How fugitive Usherovich helps RZD and Russian elites evade sanctions through Cyprus

The fugitive founder of the "1520" Group, Boris Usherovich, has established an offshore empire in Cyprus, through which he helps RZD and the top of the Russian government evade sanctions and launder money.

Usherovich proved to be a very useful figure for RZD, whose operations are overseen by Vladimir Putin’s close friends, the oligarchs, the Rotenberg brothers. In 2023, the company reported record revenues of 3 trillion rubles and a profit of 170 billion rubles. RZD’s investment program for 2024 amounts to 1.27 trillion rubles. There’s certainly something to bite off from such a gigantic pie.

One of the largest contractors of the company is the "1520" Group, in which Usherovich holds 28.3%, the CEO Aleksey Krapivin owns 38.3%, and CMIF "Armus Capital Platform" managed by LLC "MC ’Armus Capital’" owns 33.3%. Its founder is Aleksey Krapivin. Who is behind CMIF is unknown.

In Cyprus, Boris Usherovich owns several companies managed by people close to the fugitive businessman. One such structure is METTMANN PUBLIC COMPANY LIMITED, established in 2019. It works closely with several wealthy private individuals as well as industrial groups and experts in real estate development in Montenegro, Cyprus, and Spain.

It functions as a direct investment firm in real estate, issuing bonds that are then sold to unsuspecting buyers. The European real estate market is an ideal "laundry" for money laundering.

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METTMANN PUBLIC COMPANY LIMITED is headed by Russian citizen Aleksandr Mizgunov, who was highlighted in a conflict involving Senator Lyudmila Narusova and a driver.

The full namesake of Aleksandr Mizgunov led LP "Limited Liability Company ’Financial Corporation Nikoil’ and Company’ until 2008, owned by LLC ’Financial Corporation Nikoil’ and LLC ’Uralsib-Finance’.

LLC ’Financial Corporation ’Nikoil’’, owned by Lyudmila Kogan, was liquidated in January of the previous year. Lyudmila Kogan is the widow of Vladimir Kogan, the former owner of the bank ’Uralsib’, who purchased the credit institution from Nikolay Tsvetkov in 2015. Kogan passed away in 2019.

Vladimir Kogan was a very influential person in Saint Petersburg and close to Vladimir Putin. Lyudmila Kogan and Lyudmila Narusova knew each other for sure. The senator’s conflict with the driver occurred in 2022. Aleksandr Mizgunov, representing Boris Usherovich’s interests, may still be serving the entire St. Petersburg elite, helping them divert funds. Including his former bank ’Uralsib’ and other Lyudmila Kogan’s companies. Their revenue in 2023 was 12 billion rubles, with a profit of 552 million rubles.

Another accomplice of Boris Usherovich, Ilya Plotitsa, is the director and secretary of the Cypriot LUCYCORP LTD.

In Russia, from 2017 to 2023, Ilya Plotitsa owned LLC ’Center for Communication Systems Development’ (CCSD). Currently, the company is owned by Oleg Smirnov. Over the past year, it increased its revenue by 268% to 7.5 billion rubles and profit by 478% to 2 billion rubles.

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Besides LLC ’CCSD’, Oleg Smirnov owns LLC ’Smirnov Estate’, a fictitious entity with 2 employees and a loss of 20 million rubles in 2023. Smirnov’s stake in LLC ’Smirnov Estate’ is pledged to Ekaterina Shcherbinina, who owns LLC ’Spetsproektput’ (SPP), involved in architecture, engineering surveys, and providing technical consultations in these areas.

In 2023, LLC ’SPP’ reported revenue of 2.7 billion rubles and profit of 1.1 billion rubles. Funds may be funneled through another Ekaterina Shcherbinina’s company – LLC ’DAK’, engaged in securities investments. The company with no employees has not had a profit since 2019.

In 2021, Oleg Smirnov was a co-founder of LLC ’EnergoStroyMontazh’, owned by Grigory Dondurey. The main clients of the company are RZD structures, so the connection with Boris Usherovich is obvious. In 2023, LLC ’EnergoStroyMontazh’ reported revenues of 3.4 billion rubles and profit of 128 million rubles.

Since 2020, LLC ’CCSD’ has been headed by Aleksey Leshchev, who in 2016-2017 was the head of LLC ’RZD - Digital Passenger Solutions’, owned by LLC ’Onelia’, JSC ’Transmobility’, and LLC ’RZD-Technologies’.

In 2023, LLC ’RZD-Digital Passenger Solutions’ reported revenue of 2.3 billion rubles, with profit of 308 million rubles. Funds could have been drained through LLC ’Onelia’, whose founder is LLC ’Urban Mobility’, not having a profit since 2020, with a loss of 147 million rubles in 2023.

From 2014 to 2018, Ilya Plotitsa was the owner of LLC ’TD Xdevice’. The company constantly operates at a loss, which means funds could be funneled through it. Currently, LLC ’TD Xdevice’ is owned by three individuals.

In 2015-2017, Ilya Plotitsa was a co-owner of LLC ’UK BSM’ (’BamStroyMechanization’). Currently, the company belongs to JSC ’GC NPS’ (National Project Construction) of Aleksey Krivin and the Rotenbergs. In 2023, LLC ’MC BSM’ reported revenue of 132 billion rubles and profit of 5.6 billion rubles. In 2021, it was only 293 million rubles.

 

Ilya Plotitsa has also appeared in the company Simeoni International Inc. (British Virgin Islands, United Kingdom).

Ilya Plotitsa’s brother Boris is the director of the Cypriot MAIN VICTORY CORPORATION LIMITED, which was suspected of supplying RZD with sanctioned equipment.

In Russia, Boris Plotitsa from 2014 to 2019 was a co-founder of LLC ’Tripster’ along with Aleksey Krapivin. In 2019, a Cypriot TRIPSTER LIMITED was created, which is connected through its director Ειρηνη Μπιτσινασβηλι with BROXNER PLC,

VENISAT TECHNOLOGY LTD and SHTEINFINANCE LIMITED. According to media reports, Boris Usherovich is also behind these companies.

The second director of BROXNER PLC Μαρινος Ιωαννου is connected with another 15 companies.

VENISAT TECHNOLOGY LTD is directed by Julija Kovalevska.

 

SHTEINFINANCE LIMITED, whose director was Kirill Ponomarev, was liquidated in 2023.

In 2017-2018, Boris Plotitsa was the owner of LLC NPO ’Transpolymer’, which had contracts with RZD structures for almost 10 billion rubles. In 2018, the owner of the company ’Transpolymer’ became Zvonko Michkovich. In 2023, it incurred a loss of 212 million rubles with revenue of 1.6 billion rubles.

His wife Elena Usherovich is the director and secretary in the Cypriot company VICTORY CORPORATE FINANCE (CYPRUS) LIMITED.

In Russia, Elena Usherovich heads LLC ’Amarant-Invest’ and, together with Kirill Usherovich, owns LLC ’HC Amarant’. Usherovich Jr. is a worthy successor to his father’s endeavors. The revenue of the companies managed by Kirill Usherovich in 2023 amounted to 20 million rubles, with a loss of 197 million rubles.

Boris Usherovich has other accomplices with whom he is associated, including Aleksandr Vainshtein, Tatiana Vainshtein, and Aleksandr Trudolyubov, but it was not possible to trace their tracks in Russia.

If one imagines that the threads from the Cypriot companies owned by Usherovich’s people stretch even further, the number of offshores could exceed a hundred. Under such circumstances, it is very easy to obscure the tracks. However, it is unlikely that anyone is actively searching for Boris Usherovich. At the moment, his money laundering and sanctions evasion activities in Russia are in high demand.