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Case Studies

Ukrainian Non-Profit Review:
Oligarch Links Identified, Risks Managed

Background​
We were engaged by a client to conduct a comprehensive review of a Ukrainian non-profit ahead of a potential funding decision.

Our Work​

We carried out a full-scope review covering litigation history, bankruptcy records, financials, asset ownership, and governance. A significant part of the work focused on the organization's executives — mapping their corporate affiliations, media footprint, and social media presence to build a complete picture of the leadership's background and external connections.


​Results​

  • Links identified between several executives and Russian oligarchs, primarily through corporate affiliations

  • In one instance, an executive had previously been associated with indirect political lobbying involving Ukrainian politicians, evidenced through corporate and media records

  • No adverse findings related to the non-profit's own activities, operations, or reputation
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Advisory Assessment

Proceed with contextual risk awareness​

Russia-Based Company Review:
Sanctions Evasion Identified, Client Advised to Disengage

Background​
We were approached by a Western-based intelligence firm already investigating an individual with business activity connected to Russia. Our task was not to build a profile from scratch, but to specifically assess sanctions exposure and the associated risk profile.

Our Work​

  • Established that the subject operated a Moscow-based distribution business dealing in bricks and ceramic tiles — materials covered by EU sanctions introduced in April 2022 prohibiting their export to Russia

  • Assessed the company's operations against applicable EU sanctions

  • Traced how goods continued entering the Russian market after the sanctions came into force, following flows through third countries


​Results​

  • Evidence that the company continued distributing EU-manufactured building materials in Russia until at least 2025

  • Import records showed that from late 2023 onward, goods were entering Russia via third countries including Uzbekistan and Turkey — a pattern consistent with indirect sanctions circumvention

  • Elevated overall sanctions risk profile
     

Advisory Assessment

Disengage given heightened sanctions exposure​

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