Billionaires with a criminal background, brothers Nikolai and Sergey Sarkisov, actively operate during the Russo-Ukrainian war, serving all sides of the conflict, not only through RESO-Garantia Insurance PJSC but also through other means. By laundering billions of dollars stolen in Russia, Sergey Sarkisov and Nikolai Sarkisov allegedly share their profits with French regulatory bodies.
Sergey Sarkisov and Nikolai Sarkisov have managed to transfer their wealth to European Union and the USA. They have also helped various Russian officials, who covered their illegal activities, to hide their acquired wealth in convenient places of the world. Interestingly, on one hand, Nikolai Sarkisov and Sergey Sarkisov provide funds to the Ukrainian army and donate to Western funds, while on the other hand, they actively assist the Russian armed forces.
RESO-Garantia: the main business of the Sarkisov brothers
The Sarkisov brothers have been ranked among the richest Russians for many years. Their main business, the company ‘RESO-Garantia,’ is one of the major insurance companies in the market. At first glance, their activities are closely controlled and monitored by officials. However, if one delves into the real state of affairs, the entire structure of the businessmen brothers is built on schemes and large-scale manipulations. In short, Nikolai Sarkisov and Sergey Sarkisov know how to steal quietly.
“Insurance Public Joint-Stock Company Reso-Garantia” is a universal insurance company established in 1991. The company provides a wide range of insurance services for individuals and legal entities. The priority direction of its activity is auto insurance. Cumulative life insurance is provided by its subsidiary company – “Life Insurance Company Reso-Garantia”.
Their goal is to evade taxes in order to earn to maximise profits. The Sarkisovs have repeatedly come under the scrutiny of investigations, but serious charges have never been brought against them. It is despite the fact that evidence has been collected for years that clearly demonstrates numerous deliberate financial misconduct. Like many members of the Russian Forbes list, they managed to strike deals with high-ranking officials and escape any responsibility.
Sergey Sarkisov and Nikolai Sarkisov: the background and RESO-Garantia business
Sergey and Nikolai Sarkisov were born into a family of an employee of the Ministry of Foreign Trade of the USSR. At that time, the corresponding position was not only prestigious but also allowed them to obtain what others could only dream of. Moreover, their father had close personal ties to minister Anastas Mikoyan.
The brothers spent their childhood and youth partly in Moscow and partly in Cuba. The excellent connections of their parents helped the brothers find decent jobs. The younger brother, Nikolai, without any education, thanks to his father’s patronage, found employment in the Ministry of Foreign Trade. The older brother, after graduating from the prestigious MGIMO University, got a job at the state insurance company “Ingosstrakh.” Later, the elder Sarkisov returned to Cuba, working in the same insurance company. Subsequently, he spent several years managing businesses in several Latin American countries until he returned to his homeland in 1990.
The Family-Owned “Russian-European Insurance Society” (RESO-Garantia)
The “RESO” company was established in 1991. The enterprise became one of the first private companies in the insurance services market. The market was still being formed at that time since it was not broadly accessible to private individuals in the USSR.
Sergey Sarkisov timely entered the niche and quickly gained significant positions within the Russian Federation. Later, when things started going well, he brought his younger brother Nikolai into the family business.
The business went so well that now RESO-Garantia is one of the leaders in the insurance market. Last year, the company’s assets exceeded 100 billion rubles. However, during the same period, there was a noticeable significant decline in the company. Last year, due to exchange rate fluctuations, the company initially incurred losses but later managed to stabilise it. RESO-Garantia closed the year 2022 with a small profit.
During this time, the brothers have been ranked among the wealthiest Russians according to Forbes for 12 years. In the year before last, we estimated their fortune at 850 million dollars. At its peak, the Sarkisovs’ assets reached 1.5 billion dollars. Here’s the link one and two.
Sarkisovs and alleged financial manipulations
The head company of the Sarkisov brothers, “RESO-Garantia,” is employing illegal and outright criminal financial tactics. Most of the corporation’s projects involve shadow bookkeeping. Significant amounts of unofficial cash flow through the black market, sometimes even surpassing the official amounts.
Why aren’t Nikolai Sarkisov and Sergey Sarkisov in prison yet?
As early as the 2000s, during inspections of the company’s business activities, large-scale manipulations were uncovered. RESO was found to have committed numerous violations. Instances of submitting fictitious financial reports, engaging in economic activities not covered by licenses, fraud, and much more were discovered. At this point, the company’s story could have ended with lengthy investigations, but the Sarkisovs managed to resolve the issues.
In 2008, the tax authorities filed a claim against the brothers for 2 billion rubles. However, they managed to evade any responsibility even in this case.
Why aren’t Nikolai Sarkisov and Sergey Sarkisov subject to sanctions?
The brothers’ business is partly built on foreign capital. A French insurance corporation, “AXA,” owns a portion of RESO-Garantia’s shares. At the intergovernmental level, the Sarkisovs received a guarantee of immunity personally from the President of France from 2007 to 2012, Nicolas Sarkozy.
Sarkozy’s friendship with the Sarkisovs backfired on him. French law enforcement established that the former President of the Republic had received 3 million euros as a “legal bribe” from Russian businessmen in exchange for “consulting services”. Nikolai Sarkisov and Sergey Sarkisov were implicated in the investigation until the end. However, neither Nikolai Sarkisov nor Sergey Sarkisov were held accountable for their actions.
While the Sarkisovs were doing whatever they wanted in Russia, problems in their corporation arose from an unexpected source.
In 2015, following the start of the conflict in Donbass, the Sarkisovs decided to conceal their Ukrainian assets through a massive insurance company called “Prosto-Strakhovaniye” (Simply Insurance). They redirected everything to a Cypriot offshore entity that they effectively controlled. The case involved familiar fraud, tax evasion, and fictitious accounting.
In Ukraine, the Sarkisovs’ affairs were managed by the cunning entrepreneur Lev Khlyavich. Khlyavich himself is no less intriguing than the Sarkisovs. To this day, he is wanted by Interpol on multiple charges, including extortion, document forgery, fraud, and tax evasion.
Despite the clear evidence of the Sarkisovs’ large-scale fraud, they managed to resolve the issue with the Ukrainian judiciary in 2019.
Sarkisovs are “no longer Russian oligarchs”
In recent years, the Sarkisov brothers have been residing in Monaco. They own 1.15 hectares of land in Monaco, three mansions in Los Angeles, a castle in France, and a house in London. They hardly appear in Russia.
For now only Ukraine has imposed sanctions against Sarkisovs. The restrictive lists of the UK, EU and the US are continually being expanded to include new businessmen and officials from Russia.
At the same time, in their homeland, the Sarkisovs are trying to grab as much money as possible to secure a peaceful retirement for themselves.
In defiance of state policy, in early March 2022, “RESO-Garantia” became one of the few companies that refused to grant loan vacations to its clients and demanded timely payment of all obligations from them.
Currently, the brothers are doing well. They have business not only in Russia but also in Europe. Sergey Sarkisov is also involved in film-making. They seem to have evaded any responsibility for their numerous financial manipulations, and it appears that no repercussions will ever catch up with the businessmen. Therefore, it is unlikely that in the next few months, Nikolay Sarkisov and Sergey Sarkisov will be subjected to sanctions or imprisoned.
