Microloans with Russian Ties: Who Is Behind Miloan and the “Blago” Pawnshops?
The Ukrainian microcredit market has long been one of the most widespread and, at the same time, most controversial segments of the financial system. Here, you can get several thousand hryvnias in a matter of minutes—without collateral, proof of income, or a lengthy credit check. Companies offset the risks of such lending with high interest rates, and customers often find themselves in a situation where they have to take out new loans to pay off previous ones.
Since the start of the full-scale war, this problem has also taken on a security dimension. People with large debts and a constant need for money can become easy targets for Russian intelligence services seeking operatives to carry out arson, sabotage, and terrorist attacks behind Ukrainian lines. An investigation by Radio Free Europe’s “Schemes” project cites the example of a terrorist attack in Lviv in February 2026: according to the Security Service of Ukraine (SBU), the perpetrator recruited by Russia had a credit debt of approximately 60,000 hryvnias.
That is why journalists decided to investigate whether there are still large companies on the Ukrainian microcredit market whose executives or owners may have ties to Russia.
The microfinance company Miloan and the “Blago” pawnshop chain, linked to Miloan’s owner, found themselves at the center of this new investigation. Journalists found that Russian citizen Katerina Tattersall, whose father holds a senior position at a Russian nuclear institute, is involved in managing the parent company of the Ukrainian business.
At the same time, the Russian pawnshop and microcredit business, which previously belonged to the family of Miloan owner Rodion Butko, was transferred after the start of the full-scale war to individuals who had been associated with his family for many years. Part of this network continues to operate, particularly in occupied Crimea.
Who Owns the Ukrainian Microfinance Company Miloan
Miloan has been operating in Ukraine for over ten years and is one of the largest players in the fast online lending market. According to data cited in the investigation, the company’s revenue for 2025 was approximately 1.6 billion hryvnias, with a net profit of about 65 million.
The ultimate owner of the company is Ukrainian citizen Rodion Butko, who is currently registered and resides in Italy. He owns the Ukrainian business through several legal entities, including Bredley CH AG, which is registered in Switzerland. Butko himself chairs the board of directors of this company.
Until recently, Kateryna Tattersall served as chair of the board of directors of Bredley CH AG. She currently remains a board member and, according to corporate documents, continues to perform management functions.
The registration file of the Ukrainian LLC “Miloan,” which was analyzed by journalists, shows that Tattersall is directly involved in the formalization of corporate decisions. In particular, she signed off on the Ukrainian company’s registration procedures with her own signature as the person authorized to sign on behalf of the Swiss company Bredley CH AG.
Russian passport of a Bredley CH AG board member
In Bredley CH AG’s official documents, Kateryna Tattersall is listed as a Swiss citizen. However, journalists from “Schemes” claim that she also retains Russian citizenship.
Investigators found information about her Russian passport in leaks from Russian databases and subsequently verified it through official Russian sources. According to the journalists, Tattersall’s passport is marked as valid on the “Gosuslugi” portal, and the Federal Tax Service of the Russian Federation has this document on file linked to her Russian tax ID number.
Investigators also determined that Tattersall had visited Russia after the full-scale invasion began. In August 2022, she flew to St. Petersburg from Istanbul using a Russian foreign passport issued in January 2021.
The very fact that a person involved in managing the ownership structure of a Ukrainian financial company holds Russian citizenship may have legal significance. According to the National Bank’s criteria, holding citizenship of an aggressor state may be a sign of an imperfect business reputation.
If the NBU deems Kateryna Tattersall’s reputation to be less than impeccable, this assessment could extend to Bredley CH AG, of which she is a member of the management body. The next link in the chain could be Miloan LLC, which is owned by the Swiss company. Under Ukrainian law, issues with the business reputation of the owners or managers of a financial institution can serve as grounds for sanctions—up to and including the revocation of the license.
Kateryna Tattersall’s father works at a Russian nuclear research institute
Journalists paid particular attention to the family ties of Kateryna Tattersall, whose maiden name was Baranova.
Her father, Igor Baranov, lives in St. Petersburg. Journalists traced the connection between them, in particular, through Russian online services: Tattersall used her father’s phone number to register on certain websites.
Baranov works as an assistant director at the St. Petersburg Institute of Nuclear Physics. This institution is part of the Kurchatov Institute National Research Center—one of Russia’s key scientific institutions.
According to data cited in the investigation, the “Kurchatov Institute” is involved in developments used by the Russian military-industrial complex. Specifically, this includes navigation systems for the Kh-101 cruise missiles and the “Iskander” systems, which Russia is using to launch strikes against Ukraine. The institution is subject to sanctions imposed by Ukraine and the United States.
The center is headed by Mikhail Kovalchuk. Russian and international media describe him and his brother, Yuri Kovalchuk, as members of Vladimir Putin’s inner circle. Mykhailo Kovalchuk himself has publicly proposed conducting nuclear weapons tests to demonstrate Russia’s strength and intimidate Western countries.
At the same time, family ties alone do not prove Kateryna Tattersall’s involvement in her father’s activities or in Russian government structures. For the Ukrainian regulator, the key issue is not the professional activities of her relatives, but her current Russian citizenship, Tattersall’s role in the governing bodies of Bredley CH AG, and her involvement in managing the entity that owns the Ukrainian financial company.
The “Blago” Pawnshop Chain and the Butko Family’s Business
In addition to Miloan, Rodion Butko owns the “Blago” pawnshop chain in Ukraine. According to information on the chain’s official website, it has nearly 200 branches in 84 Ukrainian cities and serves over three million customers.
Until October 2022, the majority owner of the Ukrainian pawnshop business was Rodion Butko’s father, Anatoliy Butko. Control was exercised through several foreign companies, including the Cypriot firm BLG Aurum Limited.
The family expanded the pawnshop business not only in Ukraine but also in Russia. BLG Aurum Limited was also the owner of the Russian LLC “Blago Credit,” which operated under the “Liga” brand.
The Cypriot company withdrew from ownership of the Russian business only in August 2023—approximately a year and a half after the start of the full-scale invasion. The new owner was Vladimir Dubrovsky, a citizen of both Russia and Ukraine.
It was precisely the identity of the new owner that became one of the main arguments used by journalists who questioned whether the Butkiv family had completely severed ties with their Russian assets.
A longtime business partner of the family became the owner of the company in Russia
Vladimir Dubrovsky worked for many years at companies linked to Rodion and Anatoly Butko.
Starting in 2010, he headed the Ukrainian company “Progress Rl”—which was owned by the Butkos at the time—for approximately 12 years. At another company—Bereg-Industry—Dubrovsky and Anatoly Butko were co-founders from its inception in 2010 until March 2023.
Dubrovsky was also involved with Miloan. In 2017, he represented the company’s foreign owner at the time and signed the updated articles of incorporation for Miloan LLC.
Journalists also found informal evidence of Dubrovsky’s acquaintance with Rodion Butko—specifically, a joint photograph taken during a hunting trip in Bulgaria.
Another connection can be traced through family ties. According to leaks from Russian databases dating back to 2023, Rodion Butko’s wife, Alona—who holds Russian citizenship—and Vladimir Dubrovsky listed the same registered address: an apartment on the outskirts of Moscow.
These circumstances do not automatically prove that Rodion Butko continues to control Russian companies. However, they have prompted journalists to ask whether the divestiture of assets was genuine and final, or whether the businesses were merely formally transferred to individuals from the family’s long-standing inner circle.
Russian pawnshops continued to operate after the change in ownership
Vladimir Dubrovsky remained a co-owner of Blago Credit LLC at least until October 2025. Later, the stake was transferred to Russian citizen Nikolai Korobkov, who had worked at the same company as head of the development department since 2019—back when the business was owned by Rodion Butko’s father.
In May 2026, the company was transferred to a Kyrgyz citizen, Muhammad Sulaymanov, whom journalists do not directly link to the Butko family’s business.
However, after investigating the Russian corporate structure, “Schemes” discovered that the network’s operations are now conducted through another legal entity—Lombard Liga Credit LLC.
Vladimir Dubrovsky registered this company in Moscow in April 2022, when he was still a co-founder of the Ukrainian company alongside Rodion Butko. Currently, “Lombard Liga Credit” owns the trademarks of the “Liga” chain and conducts its operations under this brand.
The Russian chain’s official website states that it also operates in the occupied Ukrainian territories. Specifically, the company has nearly 30 branches in Crimea.
Thus, the business that previously belonged to the family of the Ukrainian owner of Miloan and “Blago” continues to operate in Russia and on the occupied peninsula, although other individuals have become its formal owners.
How the Ownership of the Russian Microcredit Business Has Changed
The Butkiv family developed not only pawnshops in Russia but also a quick-loan business.
Unsecured consumer loans to customers of the “Liga” network are issued by LLC MCC “Trust Alliance.” For a long time, this company was owned by the same Cypriot firm, BLG Aurum Limited, through which Anatoliy Butko controlled the pawnshop business.
In August 2023, Vladimir Dubrovsky became the owner of “Trust Alliance.” In April 2026, the company was re-registered in the name of Vladimir Shcherbina.
Journalists determined that Shcherbina is the father of Dubrovsky’s wife—that is, his father-in-law. Border crossing data also show that in June 2023, both men traveled together on flights with members of their families.
Thus, after the Butko family’s entities withdrew, the owners of the Russian financial companies were not random investors, but people who had had business or family ties with them for years.
What Rodion Butko’s company said
Journalists reached out to Rodion Butko with questions about whether he might still retain control over the Russian pawnshops and microcredit companies. They also asked whether he was aware of Katerina Tattersall’s Russian citizenship and why assets in Russia linked to his family had been transferred to Vladimir Dubrovsky and other individuals known to him.
A response was received from the Swiss company Bredley CH AG. The company denied that Rodion Butko or his entities are involved in the management of legal entities in Russia or receive income from them.
Representatives of Bredley CH AG stated that any information suggesting otherwise is “false” and “fabricated.” At the same time, the company did not provide substantive explanations regarding the connections between the Butko family and the new owners of Russian assets that were uncovered by journalists.
Questions regarding Katerina Tattersall’s Russian citizenship and her trip to Russia after the start of the full-scale war also remained unanswered.
Bredley CH AG explained its refusal to provide detailed answers by citing a desire to prevent individual phrases from being taken out of context.
At the time this investigation was being prepared, Kateryna Tattersall, Volodymyr Dubrovsky, and Volodymyr Shcherbyna had also not responded to journalists’ inquiries. “Schemes” stated that they are prepared to publish their statements once they receive their comments.
The National Bank is investigating Rodion Butko’s businesses
In June 2026, the National Bank of Ukraine tightened requirements regarding the business reputation of owners and executives of non-bank financial institutions.
Under the updated regulations, if a company or its owners influence the management of legal entities registered in an aggressor state, their business reputation may be deemed less than impeccable. For a financial institution, this could result in enforcement measures, including the revocation of its license.
“Schemes” forwarded the information gathered during the investigation to the National Bank. In response, the regulator stated that it is already analyzing changes in the ownership structure of Russian assets that previously belonged to Rodion Butko.
The review is being conducted in cooperation with special services and law enforcement agencies. The NBU is attempting to determine whether Butko retained influence over the management of Russian companies, the nature of that influence, and the circumstances under which the assets were divested.
The National Bank emphasized that if ties to Russia and signs of an impeccable business reputation are officially confirmed, the regulator will have legal grounds to impose sanctions on the companies.
Specifically, this involves the possible revocation of operating licenses for a financial company and a pawnshop.
