Money Laundering of $9 Billion by Russia's Largest Investment Bank

An international anti-money laundering organization has reported the discovery of $9 billion in money laundering conducted by a private Russian bank closely linked to the ruling class of the country. The 'Project on Corruption and Organized Crime' claimed on Monday, March 4, that corrupt officials and individuals involved in Russian organized crime laundered at least $8.89 billion from 2006 to 2013 with the aim of tax evasion, hiding assets abroad, and engaging in illegal money laundering activities. This money laundering was carried out by 'Troika Dialog,' a subsidiary of 'Sberbank' of Russia, using the European banking system. Paul Radu, one of the founders of this anti-money laundering organization, told Radio Free Europe/Radio Liberty that the mentioned amount is only the 'tip of the iceberg': 'In fact, the volume of money laundering is much greater and is not limited to the money laundering of Russian, Azerbaijani, and other former Soviet officials, but also applies to large criminal gangs like Mexican drug cartels.' The report mentions 'Sergei Roldugin,' a violinist and longtime friend of Russian President Vladimir Putin, who allegedly laundered $69 million through this bank and its European partners. The report indicates that the amount of money transferred by 'Troika Dialog' from 2006 to 2013 was $470 billion, involving 1.3 million banking operations by 128,000 companies and individuals. Documents leaked to a Lithuanian news site alongside this international organization's report indicate that the money laundering during this period was conducted by at least 75 interconnected Russian companies operating abroad, nearly half of which had bank accounts at the Lithuanian bank 'Ōkio bankas.' This Lithuanian bank ceased operations in 2013 due to some issues. The 'Project on Corruption and Organized Crime' states that during the mentioned years, billions of dollars were transferred from the Russian bank to accounts in this bank, with German and Austrian banks involved in these money transfers. The report notes that the destination of many of these money transfer operations is unclear, and in some cases, the funds were apparently sent with the aim of purchasing goods, while in reality, no goods were involved. The CEO of the Russian bank is an Armenian-Russian named 'Ruben Vardanyan,' who is known for his pro-Western stance and progressive views. This organization claims to have found no evidence indicating that Vardanyan was personally aware of this issue, and he has stated that his bank operates normally like other banks, denying any knowledge of money laundering. The report adds that some influential officials and wealthy Russians have opened shell companies using the names of several unaware rural Armenian farmers and have used these companies to buy shares in state and non-state companies in Russia or abroad. The 'Project on Corruption and Organized Crime' has previously uncovered and exposed two instances of extensive money laundering by Russian banks.