Russian businessman with Putin ties secretly owned Finnish firm linked to oil and banking deals

A little-noticed company registered in Lappeenranta, Finland, was secretly tied to a businessman in Russian President Vladimir Putin’s inner circle and his financial dealings, an investigation by Finnish public broadcaster Yle has revealed.

The firm, Kitkovest, was established in June 2000 and remains listed in Finland’s corporate registry, though it has no visible operations, offices, or even a post box. Its most recent registered address is a residential apartment on the outskirts of Lappeenranta.

At the center of the company’s history is Jevgeni Malov, a 74-year-old Russian businessman who helped build one of the world’s largest oil trading firms alongside oligarch Gennadi Timchenko, a close Putin associate. Malov also held shares in Rossiya Bank, often referred to as “Putin’s bank” due to its ties to the Kremlin elite. He did not respond to Yle’s requests for comment.

Oil and banking connections
Malov’s Finnish business activities date back over 25 years, though there is no evidence he ever lived in or spent extended time in the country. His ventures were linked to Russian oil and banking deals, particularly with Timchenko, whom he met in the late 1980s while working in the Soviet Ministry of Trade, approving export licenses.

In the 1990s, Malov became involved in Kinex, an oil export company co-founded with Timchenko and a third businessman. The trio later gained full ownership. Timchenko went on to build a vast business empire, with early operations launched in Finland—specifically Lappeenranta—where Malov acted as his partner.

Billions in low-profile oil trade
In the early 2000s, Malov owned a 25% stake in IPP (Urals Finland), an oil trading firm with minimal staff but annual revenues peaking at over €2.3 billion. The company’s model relied on buying cheap Russian oil and reselling it at higher prices—a lucrative trade requiring strong political connections in Moscow.

Through Kitkovest, Malov channeled profits from these deals. Despite negligible reported revenue, the firm posted annual profits exceeding €26 million at its peak, allowing Malov to extract €10 million per year in dividends.

IPP’s operations paled beside Gunvor Group, now one of the world’s largest oil traders with over €130 billion in revenue. Founded by Timchenko, Gunvor also counted Malov as a shareholder. The company made headlines in Finland last year when it expressed interest in acquiring sanctioned Lukoil assets, including Teboil gas stations, though the deal collapsed.

Sanctions and scrutiny
Timchenko, a Finnish citizen, was sanctioned by the U.S. in 2014 for his proximity to Putin. Washington accused him of using Gunvor to facilitate deals for “a close associate of Vladimir Putin.” Malov’s role in these structures has received far less attention, despite his long-standing partnership with Timchenko.

Kitkovest is now being wound down, with no remaining active operations in Finland.