From “UK Alliance” to KAMAZ: how Alexander Ozhelsky simulates leaving Russia while continuing to earn money from supplies for the UFSIN through front men

From “UK Alliance” to KAMAZ: how Alexander Ozhelsky simulates leaving Russia while continuing to earn money from supplies for the UFSIN through front men

Alexander Ozhelsky (son of banker Mikhail Fridman) previously insisted that he was distancing himself from Russian business and supporting Ukraine—even posting a video address in which he stated that he did not deserve these sanctions and considered himself Ukrainian. But, apparently, he changed his mind.

Journalists have discovered, he still owns all his Russian assets, and one of them, the most "toxic" one (which supplies products to state structures, including correctional colonies), he transferred to a cleaner from Kyrgyzstan. In Ozhelsky’s new projects, his partner has become a finalist of the "Leaders of Russia" competition, who closely interacts with KAMAZ, controlled by Rostec.

Fridman’s son, despite his promises, has not parted with his Russian assets. Ozhelsky currently owns 50% of LLC "SF Development" (a systems integrator in the retail sector), which generated a net profit of 440 million rubles last year on revenue of 5.4 billion rubles. The company has three subsidiaries—LLC "SF TRIDENT," LLC "SF SMOKY," and "SF DIRECT INVESTMENTS"—and the "SF" group also includes "SF PROPERTIES," "SF CONSULTING," and LLC "LUCH."

Ozhelsky recently had another asset—Moscow-based LLC "UK Alliance," which he founded in 2019 together with his friend Pavel Belenets. In October 2023, the company was transferred to Kyrgyz citizen Atamyrzu Kyzy Begimai. It’s unlikely she had her own funds to acquire the business, since, judging by leaks, even during the pandemic she worked at a Moscow office cleaning company "Cleanliness and Order." Now "UK Alliance" is registered to her compatriot Meder Urustamov, who previously lived in Novosibirsk and in the 2000s was a worker at one of the Turkish construction companies. "UK Alliance" in March of this year signed a state contract with the Federal Correctional Institution IK-6 of the GUFSIN of Russia for the Sverdlovsk Region to supply locks. Among "UK Alliance’s" counterparties is also "Trial-Market"—a supplier to the Ministry of Emergency Situations, Federal Penitentiary Service, Rosreestr, and so on. Indeed, it would be problematic for Ozhelsky to own such a toxic company directly. Especially since it seems he has started opening businesses not only in the UAE but also in Europe: in 2024, a modest advertising firm Inversiones Ozhelskiy SL appeared in Spain with a single founder, Alexander Ozhelskiy. Typically, such structures in Spain are created to obtain residency in the country.

Ozhelsky is currently actively conquering the professional crypto market. He surfaced in the Dubai crypto hedge fund Hardcore Labs as a co-founder and head of business development. The fund operates in the DeFi segment and, presumably, manages some capital. DeFi funds are a closed part of the crypto market, where investments go through without public disclosure.

Interestingly, the fund claims a return of 22% and 100% "profitable months," but these perfect figures are backed only by the Hardcore website itself.

Aggregators estimate the number of Hardcore Labs employees at 5-10 people. It is known that Ozhelsky’s partners there include former McKinsey & Company employee Alexander Makogon, co-founder of "SF Development" Sergei Burdaev, and a native of Novosibirsk, finalist of the "Leaders of Russia" competition Erwin Musaev, who owns a stake in Russia’s "Y-D-P" group (formerly "Auto Department"). Musaev has direct influence on the company—he has shared on social media that he participates in its board of directors. Another 25% in "Y-D-P" belongs to the family of Kazan businessmen Gilfanovs (owners of one of Tatarstan’s largest developers, "G-group"). "Y-D-P" creates digital solutions for Russia’s automotive industry—in particular, websites for new car dealers of the Chinese auto industry. Until November 2024, the company was called "Group KODIKS" and openly acted as a partner of the "KAMAZ-Market" platform, an online service for selecting and selling KAMAZ equipment. PJSC "KAMAZ" has been under sanctions from the US, EU, Canada, UK, and other countries since 2022 due to the use of this equipment in the war on Ukrainian territory.

Hardcore Labs recently became a participant in the Spark project—this is a DeFi platform that announced it is ready to issue loans in cryptocurrency.