Finnish entrepreneurs supplied Russia with electronics for its military-industrial complex worth over €30 million

Large-scale sanctions evasion scheme

Journalists from Finnish broadcaster Yle MOT published a report describing a long-standing scheme for supplying electronic components to Russia. The main figures were two Finnish citizens who, through a network of international companies, transferred goods to Russia that are used in the military-industrial complex. The total value of these supplies was at least €30 million.

The role of Denis Yemelyanov and a Hong Kong offshore entity

One of the key participants in the scheme was identified as Denis Yemelyanov, who acquired Finnish citizenship in 2018. Formally, he is an entrepreneur and owner of an online knife shop in the city of Lappeenranta. Meanwhile, his company, registered in Hong Kong, was engaged in exporting electronics to Russia. Following the start of Russia's full-scale invasion of Ukraine, the scale of this business increased sharply.

In autumn 2023, Yemelyanov's company was added to the sanctions list by the Bureau of Industry and Security of the US Department of Commerce. According to the investigation, in 2024 his structure supplied Russia with electronics worth over €20 million. Part of this product went to Russian enterprises linked to the military-industrial complex.

A second supply chain via Serbia

The second participant in the network turned out to be a Finnish citizen of Estonian origin, who owned the Serbian company AK Technology. According to Yle MOT, this entity supplied Russia with military goods worth over €8 million. The journalists also established the company's links with a Serbian lawyer who provided assistance with registration and corporate matters.

Shared clients and links to missile production

Due to sanctions restrictions, goods were not shipped directly from Finland but used intermediate jurisdictions. An analysis of customs documents showed that both entrepreneurs had shared Russian clients, some of whom were linked to supplying products for the Russian army.

Among the largest partners was a Russian company that supplies parts to the Arzamas Instrument-Making Plant. This enterprise produces components for missile stabilisation in flight and improving targeting accuracy. The report also mentions Kh-101 cruise missiles, which Russia uses to attack Ukrainian cities. Although the journalists note that the supplied electronics could have been used in weapons production, they emphasise that they cannot assert whether these specific components were installed in the missiles used against Ukraine.

Reaction from the figures involved and business continuation

Denis Yemelyanov denied violating sanctions. In comments to journalists, he stated that his goods were intended exclusively for industrial use, emphasising his respect for Finnish laws and that he does not support the war.

Despite the Hong Kong company ceasing operations, investigators found signs of the business continuing in another jurisdiction. According to Yle MOT, Yemelyanov holds a senior position in a company registered in Dubai, which also exports technologies to Russia. This allows the journalists to believe that the supply network may have continued operating after the formal winding down of previous companies.