Money launderer for Russian spies won deal to help defend Ukraine power plant

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A London-based businessman won a Ukrainian state contract to help defend a key power plant from Russian attacks while secretly helping Moscow’s intelligence services to launder money and evade sanctions, according to investigators and procurement records.

Andrejs Bradens, a Latvian national living in London and self-described “international entrepreneur”, also worked with companies that helped Moscow procure sanctioned electronics during its invasion of Ukraine.

The award of such a sensitive state contract to a company owned by a person now under sanctions for running a multibillion-dollar money-laundering network used by Russian spies is likely to be an embarrassing security concern for Kyiv.

Bradens, who also goes by the name Andrejs Carenoks, on Wednesday was sanctioned by the US Treasury for his role in a money-laundering network that the UK’s National Crime Agency said was “used to fund Russian espionage operations” as well as aiding European cocaine kingpins.

Ukrainian public procurement records reviewed by the Financial Times show a Turkish company that Bradens owned was awarded a $23.4mn contract in March by Ukrhydroenergo, the country’s largest hydropower company.

The contract was for cables and other parts that form one section of a project to build underground structures to protect the Dnipro hydroelectric power plant in south-eastern Ukraine against Russian air strikes.

The plant, which spans the Dnipro river near the city of Zaporizhzhia, has suffered serious damage from several missile strikes this year, according to authorities.

Bradens did not respond to questions from the FT.

Ukrhydroenergo confirmed the contract with Bradens’ company and said the project “is being fulfilled in accordance with the terms specified in the contract”. The contract states that all goods must be delivered and work completed by the end of this year.

Ukrhydroenergo said Bradens was not under sanctions during the “procurement period and at the time of contract conclusion”. It said that before agreeing contracts it conducts “a thorough check of counterparties for links with the aggressor country”, referring to Russia.

After being made aware of the sanctions against Bradens, Ukrhydroenergo said it had “begun conducting additional checks, based on the results of which measures will be taken in accordance with the current contract and the legislation of Ukraine”.

Russia has damaged, destroyed or occupied more than half of Ukraine’s energy generation capacity since its full-scale invasion began in February of 2022. But it has expanded its missile and drone campaign in recent months, with the destruction causing severe power shortages ahead of the coldest days of winter.

Defence structures such as those outlined in Bradens’ contract are crucial to Ukraine’s effort to protect its key facilities. Qatar-mediated discussions between Kyiv and Moscow about halting strikes on each other’s energy infrastructure have been unsuccessful.

Dnipro city, 80km upriver from the energy plant, is the industrial Ukrainian city at which Moscow fired its “Oreshnik” experimental hypersonic missile last month.

Bradens’ Turkish company, Altair Lojistik Ve Ticaret, is not under any western sanctions. Braden lists himself on his LinkedIn profile as a director of the company. Turkish company records list Braden as the company’s chair and sole proprietor. Altair Lojistik did not respond to questions sent by the FT.

UK company records show Bradens is the director of several active companies with offices in London, including TGR Corporate Concierge, which was sanctioned by the US Treasury on Wednesday.

The US also sanctioned a Thai company called Siam Expert Trading Company, which it said was “associated with Braden”, for having facilitated the export of electronic components to Russia.

FT analysis of Russian export records shows Siam Expert Trading has made numerous shipments of goods this year to the US-sanctioned Russian company Tornetcom, which provides the state with data processing systems and other technology.