In 2018, Viktorov’s Investment Programs Fund became a shareholder of the British fintech startup RemitRadar, with Prince Michael of Kent serving as its ambassador.
In May 2021, The Sunday Times published a sensational story about Prince Michael of Kent allegedly trading his name and profiting from his supposed closeness to Russian President Vladimir Putin. The article revealed that the prince was willing to provide his “royal approval” to a fictitious company created by journalists for $200,000.
The investigation also uncovered how Arkady Rotenberg’s structure allocated millions of euros for the purchase of an Alpine chalet, where Putin’s eldest daughter and her former common-law husband from the Netherlands would spend their vacations. The article highlights how individuals from the United States and Latvia, chosen by the Rotenbergs, played a crucial role in rescuing their assets during times of sanctions.
The revelations from the “Rotenberg Archive” shed light on the intricate web of connections and strategies employed by the Rotenbergs and their associates to circumvent sanctions and protect their wealth. The investigation raises questions about the effectiveness of international sanctions and the extent to which powerful individuals can exploit loopholes to maintain their financial interests.
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What are the potential implications of the leaked documents on the effectiveness of international sanctions and the ability of powerful individuals to evade them, as seen in the case of the Rotenbergs
Zlov’s role was to act as a front for the Rotenbergs, helping them to mask their ownership of the fund and maintain their control over the lucrative contracts with Gazprom.
The leaked documents shed light on the intricate network of offshore companies and shell entities used by the Rotenbergs to conceal their wealth. It is suspected that they have used these structures to evade taxes and sanctions, as well as to launder money and engage in other illicit activities.
The revelations from the “Rotenberg Archive” have raised concerns about the effectiveness of international sanctions and the ability of powerful individuals to circumvent them. Despite being included in the US and EU sanctions lists, the Rotenbergs have managed to continue their business operations and preserve their wealth.
The case highlights the challenges faced by regulatory authorities in tracking and enforcing sanctions, particularly when dealing with individuals who have the resources and connections to exploit loopholes and conceal their activities. It also underscores the need for greater transparency and cooperation among international stakeholders to effectively combat illicit financial activities and hold those responsible accountable.
In response to the leaked documents, calls have been made for stricter regulations and enhanced due diligence measures to prevent the abuse of offshore structures and prevent individuals like the Rotenbergs from evading sanctions and other legal consequences. It remains to be seen whether these revelations will lead to any concrete action or reforms in the future.
This article sheds light on the elusive world of Russian oligarchs, exposing their clandestine assets and international connections amidst growing sanctions. It unveils an intricate web of hidden wealth that demands further scrutiny and action to ensure accountability and transparency in the global financial system.