Two Finnish citizens allegedly supplied Russia with at least €30 million worth of electronic components that could be used in missiles targeting Ukrainian cities, according to an investigation by Finland’s public broadcaster Yle.
Two Finnish citizens supplied Russia with at least €30 million worth of electronic components over several years, including parts that can be used in Russian missiles employed in attacks on Ukrainian cities.
The case is exceptional even by international standards. Finland had not previously uncovered exports of electronic components to Russia on this scale during the sanctions era, according to the investigation.
Mariam Bezhanishvili, Senior Legal Officer at the human rights organisation International Partnership for Human Rights (IPHR), said the findings pointed to possible violations of EU sanctions and Finnish law.
“The journalists’ findings strongly indicate that the Finnish citizens violated EU Regulation 833/2014, which imposes restrictive measures on Russia, and potentially also Finnish laws criminalising sanctions violations,” Bezhanishvili said.
“If the Finnish authorities follow up on the information and confirm the allegations, the case would present an opportunity to address a critical gap in EU sanctions enforcement. It clearly illustrates how intermediary networks help Russia access critical Western technology by circumventing EU sanctions, sometimes with the involvement of European citizens or companies.”
The investigation identified Denis Emelianov, who obtained Finnish citizenship in 2018, as the main figure in the alleged export network.
One of his companies, PT Technology Asia, registered in Hong Kong, exported electronic components to Russia for years. Its business expanded significantly after Russia launched its full-scale invasion of Ukraine in February 2022.
Emelianov’s company supplied Russia with more than €20 million worth of electronics that could be widely used in Russian missiles. EU sanctions prohibited direct exports of these products from Finland to Russia. According to Yle, the components ultimately reached Russian companies serving the military-industrial sector.
US authorities appear to have taken notice. In autumn 2023, Emelianov’s Hong Kong-based company was added to the export control blacklist maintained by the US Department of Commerce’s Bureau of Industry and Security (BIS).
The bureau oversees, among other things, exports of dual-use goods — products and technologies that can serve both civilian and military purposes.
Being placed on the list effectively restricted Emelianov’s ability to conduct business through US companies and access American technology.
Emelianov was not acting alone. His business partner and neighbour in Luumäki, an ethnic Russian Estonian who also holds Finnish citizenship, owns AK Technology, a company registered in Serbia. That firm supplied Russia with more than €8 million worth of military-related goods, according to the investigation.
The Hong Kong-based PT Technology Asia and the Serbian company conducted business with Russia both independently and in cooperation with each other.
Yle journalists examined customs data to trace shipments from Emelianov and his business partner to Russia. The two companies had almost identical customer bases, and many of their customers were connected through business relationships and shared addresses.
Several of these companies appeared on a leaked list of official contractors to the Russian military. At least one manufactures drones for the Russian armed forces, while other companies publicly state that they provide services to the military.
Many of the firms are subject to sanctions.
A significant proportion of the exported electronic components are suitable for use in Russia’s Kh-101 cruise missile and other missiles that Russian forces regularly use in attacks that kill civilians in Ukraine.
Emelianov denied violating sanctions, despite the reported delivery of his products to companies linked to Russia’s military.
Asked whether he had worked in Russia’s interests, he told Yle in English: “Never, never. Fuck the war. I respect Finnish laws and don’t want to support the killing of people.”
He later provided a more detailed statement through a Finnish lawyer, saying the goods had been shipped to Russia exclusively for industrial use and that he had not knowingly violated EU sanctions.
He also warned that publishing the investigation could jeopardise the safety of his business partners or their relatives living in Russia.
According to Hong Kong Companies Registry records cited by Yle, Emelianov has already closed his Hong Kong company. His neighbour in Luumäki has begun a similar process involving his Serbian business.
However, the journalists discovered that Emelianov is a director of a newly registered company in Dubai. That company has also exported technology to Russia, although on a significantly smaller scale.
Two employees of the Dubai-based company previously represented Emelianov’s Hong Kong firm.
One of them had previously been registered at an address linked to a unit of Russian military intelligence that Russia uses to acquire Western military technology, according to the investigation.
Emelianov said the employee had left the Russian military many years ago.