Honorary Consul of the Grand Duchy of Luxembourg, Commander of the Order of the Couronne de Chêne in Luxembourg. He is also a big supporter of killing Ukrainians. Vladimir Yevtushenkov, an oligarch from Putin’s inner circle, continues to work tirelessly for the war against Ukraine. Since 2014, he has been providing the Russian army with communications, and during the full-scale invasion, he began to manufacture drones. However, his active work for the so-called “SVO” does not prevent him and his family from doing business in Europe and buying real estate for millions of dollars. And in Luxembourg, this oligarch still has not only awards but also official status.

Key takeaways:

• Vladimir Yevtushenkov has transferred the NVision Czech Republic plant, which produces parts for the telecommunications and automotive industries, to people close to him;
• Yevtushenkov is still the Honorary Consul of the Duchy of Luxembourg.

Vladimir Yevtushenkov is the founder and co-owner of Sistema Investment Corporation, which owns stakes in MTS, the Medsi clinic chain, the Segezha Group timber company, and the Ozon online store. The corporation also includes the RTI Systems concern, one of the world’s 100 largest defence companies, which develops control and communication systems and radio equipment for Russian weapons. Yevtushenkov is not under EU and US sanctions. At the same time, he is a member of the Government Commission for Science and Innovation Policy, the Presidential Council for Science and High Technologies, the Council for Competitiveness and Entrepreneurship under the Government of the Russian Federation and the National Council for Corporate Governance. He is ranked among the richest people in Russia according to Forbes (78th place in 2024, $1.7 billion).

Until April 2022, the businessman was the Chairman of the Board of Directors of Sistema. The entrepreneur left this position after the UK imposed sanctions on him. He transferred a 10% stake to his son to make his share non-controlling. In the Czech Republic, he sold the NVision plant, which produces parts for the automotive and telecommunications industries, although it was not subject to EU sanctions.

In 2022, when global businesses began to withdraw from the Russian market amid the full-scale invasion of Ukraine, the oligarch took advantage of the situation and acquired their assets. He bought 10 Radisson and Olympia Garden hotels from the Norwegian Wenaas Hotel Russia, and he also had plans to buy IKEA factories.

Yevtushenkov attended a meeting with Putin on February 24, 2022, as well as the St. Petersburg International Economic Forum in the summer of the same year, and in October he joined a forum of the National Financial University.

How Vladimir Yevtushenkov’s businesses fuel Russian war machine

A number of microelectronics manufacturing companies were established on the basis of Sistema. In particular, the Element company. It is Russia’s largest microelectronics manufacturer. The company was established in 2019 on the basis of the assets of Sistema and Rostec. The group includes Mikron (the largest chip manufacturer in Russia), the Research Institute of Electronic Engineering, the Research Institute of Electronic and Microelectronic Equipment Progress, the Novosibirsk Semiconductor Device Plant with Design Bureau, VZPP-Mikron, and others. They specialize in the production of integrated circuits, semiconductor devices, power electronics, modules, chip enclosures and contact devices, and radio electronic equipment.

Another company, Angstrom, supplied microcircuits to the Electromashina Research and Production Association (Rostec). They create Okhotnik combat modules (a part for a machine gun). Angstrom also supplied components and microcircuits to other companies and research institutes specializing in the production of military electronic products. For example, to the V.I. Shimko Radioelectronics Research and Production Association, the Research Institute of Electronic Devices, and the M.F. Stelmakh Research Institute Polyus.

“VZPP-Mikron”, MEZ ”Uralelektrov, RTI, ”Erso Holding” and other companies supply chips, transistors and other electronics to nearly a hundred defence companies covering a huge range of weapons and military technologies, from the M-633S “Bumblebee” military cell phone to MLRS, air defense, combat aircraft, armored vehicles and nuclear weapons.

Unmanned aerial vehicles (UAVs)

In 2021, the Kronstadt company (part of Sistema JSFC) began mass production of Orion military drones. Public sources cite the following characteristics of this drone: fuselage length is 8 m, wingspan is 16 m, payload is up to 180 kg, declared flight radius is up to 250 km, duration of flight is up to 24 hours at a flight speed of 120-200 km/h. According to the Oryx portal, during the full-scale war, Russians lost at least six drones of this type in Ukraine.

Yevtushenkov’s Sistema Corporation also owns 93% of Aeromax LLC. In 2021, this company began developing and manufacturing drones. The company also provides services for the use of UAVs in the field of cargo delivery, remote sensing, monitoring, and implementation of geographic information systems, and organises training courses for drone operators. In 2023, the company opened an aviation training center to teach civilian UAVs.

The company’s website features UAVs of three types: helicopter, copter, and airplane.

In its report, the Institute for the Study of War (ISW) noted that the aggressor country announced the mass production of these UAVs on December 12, 2023. According to Russian media, some contracts with the Russian Ministry of Defense for the supply of these drones were signed in 2021, and the army was supposed to receive Termites in 2022.

The oligarch’s family

All members of Yevtushenkov’s family are sanctioned by the UK and Ukraine. However, they have not yet been included in the EU and US sanctions lists.

His wife is Natalia Yevtushenkova. She is a member of the boards of directors of MTS Bank and East-West United Bank, a Luxembourg-based bank of AFC.

Yevtushenkov’s son Felix Yevtushenkov is Russian entrepreneur, Senior Managing Partner of Sistema JSFC. He owns 15.2% of the company’s shares. Since 2019, he has been the Chairman of the Board of Directors of MTS.

Yevtushenkov’s daughter is Tatiana Yevtushenkova/Baturina. At the age of 26, Tatiana was invited to join MTS as Vice President for Investments and Securities, and later served on the Board of Directors of MTS. In 2008, she was appointed Advisor to the President of Sberbank of Russia. In 2015, she managed the Redline Capital investment fund. She also managed the London office of the Yevtushenkov family investment fund Redline Capital Management. According to Russian media, she is a British citizen. On LinkedIn, she also lists London as her place of residence and work (although she, like other family members, is under sanctions there).

The French coast

Vladimir Yevtushenkov has three villas on the French Riviera, which he and his family own through the French company SCI Petr. One is located at Saint Jean Cap Ferrat 40 avenue du General de Gaulle.

Very close by, at 26 Boulevard du Plan des Abeilles, Saint-Jean-Cap-Ferrat, is another villa of the Yevtushenkov family called Villa Nouadibou. In February-March 2022, 2 companies were registered at this address – SCI ABI (Natalia and Tatiana Yevtushenkova are the beneficiaries) and TASHA (Vladimir and Natalia Yevtushenkov are the beneficiaries). The main activity of the companies is real estate transactions.

The cost of the third villa, unlike the previous ones, is specified in the documents. It is worth 7 million euros and is located at Saint-Jean-Cap-Ferrat, 19 Av. du Plan des Abeilles. The villa is owned by a French company of the Yevtushenko family called SCI Umbto. There are 2 companies registered here: SCI PETR and SCI UMBTO (beneficiaries are Natalia and Tatiana Yevtushenkov).

Assets in Czech Republic

In the Czech Republic, Yevtushenkov owned the NVision Czech Republic plant, which produces parts for the telecommunications and automotive industries. When Russia started the war against Ukraine, but even before Czech sanctions were imposed on Yevtushenkov, the plant changed owners. On October 22, 2022, Czech citizen Hilmia Drnda, who previously worked for the same company as HR director, and a Ukrainian Volodymyr Yasynskyi became the beneficiaries of the company. According to Ukrainian registers, he was a member of the supervisory board of NVision-Ukraine, as well as a director of NVision-Holding, a Russian-owned company founded by the Russian NVision Group. In other words, Vladimir Yevtushenkov, in an attempt to circumvent sanctions, transferred Czech business to people close to him.

The Savoy WestEnd hotel in Karlovy Vary, Czech Republic, is also registered to Yevtushenkov’s company AFC-System. In July 2023, it and its assets worth $4.6 million were arrested. However, the hotel continues to operate. You can book a bus tour there. On November 1, 2022, Russian citizen, Yelena Brusilova became the hotel’s beneficiary. Until January 2023, she was the president of the Medsi group of companies, part of the Sistema corporation. Also, according to OCCRP journalists, Brusilova is the oligarch’s common-law wife and has children with Yevtushenkov.

Villas in Italy

According to Radio Liberty journalists, Yelena Brusilova also owns four villas in Italy. Two of the villas are located in the neighborhood, within walking distance of the beach. The first one is located at 55042 Forte dei Marmi, Via Versilia, 5. It consists of 16 separate rooms. The second one is located at 55042 Forte dei Marmi, Via Versilia, 3. The third villa is located to the north, at Forte dei Marmi, Via Giuseppe Mazzini, 89, and consists of 15 separate rooms. The fourth address is a fourth villa with outbuildings on the seashore at Viale Italico, 74.

Luxurious apartments in the UK

Mr. Yevtushenkov owns a property in one of the most expensive areas of London at 7 Holland Park Mews, London (W11 3SU). This is a two-bedroom house with a terrace, with an area of 1278 square feet. According to realtors, the cost of this house is about 3,320,000 pounds. Yevtushenkov has another property next door to it. It is located at: 31 Holland Park, London (W11 3TA). It is a classic English two-story house with a basement. According to a 2019 estimate, it is worth £31 million.

Vladimir’s daughter Tatiana Yevtushenkova owns an apartment in London at 41 Wilton Crescent. The 8-bedroom house was sold for 43 million pounds in 2017.

Yevtushenkov’s official status in Luxembourg

In 2005, he met Economy Minister Jeanneau Krecke through one of his lawyers. Putin’s visit to Luxembourg in 2007 allowed the Russian businessman to meet with Prime Minister Jean-Claude Juncker and Finance Minister Luc Frieden. At that time, Yevtushenkov, or rather his Sistema corporation, acquired the East-West United Bank on Joseph II Boulevard in the capital. The Russian oligarch’s relations with high-ranking officials of Luxembourg, and most likely his investments in the economy of the European state, became so strong in a few years that in 2009 he was appointed honorary consul of Luxembourg to “inform and advise Luxembourg companies on business opportunities” in the Sverdlovsk and Khabarovsk regions of Russia. The position remains to this day. In 2019, in Luxembourg, he was even awarded the national Order of the Couronne de Chêne for the development of economic and cultural ties between Luxembourg and Russia.

Jeannot Krecke became the chairman of the supervisory board of Yevtushenkov’s bank, and in 2022, under pressure from the media due to Russia’s invasion of Ukraine, he was forced to resign. In August 2024, a Luxembourg court ordered the liquidation of East-West United Bank due to the accumulation of 57 million euros in losses in the year after Russia’s invasion of Ukraine.

During his close and friendly ties with Luxembourg’s authorities, right before Russia’s full-scale invasion of Ukraine, Yevtushenkov managed to establish a whole cluster of companies there, whose key activity is fund management.

In particular, in 2017, he founded International Ventures Invest, located at 1, rue Louvigny, 1946. In March 2022, the oligarch’s wife Natalia became the beneficiary. PAV Holding SA, 96, rue du Kiem, 8030 Strassen, owned by Yevtushenkov himself.

Here is a full list of foreign assets that belong to Yevtushenkov’s daughter Tatiana:

• Redline Capital Partners (26, Avenue Monterey, 2163);
• Highbeacon Sàrl SPF (26, Avenue Monterey, 2163);
• RCF II CV (26, Avenue Monterey, 2163);
• RCH-P (26, Avenue Monterey, 2163);
• Redline Capital GP (26, Avenue Monterey, 2163);
• Redline Capital Management SA (разом з батьком і матірʼю), (26, Avenue Monterey, 2163);
• Redline Capital Partners SCSp (26, Avenue Monterey, 2163);

And here are assets that belong to the oligarch himself:

• Timag Capital Advisory SARL;
• Sire-I S.C.SP. SCSP;
• Rusanano Sistema Investments SÀRL;
• PAV III SCSP;
• Intema SÀRL;
• Highstreet Premium II Propco I SÀRL;
• Highstreet Premium II Holdco SÀRL;
• Data Servicts Holding SÀRL;
• Allegretto Holding SÀRL.

In Ukraine, Sistema Bank is suspected of withdrawing billions of euros for Yanukovych’s team after the ex-president fled to Russia. East-West United Bank, registered in Luxembourg, was a “vacuum cleaner” for money transfers from Ukraine. Bankers close to Viktor Yanukovych’s family used this bank to withdraw assets. To do this, they opened correspondent accounts and transferred huge sums to them. When the Ukrainian branch started having problems, the money was transferred to offshore companies affiliated with the management. According to the Deposit Guarantee Fund, as of the end of 2015, $227 million was withdrawn from Ukraine through the East-West United Bank. However, the Ukrainian authorities soon discovered a whole group of Ukrainian banks that had withdrawn more than €4 billion to the accounts of the Luxembourg bank and its offshore companies.