“Canned goods” from Riga: Russia’s elites, oligarchs, and military contractors are quietly dodging sanctions in Latvia

Several Russians are listed as the minority shareholders of Rietumu Banka — one of Latvia’s largest banks. The Insider identified Oleg Belkov, co-owner and CEO of the “Bell” shipyard (ООО «Судостроительная Верфь “Бэлл”»), which manufactures Russian military vessels. Prior to his role at Bell, Belkov headed another shipbuilding plant — “Vympel” — which also specialized in military boats. Last year, however, a Russian court handed Belkov a three-year suspended prison sentence for the “contraband of military equipment” — he had illegally transported two patrol boats to the UAE, intending to sell them.

Yury Korkishko, a Russian with a 16% stake in the Latvian company Fiber Optical Solution, is the co-founder of Optolink RPC LLC (ООО НПК «Оптолинк») which was sanctioned by the U.S. in July 2023. Optolink mass-produces high-precision fiber-optic gyroscopes used in navigation systems. One of Korkishko's clients is JSC NPO “High-Precision Systems”, a leading Russian weapons manufacturer specializing in tactical ballistic missile systems including the Iskander-M and Pantsir-S1, as well as the Kornet man-portable anti-tank guided missile. Other Korkishko clients include the Kalashnikov Concern, along with the Ural Optical-Mechanical Plant, which makes optical tracking systems for combat aircraft.

Until the end of 2023, one of the owners of the Latvian company VS Energy Latvia — which held energy assets in Ukraine — was German citizen Marina Yaroslavskaya, the wife of Yevgeny Giner, president of Moscow’s CSKA football club and one of the partners of Rostec, Russia’s sprawling state-owned defense corporation. Giner holds a 49% stake in Technopromexport — a Rostec subsidiary that has been involved in several large-scale infrastructure and energy projects, including the construction of power plants in Iran. VS Energy Latvia’s current beneficiary is Valt Vīgants, who previously managed operations linked to State Duma Deputy Speaker Alexander Babakov.

The Insider has verified that Ivan Sadchikov, a key figure in corruption schemes linked to the Tactical Missiles Corporation, still owns a house in the Latvian village of Amatciems. These schemes involved his partnership with Rostislav Zorikov, the son-in-law of the corporation's head, Boris Obnosov.

Sadchikov’s wife Svetlana is the daughter of the late former Russian Deputy Prime Minister Sergey Prikhodko. According to data obtained by The Insider, Svetlana Sadchikova continued making trips to the EU via Lithuania even after Russia launched its full-scale invasion of Ukraine. A previous investigation by The Insider identified the family’s luxury property holdings in France.

The military-criminal oligarchs Iskandar Makhmudov and Andrey Bokarev remain shareholders of the Riga Electrical Machine Building Works (RER). Customs statistics obtained by The Insider reveal that products from the Riga plant are now being shipped to Russia not only directly, but also via Turkey in cases where sanctions prevent goods from moving across the border unimpeded.