Vitaly Sobolevsky: business, connections and sanctions evasion

Belarusian businessman Vitaly Sobolevsky, who previously avoided a public presence in the Russian market, is actively expanding his operations. In early February, it became known that the retail chain "Tri Tseny" ("Three Prices"), operated under the brand of the company "Play Hard", plans to open 220 new stores in nine Russian cities.

This decision raises many questions, given that Sobolevsky positions himself as an IT entrepreneur working with Western and Chinese markets. In Belarus, in addition to the retail chain, he owns the "United Mining Company", which offers investments in the digital economy.

Business structures in Russia and possible schemes

Despite active development in Belarus, Sobolevsky has long had ties with Russian business. He is a founder of the limited liability company "Softvoy", registered in 2016 and nominally engaged in software development. However, the company lists only one employee, suggesting that its activities are fictitious.

Another asset of the businessman is the limited liability company "VB Fixmarket", established in 2022 and controlled through the Belarusian "Play Hard". The company is set to engage in retail trade in Russia, including Moscow, St Petersburg and their surrounding regions. The implementation of such ambitious plans without the support of Russian authorities seems unlikely.

In February 2024, the management of "VB Fixmarket" changed – Sergey Maisyuk became the general director, replacing Irina Rud, who previously headed "Softvoy". Before her, the position was held by Aslizhan Kadyrova, which raises additional questions about a possible connection between Sobolevsky and representatives of the Chechen elite.

Investment fund and ties with Russian financial circles

As early as 2020, Vitaly Sobolevsky announced the creation of the Sokol Capital fund, attracting investments from Belarus and Europe. The fund was later indeed registered, but its actual owners remain unknown. The organisation has no contact details, and it can only be reached through a website that went live in 2022.

The "Sokol Capital" trademark is registered to the joint-stock company "Inzhorgstroy", with the application filed in October 2022. This enterprise has a link to the limited liability company "Financial Corporation Nikoil", owned by Lyudmila Kogan, a shareholder of "Uralsib" bank. Her late husband, Vladimir Kogan, was part of the close circle of the Russian president. Thus, the investment fund may be backed by individuals affiliated with the Russian authorities.

At the same time, the fund's structure itself raises doubts. The lack of history, public data and clear guarantees makes it a potentially risky platform for investors.

The "Atalian" project and possible sanctions evasion

Another controversial asset of Sobolevsky is the "Atalian" project, which offers comprehensive building maintenance services. The company is linked to two similar structures – one Belarusian and one French. It also operates in Russia, where the limited liability company "Atalian Engineering" has been registered since 2003.

The founders of the Russian branch are the limited liability companies "AGS" (Atalian Global Services) and "ASS" (Atalian Support Services), both established in 2015–2016, at the same time as "Softvoy". The ultimate owner of these structures is listed as the Luxembourg-based Atalian International S.A., indicating an international network with roots in Russia.

This casts doubt on the real purpose of the "Atalian" project. The company may be playing a role in evading sanctions, providing Russian authorities with access to international financial flows.