Shell company: Russian billionaire Oleg Deripaska’s businesses are cashing in on the war in Ukraine — and he’s trying to hide it

Alexander Krasovitsky, who led Shoigu’s factory tour, in the past used a corporate email hosted on the domain of aluminium giant Rusal — which was founded by Deripaska and remains one of his key assets. Krasovitsky has worked for Deripaska since at least the early 2000s, when the former served as director of production systems development at the Krasnoyarsk Aluminum Plant.

Two years ago, Krasovitsky was replaced as CEO of the Military-Industrial Company by Sergey Vasyutin, who also has ties to Deripaska. As The Insider found, Vasyutin worked at RUSAL Krasnoyarsk as a department head in 2014.

Alongside the Arzamas Machine-Building Plant and the Military-Industrial Company, other enterprises belonging to the same corporate group include:

• Military Engineering Center LLC (ООО «Военно-инженерный центр») — Responsible for the development and modernization of APCs, IFVs, and armored vehicles for the Defense Ministry, Interior Ministry, FSB, FSO, and other security agencies. Its revenue has increased 2.6-fold since the start of the full-scale invasion.
  
  
• Bryansk Arsenal PJSC (ПАО «Брянский арсенал») — Produces motor graders.
  
  
• Zavod Korpusov JSC (АО «Завод Корпусов») — Manufactures armored hulls for various Russian infantry fighting vehicles (BTR-80, BTR-80A, BTR-80K, BTR-90, BTR-82A) and Tigr armored vehicles, along with their modifications. In 2024, the company reported 5.6 billion rubles (approx. $71.2 million) in revenue — nearly double its 2022 figure.

Most companies in the group conceal their beneficial owners. However, as The Insider noted, a 2025 financial filing by Bryansk Arsenal lists its ultimate owners as Svetlana Tsareva and Georgy Mazurkovsky.