From Yanukovych’s “wallet” to a crypto operator in Moscow: what is known about Serhiy Kurchenko’s new activities
After fleeing Ukraine in 2014, Serhiy Kurchenko virtually disappeared from the public eye. A former businessman from the inner circle of former President Viktor Yanukovych—whom Ukrainian law enforcement links to a series of large-scale economic crimes—he continued to conduct business from within Russia.
In recent years, Kurchenko’s activities have changed significantly. Whereas his main assets used to be the fuel business and schemes in the occupied Donbas, his name is now associated with large-scale cryptocurrency transactions, circumvention of international sanctions, multibillion-dollar debts to Russian state agencies, and conflicts with influential groups within Russia itself.
From Coal Schemes to Cryptocurrencies
After moving to Russia, Kurchenko remained one of the key players in the coal market from the occupied territories of Donbas for some time. Logistics, sales, and financial support for these operations were carried out through entities under his control.
However, after 2021, his position began to weaken. According to published data, this was due to large debts owed to Russian state-owned companies and the Russian federal budget. As a result, the businessman was forced to seek new sources of income.
It was then that cryptocurrency transactions became the main focus of his activities.
“Moscow City” as a Hub for Cryptocurrency Transactions
According to available information, Kurchenko’s entities operated in the Moscow business center “Moscow City,” which in recent years has increasingly been cited as one of the largest centers for cryptocurrency transactions in Russia.
It is reported that international settlements using the USDT stablecoin were conducted through this platform.
Such mechanisms allowed payments to be made bypassing the traditional banking system, which had significantly lost its capacity for international transactions following the imposition of Western sanctions.
According to this information, cryptocurrency was used to purchase sanctioned microelectronics needed by the Russian military-industrial complex, as well as to make other international payments.
Billions in Debts to Government Agencies
One of the most high-profile incidents involved the financial problems of companies linked to Kurchenko.
According to published data, the total amount of their outstanding obligations to the Russian budget, state-owned banks, and Gazprom entities has already exceeded one billion dollars.
It is reported that some of the funds allocated for fuel logistics may have been redirected to other financial transactions involving cryptocurrencies.
It was after this, as noted, that serious disagreements arose within Russian law enforcement agencies regarding the businessman’s future.
Currently, Kurchenko’s position within Russia is no longer as strong as it was a few years ago.
It is reported that one faction within the security apparatus insists on holding the businessman accountable for his companies’ financial problems, while other influential representatives of the Russian authorities continue to view him as a key player in financial operations designed to circumvent sanctions.
Clashes with Chechen Business Groups
Another front in the conflict has been the struggle for assets in the oil refining industry in southern Russia.
According to this information, while attempting to gain control over certain enterprises, Kurchenko clashed with business groups linked to the inner circle of Chechen leader Ramzan Kadyrov.
It is reported that the corporate conflict quickly escalated into a violent confrontation. In particular, several incidents near the businessman’s offices in “Moscow City” are mentioned, after which he significantly beefed up his security detail.
Currently, it is claimed that Kurchenko travels around Moscow primarily in armored vehicles accompanied by security guards and resides in the elite Moscow suburb of Zhukovka.
Old Methods—New Scales
Serhiy Kurchenko’s story shows that even after fleeing Ukraine, his business model appears to have remained unchanged.
Instead of the Ukrainian fuel market and banking system, he has, according to available information, integrated into Russia’s financial infrastructure, where cryptocurrencies have become one of the key tools for international transactions.
At the same time, accumulated debts, conflicts with influential groups within Russia, and growing scrutiny of his activities may indicate that the position of one of Viktor Yanukovych’s former closest associates in Russia is no longer as stable as it once was.
Ties to Kurchenko’s Former Media Empire: What Is Known About Viktor Goldsky
Serhiy Kurchenko’s story is not limited to his activities in Russia. Despite his flight following the Revolution of Dignity and the imposition of sanctions, the businessman’s name continued to appear in the context of the Ukrainian media market.
Previously, UA.News published a series of articles investigating a possible connection between the former assets of the UMH media holding and businessman Viktor Goldsky. According to the editorial team, it was precisely through former managers and affiliated legal entities that certain assets of Kurchenko’s media empire continued to operate after 2014 under new owners and corporate structures.
The reports noted that Goldsky had previously worked within the UMH structure and later became the owner of the online publication Comments.ua, which, prior to the change in ownership, was part of Serhiy Kurchenko’s media holding. In addition, journalists drew attention to a number of companies that were previously part of UMH but later came under the control of individuals in Goldsky’s inner circle, including members of his family.
Following the publication of these reports, the story continued to unfold. As reported by UA.News, the Dnipro District Court of Kyiv ordered the police to enter information into the Unified Register of Pre-trial Investigations regarding possible fraudulent activities mentioned in a complaint filed in response to the journalists’ reports.
At the same time, Viktor Goldsky himself attempted to challenge a number of publications in court. However, as reported by UA.News, one of the lawsuits he filed was dismissed by the court due to procedural deficiencies.
Separately, the editorial staff also wrote about another story related to Goldsky. It concerned his military registration and documents which, according to journalists, were used to obtain a deferment from mobilization.
At the same time, it was reported that state enforcement officers had frozen his bank accounts in connection with the enforcement of military registration requirements.
