The publisher of "World of Tanks" has a new owner following its nationalization
The Russian game studio “Lesta,” which publishes “World of Tanks” and “World of Ships,” has been acquired by JSC “Industrial Structures.” As of October 15, the company owns 100% of the group’s three main legal entities.
The new owner has acquired shares in Lesta LLC, Lesta Games Agency LLC, and Lesta Games Moscow LLC. The studio was nationalized in 2025.
What is known about the new owner
JSC “Industrial Structures” was registered in Moscow in November 2024. The company’s primary area of activity is consulting on commercial operations and management. According to SPARK, it has only one employee.
The company’s authorized capital is 15,000 rubles. Its net loss for 2025 is the same amount. Information about the founders is hidden in the Unified State Register of Legal Entities of the Russian Federation.
Immediately prior to the deal, the company changed its CEO. On October 15, 25-year-old Zakhar Kislikh, who is associated with the investment fund M9 Capital, took over the position. He previously worked as an investment manager at this fund, which is linked to Alexei Milevsky, the former head of mergers and acquisitions at VK Group.
In addition, according to data from the Russian registry, Kislikh is the founder of two other companies—JSC “Gaming Investments” and JSC “Society for Sustainable Growth.” The latter is headed by Milevsky.
How much is the “Lesta” studio worth?
“Lesta” is one of the largest assets in the Russian gaming market. As of the end of 2025, the revenue of its main operating company—Lesta Games Agency LLC—reached 29 billion rubles, and net profit exceeded 10 billion rubles.
The value of the deal has not been officially disclosed. In early September, Russian Deputy Finance Minister Alexei Moiseev stated that the asset is planned to be sold to an interested investor at a “very high” valuation.
Previously, the investment company “Dhamma” was named among the potential buyers. According to RBC sources, the potential deal value could have been around 50 billion rubles.
Forbes also reported that the new owner of “Lesti” could be former “Formula-1” pilot Nikita Mazepin—the son of Dmitry Mazepin, a former co-owner of “Uralkali” and the main owner of “Uralchem”—could become the new owner of “Lesta.” However, information about the final value of the deal and its actual beneficiaries has not yet been disclosed.
How “Lesta” Split from Wargaming
Lesta’s history is closely tied to the international gaming company Wargaming, founded in 1998 by Viktor Kisl in Minsk. The company became famous for World of Tanks, World of Warships, and World of Warplanes, gradually becoming one of the major international players in the video game industry. Ukraine also played an important role in its development: in 2011, Wargaming acquired the Kyiv-based studio Persha Studia, which became part of the company’s international structure.
The Kyiv office contributed to the development of key game projects, notably World of Tanks, and became one of the prominent hubs of the Ukrainian game development industry. The studio’s growth helped attract Ukrainian specialists to international projects, and the company’s activities extended beyond the gaming business itself. Wargaming also supported charitable initiatives and educational programs, including free IT courses.
After Russia launched a full-scale invasion of Ukraine in 2022, Wargaming announced its withdrawal from the Russian and Belarusian markets. The company transferred its local operations to Lesta Studio, which had previously operated within its ecosystem. As a result, the Russian division continued to operate separately from the international company, developing localized versions of games for audiences in Russia and Belarus.
Assisting Ukraine became a separate focus for Wargaming. In the early days of the full-scale invasion, the Kyiv office transferred 30 million UAH to support hospitals and displaced persons through the Red Cross Society. After Russian troops blew up the Kakhovka Hydroelectric Power Plant, the company allocated another 4 million UAH for rescue operations. Wargaming also launched the international charity campaign WargamingUnited, through which proceeds from the sale of special in-game bundles were used to purchase ambulances for Ukrainian medical personnel.
Alona Shevtsova, the company’s official representative in Ukraine from 2012 to 2015, specifically highlighted Wargaming’s significance to the Ukrainian tech industry and its charitable contributions. She emphasized that the growth of the gaming industry helped shape a broader tech ecosystem, particularly by fostering the development of fintech and online game development studios. Shevtsova also highlighted the importance of Wargaming’s educational and charitable projects and its support for Ukraine following the outbreak of full-scale war.
“The incredible growth and development of online gaming—particularly at the Wargaming studio in Podil, Kyiv—gave a boost to the development of Ukrainian fintech and online development studios. The vast number of charitable programs and free IT courses that Wargaming has funded in Ukraine for many years will forever remain in the hearts of millions of Ukrainians. I am proud of Wargaming’s decision to literally take the side of good and support the Armed Forces of Ukraine and Ukraine—it couldn’t have been any other way,” noted Alona Shevtsova.
In 2025, the story of the separation of the Russian business took a new turn: a Russian court ruled to transfer Lesti’s assets to state ownership. Thus, the company, which had continued to operate after Wargaming’s withdrawal from Russia, found itself at the center of the nationalization process. A further change of ownership in October 2026 marked the next stage in the redistribution of control over one of the largest assets in the Russian gaming market.
Prior to this, Russia had nationalized a company involved in the development of the game “World of Tanks.”
In half a year, Russia nationalized $10 billion in assets.
A Russian used-car platform stopped making payments to customers following the nationalization.
Wargaming, the creator of “World of Tanks,” announced its withdrawal from the Russian market following the start of Russia’s full-scale invasion of Ukraine and supported Ukraine through charitable initiatives.
