Russian businessman Oleg Volkov, owner of Armalit, a major supplier to the Russian Navy, has confirmed that the company is supporting Russia’s war against Ukraine, according to an investigation by Trap Aggressor, a project that investigates Russian sanctions evasion. While continuing to do so, it was revealed that he was living a luxurious life in the United States. plan.
Founded in the late 19th century, Armalit became one of only three manufacturers to fully meet Russia’s defense requirements for marine valves. The company participated in Fleet-2024, Russia’s main exhibition of shipbuilding and new weapons, held in June 2024 in Kronstadt, a suburb of St. Petersburg.
In 2023, Almarit secured a federal budget subsidy of 500 million rubles ($5.2 million) through the Russian Ministry of Industry and Trade’s import substitution program. The company’s specialists are developing marine valves, including those with remote control, which are important for Russian warships.
Trap Aggressor reported that Volkov owns significant real estate in the United States. He and his wife, Veronika Volkova, co-own a 908 square meter mansion in an upscale area of Atlanta, Georgia, valued at about $5 million. Another property listed by Veronika Volkova in Sandy Springs, north of Atlanta, is estimated to be worth about $1 million.
Investigations revealed that Volkov’s children were enjoying a privileged life in the West. His youngest daughter, Varvara, graduated from a private school in Sandy Springs and is currently studying at Northeastern University in Boston. The eldest son, Vladimir, is CEO of Overon Estate Investment, a company in Thailand that sells real estate to Russian clients.
Even though Almarit is involved in the Russian defense industry and supplies parts to sanctioned Russian shipyards such as the Yantar plant, the Zvezdochka Ship Repair Center JSC, and Baltic Shipyard LLC, Volkov and his company Not subject to Western sanctions.
Christopher Harrison, financial and political risk consultant and co-founder of the Dekleptocracy Project, emphasizes to Trap Aggressors the importance of imposing U.S. sanctions not only on Volkov’s Russian companies but also on him personally. did. “In this case, our business activities in both Russia and the United States will be restricted,” Harrison said.
The investigation also revealed Volkov’s business activities in Turkiye. In June 2022, Mr. Volkov and his business partner Alexander Kuznetsov established Overon Group Italat Iflakat Danishmanlik Muhendislik Tikaret Anonym Sirketi in Istanbul. The company supplied around $1 million worth of sanctioned goods to Russian companies in 2023, including CNC machining centers and Siemens power grid protection equipment, according to Russian customs data.
Contacted by the trap aggressors, Siemens said it has no business relationships with Turkish suppliers and would immediately investigate any signs of sanctions evasion. Italian manufacturer Trevisan Macchine Utensili SpA also denied any ties to Turkey’s Overon, but admitted it sold CNC machines to Armalit in 2008.
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