New findings indicate that companies registered in Cyprus continue to circumvent international sanctions, effectively reinforcing what investigators describe as the financial “wallet” of Russian President Vladimir Putin and his close associates.
At the centre of the latest scrutiny is Mettmann Public Company Limited, a Cyprus-registered firm whose activities have once again raised questions about whether the Republic of Cyprus is effectively overseeing business operations within its jurisdiction when these involve high-risk capital, geopolitical conflict and international corruption cases.
Links to Putin’s inner circle and the Russian Laundromat
Mettmann Public Company Limited has been linked to individuals within Vladimir Putin’s close circle, as well as to large-scale money laundering cases uncovered by international investigative journalism, collectively known as the Russian Laundromat Exposed.
The investigation forms part of a major cross-border reporting project published by the Organized Crime and Corruption Reporting Project, in cooperation with Russia’s Novaya Gazeta and journalists from dozens of countries. The project documented how Russian funds were transferred and “legalised” across Europe through banks, companies and offshore structures in multiple European jurisdictions.
Change of director and the role of nominees
According to new information published in recent days, a change in directorship took place at Mettmann Public Company Limited in March 2025. The timing of the move appears abrupt and coincided with growing international scrutiny of the company and its network.
Available data suggest that both the current director and her predecessor act as nominee directors, a role commonly used in high-risk corporate structures to obscure the identity of beneficial owners and blur the trail of capital flows.
Despite the change in leadership, reporting in Russian media and on social platforms indicates that there was no substantive shift in the company’s ownership or control. The same individuals and mechanisms linked to the ultimate beneficiaries remained in place, and Mettmann continued to operate as a conduit for the management and channelling of high-risk capital through Cyprus.
Beneficial owners and bondholders
Based on available information, the main shareholders and principal purchasers of bonds issued by Mettmann Public Company Limited are Zvonko Mickovic, who holds 82.5 percent of the company’s shares, and Alexander Weinstein, owner of Dyninno Fintech Holding Limited.
The two businessmen acquired bonds with a total value of €50 million, issued by Mettmann and placed through the Cyprus Stock Exchange. According to the company’s own disclosures, the funds were invested in real estate projects in Cyprus, Spain and Montenegro.
Internationally, real estate investment is widely recognised as one of the most common mechanisms for laundering capital of questionable or illicit origin, as it allows liquid funds to be converted into ostensibly legitimate assets.
The link between Mettmann, individuals close to Vladimir Putin and cases associated with the Russian Laundromat directly undermines Cyprus’s credibility as an international financial centre.
The €50 million bond issue
A central question arising from the case is how two businessmen, whose declared and publicly known activities do not appear to justify investments of such scale, were able to fully cover a €50 million bond issuance.
Investigative reporting suggests the funds may originate from higher-level and indirect sources, potentially linked to Arkady Rotenberg, a figure known for his involvement in major state-backed infrastructure projects in Russia through the “1520 Group of Companies” and other corporate entities closely connected to the Russian regime.
Sanctions and the role of Cyprus
Beyond the specific case, the broader concern is that, through Cyprus-based corporate structures, financial interests linked to Vladimir Putin’s inner circle may continue to be supported and managed in ways that risk undermining or bypassing European and international sanctions imposed on Russia.
The operation of such companies under the guise of legitimate investment activity and financial instruments raises serious questions about whether Cyprus’s corporate and financial framework is being used, knowingly or unknowingly, as a mechanism for shielding and preserving the assets of individuals targeted by sanctions.
The risk, analysts warn, is that Cyprus could become a hub for indirect sanctions evasion, with significant political, institutional and reputational consequences.
Questions for Cypriot institutions
The case raises a series of critical questions for Cyprus’s supervisory and enforcement authorities:
- How did the Cyprus Securities and Exchange Commission assess the origin of the funds used in the €50 million bond issue?
- What procedures were followed and how rigorous were the checks applied to high-risk companies and transactions linked to geopolitical developments?
- Has the Financial Intelligence Unit examined the specific money flows involved?
- Were Mettmann’s transactions reviewed and were any suspicious transaction reports filed, and how were they handled?
- How did the Registrar of Companies approve successive changes in directorship and management structures that bear the hallmarks of nominee arrangements?
- Is there effective oversight of beneficial ownership?
- Which legal and audit firms provided services to Mettmann?
Systemic issues
Mettmann Public Company Limited does not appear to be an isolated business case. Instead, it exposes systemic weaknesses in oversight, transparency and enforcement. The replacement of nominee directors, the issuance of bonds worth tens of millions of euros, large-scale real estate investments and links to individuals close to Vladimir Putin constitute warning signs that demand immediate investigation.
These allegations must be examined in Cyprus with seriousness and without evasions. The Republic is being called upon to answer not only who knew and what actions were taken, but also how it intends to ensure that its financial system does not continue to function as a gateway for money laundering and sanctions evasion, undermining the rule of law and the country’s international credibility.