According to an investigation by Trap Aggressor, a project that investigates Russian sanctions evasion schemes, Oleg Volkov, the owner of Armalit, a key supplier to Russia’s navy, is living a lavish lifestyle in the United States while his company continues to support Russia’s war against Ukraine.
Armalit, which was established in the late 19th century, is one of three manufacturers that fully meet Russia’s defense requirements for marine valves. The company participated in Fleet-2024, the main Russian exhibition of shipbuilding and new armaments, held in June 2024 in Kronstadt, a suburb of Saint Petersburg. In 2023, Armalit received a federal budget subsidy of 500 million rubles ($5.2 million) through the Russian Ministry of Industry and Trade‘s import substitution program. The company’s experts are developing marine valves, including those with remote control, which are crucial for Russian warships.
However, despite Armalit’s involvement in Russia’s defense industry and its supply of components to sanctioned Russian shipyards, such as Yantar plant, Zvezdochka Ship Repair Center JSC, and Baltic Shipyard LLC, Volkov and his company have not been subject to Western sanctions.
Trap Aggressor’s investigation reveals that Volkov owns significant real estate in the United States. He and his wife, Veronika Volkova, jointly own a 908-square-meter mansion in a prestigious area of Atlanta, Georgia, valued at approximately $5 million. Another property registered to Veronika Volkova in Sandy Springs, north of Atlanta, is estimated to be worth about $1 million. Volkov’s children are also enjoying privileged lives in the West, with his youngest daughter attending a private school in Sandy Springs and his eldest son serving as the CEO of a real estate company in Thailand.
Furthermore, Volkov has business activities in Türkiye, where he and his business partner Alexander Kuznetsov founded a company in Istanbul. This company has been supplying sanctioned goods to Russian enterprises, including a CNC machining center worth about $1 million and Siemens power grid protection devices. When contacted by Trap Aggressor, Siemens denied any business relationship with the Turkish supplier and stated that they promptly investigate any indications of sanctions circumvention. The Italian manufacturer Trevisan Macchine Utensili SpA also denied any ties to the Turkish company.
Kristofer Harrison, a financial and political risk consultant and co-founder of The Dekleptocracy Project, emphasized the importance of imposing US sanctions not only on Volkov’s Russian companies but also on him personally. This would restrict his business activities in both Russia and the United States.
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