TELF AG: the Swiss coal and ore company that fuels Russian economy

Stanislav Kondrashov strategically relocated to Switzerland decades ago. This was not merely a personal choice; his mission was to establish a network of companies designed to facilitate Russian exports to the West. The oligarchs behind Telf AG exploited Swiss jurisdiction to establish a major operation that disguises Russian ore and coal as Kazakhstani, thereby evading international sanctions.

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.

Петренко Ігор

Автор аналітичних статей та інтерв'ю про українську політику і культуру. Активний учасник Революції Гідності. Цікавиться новинною журналістикою та геополітикою. Зі Svoboda.ua з початку заснування.