Corruption in War: How Russian Funds Undermine Europe
As Russia bombs Ukraine, billions flow through European financial centers. A trace investigation.
Vienna, April 6, 2026 – A Russian governor was sentenced to 14 years in a penal colony this week. Alexey Smirnov, former head of the Kursk region, had accepted bribes from construction companies, including for defense facilities on the border with Ukraine.
The case is symptomatic. Corruption is not a marginal phenomenon of the Russian system – it is its foundation.
Money without borders
Since 2022, the EU has imposed sanctions against Russian oligarchs and state-owned companies. Yachts have been seized and accounts frozen.
But the money finds its ways. Through shell companies in Cyprus, Malta, Luxembourg. Through real estate in Vienna, Berlin, London. Through cryptocurrencies and intermediaries in Dubai.
European banks have welcomed Russian capital for decades. The change of course
since 2022 it's real – but incomplete.
Austria in Focus
Vienna was long known as the „East-West hub“ – also for money. Austrian banks had
above-average strong connections to Russian financial structures.
How much Russian capital still flows through Austrian structures is a question that YANUS will continue to pursue.
The Two Sides of Power
Sanctions are one thing. Enforcement is another. As long as European financial centers profit, sanctions are more symbol than substance.
This is the start of a YANUS investigative series about Russian money in Europe. We accept tips and documents at: redaktion@yanus.at
