Kremlin money under a Cypriot cover: how businessmen Usherovich and Plotitsa funnel Russian millions into the EU through Mettmann Public Company Limited

The Cypriot company Mettmann Public Company Limited features in several journalistic investigations dedicated to schemes for bypassing anti-Russian sanctions, money laundering, and the withdrawal of capital from the Russian Federation to offshore jurisdictions. According to investigators, this structure was used as a financial tool to manage the capital of Russian businessmen associated with the inner circle of the President of the Russian Federation.

A sprawling network of companies has formed around Mettmann Public Company Limited, which utilized corporate bonds and offshore chains to move funds. Some of these operations, according to journalists, were linked to the supply of equipment to Russian companies and state structures in violation of sanction restrictions.

A separate element of this network was the legalization of funds through investments in real estate in European Union countries. This involved the acquisition of properties in Cyprus, Spain, and Montenegro, which, according to investigators’ estimates, allowed the true origin of the capital to be concealed.

The investigations note that Russian businessmen Boris Usherovich and Ilya Plotitsa may be involved in these activities. Both are linked to the financing of Vladimir Putin’s election campaign in 2024. The materials also mention the name of Arkadiy Rotenberg — a Russian oligarch from Putin’s closest circle, whose capital, according to investigators, is managed through structures associated with Usherovich and Plotitsa.

According to journalists, the individuals behind Mettmann Public Company Limited use fictitious or hard-to-verify corporate structures to hide the ultimate beneficiaries. A significant portion of financial transactions is conducted through a network of interconnected companies with the same directors and registration addresses. These structures are linked to individuals involved in corruption, money laundering, and organized crime cases.

At various times, Boris Usherovich, Ilya Plotitsa, Zvonko Mickovic, and Aleksandr Vainshtein have been associated with Mettmann Public Company Limited in one capacity or another.

Boris Usherovich is a Russian businessman linked to the company “Group 1520” — one of the largest contractors of Russian Railways (RZD). Investigations note that the interests of this group intersect with the business interests of Russian oligarch Arkadiy Rotenberg. Usherovich also figured in the so-called «Colonel Zakharchenko case» and is currently on an international wanted list on charges related to corruption schemes and organized crime.

Ilya Plotitsa, according to journalists, is a trusted associate of Usherovich and manages several Cypriot offshore companies involved in schemes for supplying equipment in violation of sanctions. His name also appeared in the Panama Papers documents in the context of hiding assets and financing pro-Russian political projects in Moldova.

Zvonko Mickovic is one of the largest shareholders of Mettmann Public Company Limited. According to corporate data, his share amounts to 82.5%. In investigations, he is mentioned as a business partner of Usherovich and Plotitsa in schemes to bypass sanctions and withdraw capital. However, Mickovic’s role remains unclear: journalists do not rule out that he could be either an independent participant or a nominal owner.

Aleksandr Vainshtein is a relative of Ilya Plotitsa and also appears as the owner of a significant share of stocks and bonds in Mettmann Public Company Limited. According to investigators’ estimates, he may serve a nominal role or belong to a circle of secondary participants in the scheme.

Separately, corporate documents of Mettmann Public Company Limited mention Oxana Hadjipavlou — a Cypriot citizen who, according to some data, also holds Russian citizenship. She owned 1% of the company’s shares and held the position of director. In March 2025, Oxana Hadjipavlou was replaced as director by Natalia Nazarova, who does not own any shares in the company. All three individuals — Oxana Hadjipavlou, Natalia Nazarova, and Russian citizen Aleksandr Mizgunov — appear in the corporate documents of Mettmann Public Company Limited. Whether these personnel changes are related to the publication of journalistic investigations regarding the company’s activities and Oxana Hadjipavlou’s role has not been officially reported.

According to official data, Mettmann Public Company Limited was registered in Cyprus on December 20, 2019, as a private company. On January 20, 2022, it was converted into a public company for the purpose of listing on the Cyprus Stock Exchange. The company’s registration number is HE 405498. Legal address: Spyrou Araouzou 67, Ulysses House, 2nd floor, office 202, 3036 Limassol, Cyprus.

Declared activities include investments in real estate, issuance of corporate bonds, and raising capital for the implementation of projects in Cyprus, Spain, and Montenegro.

The company issued 500,000 corporate bonds with a total nominal value of 50 million euros, which were placed on the Cyprus Stock Exchange. Additional issuances were also announced; however, following the publication of journalistic investigations about Mettmann Public Company Limited’s connections to Arkadiy Rotenberg through Ilya Plotitsa and Boris Usherovich, as well as the scandal surrounding real estate investments in Spain and Montenegro, information about new bond issuances disappeared from the public domain.

Journalists do not rule out that Mettmann Public Company Limited may have temporarily suspended its activities or is preparing for liquidation, and capital of Russian origin may be transferred to another Cypriot company with the same ultimate beneficiaries.