As previously discovered by VChK-OGPU and Rucriminal.info, Russia's largest power cable manufacturers are siphoning funds to Switzerland and evading taxes. These companies are Agrokabel Plant and Kavkazkabel TM Cable Plant, owned by the shadow billionaire Viktor Radin. New documents obtained by the editorial team change the scope of this story completely. Radin isn't just the owner of cable manufacturing companies with a network of foreign companies; he has had a stable infrastructure in Cyprus, Switzerland, and the Virgin Islands for decades, servicing major Russian capital.

For example, it was through Radin's structures that funds were siphoned off during the sale of Eurochem shares by his close friend Dmitry Strezhnev—they studied together at Moscow State University, where they met.

 

Irene G. Spoerry, a professional corporate administrator, appears in Strezhnev's offshore history. On February 27, 2009, she became the director of Terrow Exim, Ltd., where Strezhnev himself had previously been a director and then a shareholder. A little later, the same Spoerry appeared at the Cypriot MORBEN LIMITED, alongside Viktor Radin. The same administrator found himself between two men who had known each other since their student days. Irene Spoerry was not the only person in this circle.

While still in Switzerland, she worked with lawyer Claudio Meur, already mentioned in the first part of this publication. Public Swiss records confirm Meur's connection to Radin's infrastructure: since September 2016, he has served on the board of directors of VR Capital Group AG, while Radin himself served as the company's president from 2015 to 2017.

This means we are no longer talking about just one random name. For years, Radin has been surrounded by a stable circle of professional administrators and lawyers capable of creating and maintaining foreign corporate structures. To understand why Strezhnev would need such an infrastructure, it's enough to look at the size of his capital.

 

1. Episode One. Strezhnev: EuroChem to $785 Million

By the time he left EuroChem, Dmitry Strezhnev was no longer just a hired manager. For many years, he had led one of Russia's largest chemical groups and simultaneously owned a significant stake in it through foreign entities.

Back in 2011, a company representing his interests acquired an additional 2.8% of EuroChem, increasing Strezhnev's stake from 5% to 7.8%. This foreign package of his capital existed long before the final sale.

On August 21, 2019, EuroChem officially announced the buyout of its 10% stake from its former CEO for $785 million. The seller was Midstream Group Limited, whose sole beneficiary was Dmitry Strezhnev himself. This means that Strezhnev received almost $800 million upon exiting EuroChem. The public portion of the deal ends there.

 

Documents obtained by the Cheka-OGPU and Rucriminal.info describe a simple structure. Formally, the 10% of EuroChem was sold by the Cypriot Midstream Group Limited, but Dmitry Strezhnev remained the real owner of the stake and the capital received. Midstream acted as a technical holder, effectively having no office or staff; its sole role was to conceal the beneficiary.

On August 21, 2019, $785 million, or more than 52 billion rubles at the exchange rate at the time, was paid for the stake. After the deal, the money remained in Midstream, where it was further channeled through Viktor Radin's foreign financial structure. The Cyprus company legally separated Strezhnev from the deal, and Radin's structures from further capital flows financially.

The damage to the Russian budget was approximately 7 billion rubles, comparable to the budget of a small city in Central Russia.

Midstream was Strezhnev's technical shell, while Radin's infrastructure became the next financial layer for the withdrawal and placement of $785 million outside of direct Russian control.

This is where Viktor Radin's real role comes into play.

He didn't buy EuroChem shares, didn't sit on the chemical holding company's board, and wasn't mentioned in the official sale announcement. His value lay elsewhere: by the time of the deal, he already had an existing infrastructure in place through which large capital could be received, redistributed, and moved away from its original owner. MORBEN LIMITED operated in Cyprus. In Switzerland, VR Capital Group AG, Agroforce Commodities SA, Petroforce, and Rincor were involved. Spoerry, Mohr, and other individuals with signatory authority and corporate administration experience were nearby.

 

Several years later, the long-standing relationship between Radin and Strezhnev received a tangible continuation in Cyprus—a hotel project. On July 30, 2024, L.M. HOSPITIUM HOTELS LTD. was registered there. The company is still active today. This legal entity represented Radin and Strezhnev's modern hotel project, and Radin's corporate interest was registered in the name of his daughter, Anna Viktorovna Radina.

 

The connection was not limited to a formal registration. Radin's daughter is already interning at a hotel company. The willow family. This means the project appears to be a family asset with the expectation of future management. The partners had intended to implement the idea earlier. But the COVID-19 pandemic devastated the tourism and hotel market and postponed investment. They revisited the project after Cyprus had rebounded as a tourist destination. Thus, the long-standing relationship between Radin and Strezhnev forms a near-perfect circle. First, they were connected by Moscow State University. Then, by a shared circle of trusted associates. Then came EuroChem, $785 million, and Radin's financial infrastructure. And years later, the money found a much more secure form – a hotel asset in Cyprus. From a stake in a Russian industrial giant to real estate on the Mediterranean Sea. The friendship that began in a student classroom turned out to last for decades.

 

To be continued