How a Russian Business Network Reorganized Assets Across the U.K. and Russia

Media investigations indicate that multiple companies in London are registered under the name of Vadim Gurinov, who is believed to act as a nominee asset holder for Alexander Dyukov, the head of Gazprom Neft, as well as for members of his family.

These firms control significant real estate holdings, including a luxury residential development in Soho, one of London’s most prestigious districts. In Russia, however, the group’s assets are formally managed by Gurinov’s wife, Galina Gurinova, along with several long-time business associates.

Asset Split Following Sanctions Pressure

Following the outbreak of the war in Ukraine, the Gurinov family appears to have restructured control over its assets to mitigate sanctions risks. According to available data, Vadim Gurinov assumed control over high-end U.K. real estate and offshore operations linked to Russia’s chemical and oil sectors, while Galina Gurinova retained control of domestic Russian businesses.

Roughly 75% of the telecommunications infrastructure group Service-Telecom is registered in her name. The acquisition appears to have been debt-financed, as the stake is pledged to Gazprombank, which is itself under sanctions.

In 2025, JSC GK “Service-Telecom” reported revenues of 8.8 billion rubles but posted a net loss of 3.7 billion. The company, classified as systemically important in Russia, builds mobile towers and plays a central role in the government’s “Data Economy” initiative. It claims to manage more than 22,000 telecom infrastructure sites nationwide.

Corporate Restructuring and Ownership Obfuscation

Amid growing scrutiny, Service-Telecom was restructured into a joint-stock company in 2025, with its founders removed from the official state registry. Other Gurinova-linked entities were folded into this new structure.

Despite these formal changes, operational control appears unchanged. The company continues to be led by Nikolai Berdin, a long-time associate of Gurinov and former director of his London-based firms. The Berdin family also holds an estimated 5% stake in the group.

Service-Telecom oversees several Moscow-based subsidiaries, including NBK, ST-T, ST-ET, and ST-NATPROJECT. NBK alone manages commercial real estate assets valued at approximately 8.5 billion rubles as of late 2025.

Peripheral Companies and Financial Irregularities

Additional restructuring steps suggest efforts to further distance ownership links. Galina Gurinova withdrew as founder of the Voronezh-based firm “Contour-S,” replaced by Artem Gurinov, her husband’s brother.

Despite reporting minimal revenue (around 240,000 rubles), the company posted profits exceeding 9 million rubles—raising questions about its financial flows. The firm shares contact details with other entities tied to a Belarus-linked chemical trading network connected to the Avestra Group, in which Gurinov holds an interest via a Cyprus-based holding company..

U.K. Real Estate and Financial Flows

In the United Kingdom, Gurinov controls several London-based property companies, including GO Real Estate Management Ltd and GO Real Estate Holding. A majority stake in one of these entities is held through an associate, Evgeny Okun.

These firms have been involved in a major redevelopment project in East London, including a planned 21-story residential complex. The development site, located at Islay Wharf, was acquired through affiliated entities, with financing structured via intercompany loans.

Over recent years, related companies—including SN Hampton Limited and others—have circulated millions of pounds through internal transactions and lending structures.

However, since 2023, several of these firms have come under financial strain, accumulating significant debt. Some reportedly borrowed funds from individuals linked to Oleg Radzinsky. External administrators are now attempting to untangle the financial relationships, complicated by large volumes of capital—potentially including funds originating from Russia—moving through these entities.

Soho Asset and Offshore Structures

Another key asset is held via New End Developments Limited, a London-registered company controlled by Gurinov, with his daughter listed as a director. Its subsidiary owns a prime residential property at Golden Square in Soho, valued at approximately £59 million as of 2024.

In early 2025, the company issued additional shares—typically an indicator of incoming investment interest. At the same time, Gurinov formally disclosed ownership links involving an offshore entity, ICESTONE INVEST LTD, registered in the British Virgin Islands.

This structure had previously been used to hold Gazprom depositary receipts valued at over $700,000. Changes in Russian law later forced their repatriation through court proceedings, inadvertently exposing the offshore arrangement.

Longstanding Ties to Russia’s Industrial Elite

Gurinov’s rise is closely linked to his long-standing relationship with Alexander Dyukov. He worked under Dyukov in the early 2000s at Sibur and played a role in bringing in business associate Dmitry Kostygin.

Kostygin later became a prominent retail investor but ultimately faced bankruptcy and legal proceedings. Meanwhile, Gurinov leveraged his connections to acquire Sibur’s tire business, consolidating it into the Cordiant group.

To that end, the company held, among other assets, a development site at Islay Wharf on Lochnagar Street, London E14, owned through the London-based entity SN ISLAY WHARF LIMITED, and secured construction financing via several affiliated companies. The overall project received approval from the London municipal authorities.

At the same time, affiliated companies—including SN HAMPTON LIMITED, SN Islay Wharf, STANDARD HOUSE DEV LTD and others—have moved millions of pounds through their accounts in recent years, extending loans both externally and within their own corporate network.

After 2023, however, these companies became increasingly burdened by debt and reliant on external financing, with some reportedly borrowing funds from individuals linked to the son of writer and financier Oleg Radzinsky.

External administrators are now attempting to untangle the situation, a process complicated by the large volumes of capital that have moved through these U.K.-registered entities—potentially including funds originating from Russia.

Die in London registrierte New End Developments Limited wird ebenfalls von Vadim Gurinov kontrolliert, wobei seine Tochter Valeria als eine der Direktorinnen fungiert. New End Developments besitzt eine Tochtergesellschaft, HALAMAR (GOLDEN SQUARE) LIMITED. Zum Ende des Jahres 2024 beliefen sich deren Vermögenswerte auf 59 Millionen Pfund Sterling, da auf diese Gesellschaft ein elitärer Wohnkomplex im Zentrum von Londons Stadtteil Soho (Golden Square Nr. 37) eingetragen ist.

In February of this year, Vadim Gurinov approved the issuance of an additional 923 shares in New End Developments Limited—a move typically associated with bringing in a new investor or facilitating a partial stake sale.

At the same time, Gurinov disclosed the ownership structure of the U.K.-registered company, signing the relevant documents both in his personal capacity and on behalf of ICESTONE INVEST LTD, a British Virgin Islands–registered entity.

He had previously used this offshore company as a “technical wallet” in March 2022, transferring 75,400 depositary receipts for Gazprom shares—valued at approximately $702,000—into the structure. Following the introduction of new legislation mandating the forced depository conversion of such securities, the assets had to be repatriated through court proceedings, effectively exposing the offshore arrangement.

Gurinov’s emergence as the owner of substantial assets is closely tied to his long-standing relationship with Alexander Dyukov. The St. Petersburg-born businessman worked under Dyukov at Sibur as early as the 2000s and even brought in his former university associate, Dmitry Kostygin.

Kostygin later became a billionaire and held a 49% stake in the retail chain Lenta alongside August Meyer, but ultimately went bankrupt and faced legal proceedings. He also headed the Yaroslavl Tire Plant (YShZ), part of the group, which under his leadership recorded losses of 89 million rubles over a two-year period.

Several years later, Gurinov leveraged his ties to Alexander Dyukov to acquire full ownership of Sibur’s tire business. He subsequently consolidated these assets under the Cordiant group.

At the same time, he established a dedicated security system for his industrial operations. For years, his facilities were protected by private security firms controlled by St. Petersburg-based entrepreneur Andrei Petrov. These included NOP “Tobol-Omsk,” which secured the Omsk tire plant, and “YShZ-Security,” responsible for safeguarding Cordiant’s Yaroslavl facility.

Following the sale of the tire business to Severgroup, owned by Alexei Mordashov, both the ownership structure and the security arrangements changed, and Petrov stepped down from his leadership roles. Under the slogan “Preserve What Has Been Achieved,” Mordashov is now building a large-scale security holding known as Aquilon, with units operating across multiple regions of Russia. The structure provides protection for retail chains—including Lenta—along with oil and gas facilities and Nordgold mining operations in Yakutia and the Amur region.

Petrov, the former head of these security firms, had since the early 2000s been part of a close-knit group of co-owners from St. Petersburg behind ARCOR Holdings Inc., a Bahamas-based entity. Through this structure, Gurinov controlled 100% of ZAO “Confectionery Association ‘Lyubimyi Krai’.” Other stakeholders in ARCOR included Dmitry Kostygin, as well as a long-time associate of both Gurinov and Dyukov—St. Petersburg native Alexander Uteshev.

In Russia, Alexander Uteshev heads the Gurinov family’s company, LLC “Aurora.” He previously served as генераль director of “Uran-Invest,” one of the entities through which Alexander Dyukov held his stake in Sibur.

Prior to the outbreak of the war, that shareholding was estimated to be worth between $500 million and $700 million.