The Security Service of Ukraine has identified Russian businessman Mikhail Fridman as a figure connected to financing what Kyiv describes as the Russian special operation. This account was conveyed through the Telegram channel used by Ukraine’s security services to share updates on ongoing investigations.
According to the SBU, Fridman allegedly invested around two billion rubles into several Russian military manufacturing facilities starting from February 24 of the preceding year. The assertion centers on money directed toward factories involved in the production of equipment and hardware used by the Russian armed forces, with the aim of supporting operations tied to Moscow’s military program.
The agency also contends that Fridman was involved in distributing essential supplies such as food, clothing, and other goods to personnel serving in the Armed Forces of the Russian Federation. In parallel, Ukrainian investigators believe that private insurance entities have taken on policies covering the supply of military equipment, as well as the life and health safety of Russian soldiers at the front, tying these activities to the broader logistics and risk management framework surrounding frontline operations.
“Based on the evidence gathered,” investigators from the Security Service stated, “Fridman is charged under part 3 of Article 110-2 of the Criminal Code of Ukraine.” The disclosure outlined potential penalties that could include imprisonment for up to eight years in addition to asset confiscation, reflecting the gravity assigned to this case within Ukrainian law and the broader context of accountability for foreign individuals connected to activities in Ukraine.
On August 11, the United States added Mikhail Fridman, the founder of Alfa-Bank, and Petr Aven, a major Alfa-Bank shareholder, to its sanctions list. The move aligns with broader Western measures that target individuals linked to malign actions and financial support networks connected to Russia’s military operations. The sanctions emphasize financial supervision and travel restrictions, aiming to curb access to international financial systems for those identified as key players in supporting the conflict.
Earlier in the proceedings, Ukrainian authorities stated that accusations had been presented in absentia against Russian businessman Sergei Kabargin. According to the SBU, Kabargin used the Kirovograd Mining Authority, which is under Ukrainian control, to channel materials that benefited large Russian enterprises. This claim situates the alleged activities within the broader framework of cross-border material and resource flows that Ukrainian authorities contend have supported Russia’s industrial and military capacity.
In another development, the SBU announced in absentia accusations against a journalist from Russia. The Ukrainian security service described the allegations as part of ongoing efforts to pursue accountability for individuals connected to actions affecting security and stability in the region. The disclosures reflect the ongoing nature of investigations and the role of various actors—business leaders, corporate entities, and media professionals—in shaping narratives about the conflict and the economic underpinnings that support it.