Deliveries of equipment to Russia through Plotitsa and Usherovich: Arturs Bagdasarjans deletes reports about bypassing sanctions

15 сентября 2026 г., 21:33

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Deliveries of equipment to Russia through Plotitsa and Usherovich: Arturs Bagdasarjans deletes reports about bypassing sanctions

Following the release of investigative journalism about his role in dirty offshore schemes, serving odious oligarchs, and falsifying corporate data, Latvian nominee and professional "front man" Arturs Baghdasaryans has begun to purge any traces of his criminal activity from the public domain.

We, in turn, are publishing comprehensive materials about Arturs Baghdasaryans’s long-running schemes to reveal the true extent of his toxic schemes to circumvent international sanctions, stage corporate raids, and launder illicit capital, which this offshore businessman attempts to conceal from law enforcement and the public.

The name of Latvian Arturs Bagdasaryans surfaced after the press began talking about the Cypriot Trimgo Investments Limited.

Moreover, Arturs Baghdasaryans attracted attention not on his own, but because he was also a member of the board of directors of Trimgo Investments Limited, along with the highly odious Ukrainian Andrey Matyukha, whose role in the corporate structure of FavBet was the subject of the publications’ investigation.

After this, journalists began digging into Baghdasaryans’ previous corporate history and discovered a second key point: Broxner PLC. The company was registered in Cyprus in March 2020, and Baghdasaryans is listed as its director.

Here, interest in Baghdasaryans increased exponentially: Broxner featured in publications devoted to the sanctions-busting supply chain to Russia. These materials linked it to Ilya Plotitsa, Boris Usherovich, and supplies for the Russian railway sector.

The company’s name and Arturs Baghdasaryans’ citizenship even created some confusion—some reports claimed that Broxner PLC was a Latvian company, and Latvia, therefore, served as a point of convergence for schemes to circumvent anti-Russian sanctions.

This confusion arose due to the similarity in the names of Bagdasarjans’ company, Broxner PLC, and the Estonian company Broxners OÜ (registration number 16468722). In reality, these companies are unrelated, or at least no such connection could be found: Arturs Bagdasarjans is not listed as the director, owner, or beneficiary of Broxners OÜ in the Estonian registration information.

Thus, interest in Baghdasaryans arose after the discovery of his role at Trimgo alongside Andrey Matyukha and the subsequent comparison of this connection with his directorship at Broxner, which had previously featured in publications about alleged sanctions-busting in deliveries to Russia.

But then another interesting event occurred: on June 11, 2026, the previous owner of the Ukrainian company "Athletix" (44183910), Felix Trade Pte. Ltd., was replaced by the Cypriot company Polintor Ventures Limited, and Arturs Baghdasaryans became its ultimate beneficiary. These changes in the Ukrainian registry, among other things, confirmed Baghdasaryans’s Latvian citizenship.

According to Opendatabot, Athletics is far from a shell company: revenue for 2025 was UAH 1.963 billion, net profit UAH 44.95 million. Polintor, through which Arturs Baghdasaryans currently owns the Ukrainian company, is a Cypriot company where Baghdasaryans previously served as both director and secretary: Polintor Ventures Limited, HE 375463, registered in Cyprus on October 30, 2017.

Baghdasaryans’ Cyprus set

From the above, it’s clear that Arturs Baghdasaryans is far from a random character or a "one-time director"—he has several Cypriot companies under his belt, where he served as director and founder. This list is crucial for understanding that Arturs Baghdasaryans is, at the very least, a vital link between very serious players in the Russian and Ukrainian financial markets.

Therefore, it would be worthwhile to study his business biography. Apart from the aforementioned Ukrainian LLC "Athletics," no other traces of Arturs Baghdasaryans could be found in European or Russian registries. All his activities are concentrated in Cyprus.

And here, the list of companies (purely offshore shell companies, of course) in which Latvian citizen Arturs Bagdasaryans is involved is quite impressive. Especially considering his associates, among whom, surprisingly, are some very interesting individuals.

One of the older companies discovered is Polintor Ventures Limited, HE 375463, registered in Cyprus on October 30, 2017. It was already mentioned above in the context of the Ukrainian Athletics.

But there’s a much more interesting company: Concorde Investments (Cyprus) Ltd. In the official Disclosure and Market Discipline Report 2020, Baghdasaryans is listed as an Independent Non-Executive Director. Igor Mazepa also served on the board. The document also records that Baghdasaryans and Mazepa left the board on May 31, 2021. What’s so interesting about this company? Igor Mazepa. He’ll be discussed separately below. For now, just remember this fact.

Finally, in 2024, Trimgo Investments Limited, HE 457766, was established. The company was registered on March 19, 2024, and its directors include Arturs Bagdasarjans and Andrii Matiukha. Trimgo has already been mentioned above, and another of Bagdasarjans’ associates, Andrii Matiukha, is of particular interest here.

Andrey Matyukha, Igor Mazepa

Andriy Matyukha is a well-known figure among those interested in the gaming industry. He’s also quite the controversial one: Matyukha is primarily known for his connections to the Ukrainian gaming industry and the FavBet brand, which has been repeatedly implicated in investigations related to the Russian origins of his capital.

And then, suddenly, in 2024, Matyukha and Baghdasaryans were revealed to be directors of the same Cypriot company—Trimgo Investments. Initially, this information appeared on rather dubious sources, but it later turned out to be more than just journalistic speculation, but a proven corporate record.

It was this connection that investigative resources began actively discussing in 2025–2026. In publications, Baghdasaryans is presented as someone with simultaneous ties to both Trimgo and Broxner. And Broxner, as we recall, is taking the investigation in a completely different direction—toward a Russian focus.

But then another rather odious character emerges in the investigations: Igor Mazepa. He is a Ukrainian citizen and the founder of the investment company Concorde Capital. As we recall, in 2020, Baghdasaryans and Mazepa simultaneously served on the board of directors of Concorde Investments (Cyprus) Ltd.

It’s also important that this connection arose long before the current interest in Matyukha: Baghdasaryans and Mazepa served on the same council in 2020–2021.

And here the story takes on a rather coherent plot: after the Broxner story surfaced, all these coincidences suddenly cease to seem like coincidences.

Russian trace

In investigations conducted in 2024–2026, the Cypriot companies Broxner PLC, Venisat Technology, and Main Victory Corporation are linked to the business network of Boris Usherovich and Ilya Plotitsa: through this infrastructure, telecommunications equipment was supplied to Russia for Russian Railways and other Russian government agencies, despite sanctions restrictions.

The most interesting documentary element of this story is Lucycorp LTD. The company was registered in Cyprus in January 2023. Ilia Plotitsa is listed as its owner, director, and secretary. The registration documents list the following address for correspondence: Broxner Limited, Omirou 38, Pakova Center, Block A, Office 101, Limassol. This is the same address as Broxner.

Once again, the whole chain: Baghdasaryan is listed as the director of Broxner; Broxner is registered at Omirou 38 in Limassol; Plotitsa’s company, Lucycorp, used the same address as its correspondence address.

Is there a connection here? Of course, it could all be chalked up to a chain of coincidences, but that theory is highly questionable. Especially given Arturs Baghdasaryans’s entire corporate footprint.

What is the result?

Ultimately, Arturs Baghdasaryans, who surfaced in one investigation as the nominal director of a Cypriot company, is emerging as a key figure linking a Ukrainian business with a dubious background, a Russian business with even more dubious sanctions-evasion schemes, and a legitimate Ukrainian firm with significant turnover.

Let’s reiterate: Arturs Baghdasaryans’ corporate footprint includes Polintor, Concorde Investments, Broxner, and Trimgo. In one case, he works alongside Igor Mazepa, in another with Andrey Matyukha, while Broxner is caught up in investigations into the structures of Ilya Plotitsa and Boris Usherovich, linked to the Russian railway business and sanctions evasion.

The Ukrainian episode also adds weight to the story: in June 2026, Baghdasaryans appeared in the Ukrainian registry as the ultimate beneficiary of Athletics LLC, a large company with nearly two billion in annual revenue. Athletics’ owner was the Cypriot Polintor Ventures, a company with which Baghdasaryans has been associated since 2017.

It’s unlikely that Baghdasaryans found himself in this pivotal position purely by chance. Who is using him, and why, as a corporate stakeholder in various structures—from investment businesses to companies linked to Matyukha and the Russian business? And what connects Ilya Plotitsa, Boris Usherovich, Andriy Matyukha, and Igor Mazepa? What is Arturs Baghdasaryans doing, who only yesterday seemed like a mere figurehead, at the intersection of all these businesses, which involve highly interesting Ukrainian and Russian citizens?