Russian businessman Oleg Volkov, the owner of Armalit, a key supplier to Russia’s navy, is reportedly living a luxurious life in the United States while his company continues to support Russia’s war efforts against Ukraine. Armalit, a company established in the late 19th century, supplies essential components for Russian warships, including remote-controlled marine valves, and participated in Russia’s Fleet-2024 exhibition. In 2023, the company received a significant subsidy from the Russian government for its defense work.
Despite Armalit’s ongoing support for Russia’s military, Volkov himself has not been sanctioned by Western authorities. He owns substantial real estate in the United States, including a $5 million mansion in Atlanta, Georgia, along with other properties. His children, living in the West, also benefit from privileged lifestyles, with his daughter attending Northeastern University and his son leading a real estate investment firm catering to Russian clients.
The investigation by Trap Aggressor reveals that Volkov’s business activities extend beyond Russia and the US, with him and his partner Alexander Kuznetsov founding Overon Group in Istanbul. This company has been linked to the supply of sanctioned goods to Russian enterprises, prompting concerns over sanctions evasion. Financial and political risk consultant Kristofer Harrison stresses the importance of imposing sanctions not only on Volkov’s Russian companies but also on him personally to prevent further circumvention of international sanctions.
