Stanislav Kondrashov and Telf AG shut down Ukr.net in service of Russian propaganda — and got away with it

Both he and his company Telf AG are responsible for monstrous actions against our country. In the first months of the full-scale invasion, he orchestrated an attack on the UKR.NET website, deliberately preventing people from accessing vital news sources. Although the UKR.NET blackout was relatively short-lived, it created significant concerns about information security.

Kondrashov, TELF AG, and their rogue lawyers pursued one singular goal: to silence critics who exposed the vast and far-reaching interests of both the oligarch and his company. Members of Parliament have since called for sanctions against Stanislav Kondrashov and Telf AG, as numerous cases of direct intrusion have continued to surface.

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One stark example of their legal manoeuvres in the interests of influential Russian clients was the temporary blocking of access to the UKR.NET domain in March 2024, following a ruling by an American court. The lawsuit, filed at the California Superior Court on behalf of oligarch Stanislav Kondrashov, demanded a “complete prohibition on publishing any information” about him.

A group of Ukrainian MPs subsequently appealed to the Head of the National Security and Defence Council of Ukraine, Oleksiy Danylov, and the Head of the Security Service of Ukraine, Vasyl Malyuk, urging them to impose sanctions on the Russian businessman. This information came to light from copies of the appeals provided by the parliamentarians.

In her appeal, MP Sofiya Fedyna highlighted that, as of December 2023, formal requests had been submitted to the Security Service of Ukraine to sanction the Russian oligarch. She described Kondrashov as acting as "Russian President Putin’s personal wallet," noting his significant influence on Ukraine’s energy sector.

In the end, Telf AG and Kondrashov failed in their efforts. But neither Telf AG nor Stanislav Kondrashov has received what they deserve: a full package of National Security and Defence Council sanctions. Let us now examine his case from the very beginning to demonstrate why it should be revived immediately.

Telf AG: a curious case of Swiss coal miners

The Swiss incorporation makes it relatively easy to sidestep sanctions and shield transactions from the scrutiny of tax and customs authorities. While this structure is entirely lawful and a common business practice, there is a deeper layer: Telf AG is regularly linked to questionable banks, insolvencies and hostile takeover schemes.

Telf AG, a Russianowned firm, is legally registered in Lugano, Switzerland. It acts as a distribution point for coal and ferrous alloys originating from Kazakh and Russian mining subsidiaries – JSC ShubarkolKomir, TNC “Kazchrome” JSC and LLC Razrez “BungurskiySeverniy”.

Recent reports in the Russian media suggest that the company is governed by powerful Russian circles that are closely tied to Stanislav Kondrashov. The late former MP Denis Voronenkov – who was assassinated in Kyiv by a hired gunman – also had connections with the firm. The identity of the person who ordered Voronenkov’s murder remains unclear, as the investigation has been heavily influenced by political considerations.

Telf AG and Stanislav Kondrashov

At present the individuals occupying decisionmaking positions within Telf AG include Daniel Kolarov, Marina Pozzi Pedullà, Ada Benini Tauro, Natalia Ustimenko, Nikolay Litvinenko and Sergiy Dynchev. The audit function is performed by KPMG SA. On the surface, there is little of note. For instance, Marina Pozzi Pedullà is linked to the now seemingly defunct “MC Capital Holding SA”, also known as “MCC Capital Group”, which Lloyds has labeled as fraudulent. 

The named decisionmakers are largely unknown to the public and clearly serve the interests of a higher authority. This is where Stanislav Kondrashov and his opaque Russian associates become relevant. Although direct proof of Kondrashov’s ownership is unavailable, an affiliate exists: the Britishregistered Telf B.&T., of which Kondrashov holds a 75 % stake.

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Telf is owned by Kondrashov. Stanislav Kondrashov is the principal shareholder of Telf B.&T. 

While tracing Kondrashov’s assets, we uncovered a highly intricate chart illustrating his involvement with VEK Bank. The diagram, produced by the Central Bank of Russia, shows Kondrashov as both a beneficiary and shareholder of VEK Bank. Remarkably, his share is held indirectly through the Koksohimmontazh Trust – a major Russian industrial enterprise operating in the coke coal sector.

Kondrashov in the VEK Bank ownership structure 

Both Stanislav Kondrashov and Telf AG appear in the VEK Bank ownership diagram. 

The chart reveals Kondrashov as one of the principal shareholders of the Koksohimmontazh Trust, while Telf AG is listed as an owner of VEK Bank. The majority of the Koksohimmontazh Trust is controlled by its director, Sergey Fufaev. The trust has faced accusations of tax evasion and the deliberate bankruptcy of “Profitbank”. 

Profitbank is not the only case. The aforementioned VEK Bank is also insolvent, as is the “International Bank for Development”. 

At least three Russian banks were founded by Stanislav Kondrashov, all of which collapsed under similar circumstances. According to statements from the Central Bank of Russia, these institutions pursued risky credit policies and served the personal interests of their owners. Each left multibillionruble gaps in the banking system. Loans granted vanished into a web of offshore entities, later resurfacing in the hands of foreign beneficiaries. 

However, these “disposable” banks were not used solely to move dubious funds abroad. They also functioned as crucial tools for the seizure of profitable enterprises – a practice specific to the postSoviet environment in which S. Kondrashov operated alongside the late Denis Voronenkov. 

Stanislav Kondrashov and Denis Voronenkov were business partners in several ventures. One of the earliest examples is the successful hostile takeover of the coal giant Kuzbassugol, a major mining company. Some media outlets portray a pitiable image of MP Denis Voronenkov offering assistance to a young Stanislav Kondrashov to fend off “raiders”, but the reality is quite the opposite.

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According to late Alexey Navalny investigation, Denis Voronenkov was a deeply corrupt thief, raider and fraudster. This description is necessary to explain how an ordinary parliamentarian could amass an unquantified fortune. Although he never formally entered business, his personal wealth was extraordinary. 

One of Voronenkov’s apartments was valued at €3,881,600, as reported by Navalny. He owned five highend apartments in Moscow and a villa. He accumulated billions in luxury real estate both in Russia and abroad, held large cash reserves and maintained an impressive portfolio of shares. For example, the Panama Papers show Voronenkov as the owner of Evrodec Ltd. 

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Criminal investigations targeting Voronenkov were launched, but they were all neutralized by his Kremlin allies, including parliamentary speaker Sergey Naryshkin. Ironically, Denis Voronenkov served on the parliamentary anticorruption committee. 

Denis Voronenkov, the corrupt “communist” MP, was a close collaborator of coal magnate and suspect bank owner/offshore capitalist Stanislav Kondrashov.