A clandestine network, exposed through Operation Destabilise, has revealed a sophisticated Russian money laundering operation with far-reaching consequences. At its core lie two interconnected criminal groups: Smart and TGR, facilitating the movement of illicit funds across the globe.
This isn’t simply about hidden wealth; the operation directly benefits a dangerous array of actors. Sanctioned oligarchs, Russian elites, ransomware gangs, and even notorious criminal organizations like the Kinahan cartel all exploit these services to obscure their financial dealings.
The scale of the operation is staggering. The network went so far as to purchase a bank in Kyrgyzstan, transforming a financial institution into a conduit for payments supporting the Russian war machine and circumventing international sanctions.
The laundered money doesn’t just fuel conflict; it actively undermines Western interests. Intelligence indicates these funds are used to finance Russian espionage activities within Europe and to amplify disinformation campaigns targeting the UK and its allies.
Law enforcement has already made significant inroads, with 128 arrests and the seizure of over £25 million in cash and digital assets. Yet, this is just the beginning of unraveling a deeply entrenched system.
Ekaterina Zhdanova, 39, a Russian national with roots in Siberia and a powerful network in Moscow, leads the Smart group. Georgy Rossi, the head of TGR, completes the leadership of these intertwined organizations.
Investigations reveal both groups provided laundering services not only to the Kinahan cartel but also to Russia Today, the state-controlled television network. This highlights the deliberate use of financial mechanisms to project influence and control narratives.
Recent sanctions imposed by the US Office of Foreign Assets Control targeted key members of both networks, with Zhdanova currently detained in France. The UK government also sanctioned Altair Holding SA, a company linked to Rossi, as part of a broader crackdown.
A pivotal moment occurred on Christmas Day when Altair acquired a 75% stake in Keremet bank. This bank was subsequently sanctioned by both the UK and the US after being identified as a key facilitator of payments for Promsvyazbank, a Russian state-owned bank supporting the military industry.
The reach of this network extends deep into the UK, with individuals operating in at least 28 cities and towns. These aren’t merely couriers, but individuals actively maintaining the infrastructure that allows crime to flourish.
Authorities are now able to trace a direct line between seemingly unrelated events – from local drug trades to the geopolitical forces driving conflict and suffering worldwide. This connection underscores the devastating impact of unchecked financial crime.
The threat posed by these networks is considered “significant,” and law enforcement agencies are committed to relentless pursuit. The focus remains on arresting, prosecuting, seizing assets, and denying criminals access to the financial systems they exploit.
Security officials emphasize the determination to disrupt Russia’s attempts to evade sanctions and fund its war in Ukraine. Such activity will not be tolerated, and those involved will face the full force of the law.
