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- Russia's President Putin’s wallet: Who is Ruben Vardanyan?
Russia's President Putin’s wallet: Who is Ruben Vardanyan?
Vardanyan was a leader of the separatist movement in Karabakh, and an enemy of Ukraine with Iranian ties
Ruben Vardanyan, a former state minister of the unrecognized Armenian enclave in Azerbaijani territory, was arrested on September 27th by Azerbaijani security services.
His name is constantly mentioned as being tied to Karabakh, but in reality, Vardanyan’ story is much more sinister than just that of a former separatist leader.
Far away from the Caucasus, in Ukraine, Vardanyan is wanted by the Ukrainian Secret Service (SSU).
On June 17th, his profile was published in the Ukrainian database “Myrotvorets,” which lists accomplices to the Russian aggression. Vardanyan is designated as a “person subject to immediate arrest and handing over to law enforcement agencies of Ukraine or NATO countries.”
The reason for blacklisting him is the fact that he held positions in "the top management of a major Russian company involved in the material support (transport, logistics and others) of actions aimed at undermining or threatening the territorial integrity, sovereignty and independence of Ukraine".
Before that, Vardanyan was placed on the Ukrainian government's list of sanctioned people for his role as a board member of the Russian air cargo company Volga Dnepr, which plays a major role in Russian military air transport.
But this does not sum up his deep and extensive connections with the Kremlin. From 2005 until 2022, Vardanyan held positions in the “expert council” under the President and the Government of the Russian Federation — positions accessible only to Putin’s inner circle.
Vardanyan also ran the investment bank Troika Dialog, which became a part of Sberbank of the Russian Federation in 2011.
In March 2019, 22 European Parliament members urged the President of the European Commission to investigate Vardanyan. One of the richest people in Russia, he had amassed his huge wealth in Moscow through companies that today are under Western sanctions.
The European MPs quoted the Organized Crime and Corruption Reporting Project’s (OCCRP) investigation about
billions of euros laundered by Vardanyan for Putin's inner circle. He had a nickname — Putin’s wallet — and his motherland — Armenia — served as a hub for many of his dubious financial activities.
In 2022, 46 members of the U.S. Congress called to impose personal sanctions on him, along with Putin and all the members of the Russian government, as well as a few oligarchs.
"Vardanyan, one of the richest men in Russia, close to Putin... He is accused of laundering money through offshore companies and transferring funds to trusted friends of Putin," noted The Washington Times.
According to the publication, he also has ties with Tehran, which supports Moscow’s regular bombings in Ukraine. "His ties with Iran can be traced through the Russian Gorchakov Foundation, which organizes events in different countries, including Armenia, with the participation of speakers approved by the government of Tehran".
One of those speakers is his friend Ehsan Movahedian, an analyst from Tehran International Studies & Research Institute, who is well known to the Israeli media for his antisemitic stance which he mixes with his hatred towards “the Zionist agent,” Azerbaijani President Ilham Aliyev. Movahedian is the one who published an antisemitic cartoon depicting Aliyev with a huge nose and side locks, wearing a yarmulke, which circulated in Iranian media.
His ties to Russia didn’t go away when, in 2022, he publicly renounced his Russian citizenship in order to escape sanctions, and went to work for Putin in the separatist enclave.
Unlike plenty of people who, upon renouncing their Russian citizenship, lost their assets, businesses, and access to bank accounts, Vardanyan somehow managed to keep everything — all while keeping his money from being targeted by sanctions.
He also managed to land the post of State Minister of Artsakh, no small feat for a supposed nobody, whose only connection to the separatist enclave was his Armenian citizenship.
This peculiar bit of political luck was publicly noted by British MP Bob Blackman: “Ruben Vardanyan, a Russian oligarch of Armenian origin, has been parachuted into Karabakh, apparently by Russia, and given a ministerial role.
We need to understand that this is someone who is sanctioned as part of Russia’s involvement in Ukraine, and it is believed that Russia is thereby trying to reinforce its capability in terms of its war effort. His companies have been well-used and well-involved in the whole process of expanding the military presence in Ukraine and Nagorno-Karabakh.”
The motive behind his installation was later revealed as a scheme to infiltrate Armenian politics, with aspirations of running for the presidency. This move aimed to enable the Kremlin to assert control over Armenia's policies by installing a leader of its own choosing.
Armenia holds immense strategic significance for Russia and its ally, Iran. When the West imposed severe sanctions on Moscow, disrupting the flow of crucial goods — particularly microchips which are essential for advanced weaponry. — Russia sought alternative sources for these vital components. Microchips are the lifeblood of modern warfare, and Armenia emerged as a major supplier.
However, Vardanyan's departure from the separatist enclave became necessary as Western media intensified its scrutiny.
Nonetheless, he continued to wield considerable influence, serving as a key instrument through which the Kremlin maintained control over the region. This allowed the Russian peacekeeping force, stationed on Azerbaijani territory, to function as the de facto authority and pose a persistent challenge to Azerbaijan.
This has ended with his capture. As it looks right now, the Kremlin has lost interest in Vardanyan’s future. Or, it doesn’t believe that he has one.