Russian Media Assets in Europe: How the Kremlin’s secret horn works

With the onset of Russia’s war against Ukraine in February 2022, a media war also commenced. The Kremlin, in its efforts to influence politicians and ordinary people of the ‘collective West ‘, as they term it, has been utilizing both official propaganda channels like Russia Today and those with indirect Russian affiliations. One such media not only serves Russia’s political interests, but also helps invest Russian money in European companies, turning them into supposedly legal and non-sanctioned ones.

The Russmedia company began its operations in 1991 as a result of the merger of three media family businesses, the Austrian of Russian origin Eugen А. Russ became the owner of the large international company Russmedia Equity Partners. By 2024, Russmedia Group had grown into a multi-niche investment media holding that covers 15 European countries and had 65 different brands in its portfolio, including 33 news and information portals and 10 newspapers.

In 2024, Russmedia Digital GmbH was even honored with Digital Media Award Worldwide 2024 by the global newspaper association WAN-IFRA. Before that, the company received the Global Media Awards nomination from the International Association of News Media. And questions arise as to why a company whose assets include applications for porn and sex dating, as well as direct ties to Russian oligarchs and arms manufacturers, is even shortlisted for prestigious awards. And how political scandals and working for corrupt governments do not prevent being a respected member of international media associations.
 

Russmedia’s close ties with Russia

In the Summer of 2022, after the outbreak of war, the Pure company made it to the Russmedia Equity portfolio – the developer of the same-name sex search app. The founders and investors of Pure are Russians, in particular Mikhail Paulkin, the founder of RuTube, Vadim Tarasov, the owner of the “Kopeyka” stores, and Konstantin Siniushin, the owner of the Untitled. Citizens of Russia also hold key positions in the company.

Interestingly, Konstantin Siniushin is the president of the board of directors at Fixar-Aero, a Russian manufacturer of civil and military drones. The company actively participates in military exhibitions, and from 2022, its subsidiary company, “ILK,” is engaged in the production of the FPV drone “Strela,” which can carry up to 1.5 kg of explosives.

Besides fulfilling the orders for the Russian agencies, Fixar-Aero actively enters the markets of Canada, Brazil, India, Ghana, Serbia, Turkey, and Uzbekistan. Currently, the company has five registered legal entities in the Russian Federation, Lithuania, Latvia, Canada, and the US.

In Latvia, Fixar-Aero has its own production facilities, which have been operating since 2020, and regularly exchange goods and components with the Russian office of the company, even during the war. Such a situation, in which a company involved in the production of military drones in the Russian Federation and actively works with the Latvian branch, should raise many questions, from transferring military technologies and components to espionage. However, the umbrella in the form of Russmedia obviously helps Konstantin Siniushin avoid such issues and work successfully in the European market.

Other Russian assets in the Russmedia portfolio are:

- the PlanRadar company, which has a registered legal entity in the Russian Federation and pays taxes there;

- the Russian fund RTP Global is one of the key shareholders in the companies Coachhub and TIER Mobility SE;

- Rapyd Company provides payment solutions for Belarus and Russia;

- Flaviar is engaged in the distribution of Russian alcohol.

However, Russmedia Equity Partners’ largest and deepest partnership is with SpeedInvest, a prominent Russian investment fund that paid $3.5 million to the Russian budget in 2022 with taxes from its Agro.Club marketplace alone.

Together, they founded an investment fund that pures money in European startups. From 2020 to 2024, the company completed 33 deals, including 16 M&A deals, one deal at the seed stage, and the rest at various stages from Later stage to Series D, totaling more than $200 million.

Russians in the Russmedia office

Several Russian Federation citizens work at the company’s head office, each of whom is an interesting character, but a clear pro-Kremlin political position unites them.

Let’s start with Olivier Renault, a French journalist who lives and works in Russia. Like most Moscow residents, Olivier loves Russia and hates the Western world, mocks it.

In the comments of the Russian social network VK, Olivier makes fun of France and congratulates Russia and the DNR, changing the famous “Vive la France” to “Vive la Russia, Vive la DNR”

Also, Olivier Renault never loses an opportunity to congratulate Russia on Victory Day on May 9. On May 8, The Day of Remembrance and Reconciliation, Olivier publishes nothing.

One of Russmedia Equity Holdings’s investment managers is Russian citizen Valeriia Krasilnikova. She moved to Austria in 2014 and graduated from the Vienna University of Economics and Business. Valeriia has been working for Russmedia since 2019.

Irina Serykh, a Russian woman who holds the account manager position, also works in the same office.

Russmedia’s political intrigues

Russmedia also assisted Putin’s ally and Hungary’s prime minister, Viktor Orban. In 2017, the company sold 3 newspapers to oligarch Heinrich Pecina, a friend of Viktor Orban, which allowed the ruling party, Fidesz, to gain control of over 90% of media in the country.

In 2021, Russmedia became involved in another political scandal when the company’s connection with Juergen Kessler, head of the Austrian Economic Association, which is part of the ÖVP political party, became known.

Russmedia and Mr Kessler are the co-owners of the same company, Media Team. This company served the interests of the Vorarlberg Chamber of Commerce, as well as the Chamber of Agriculture and the Hunters’ Association. As the head of the association, Juergen Kessler ordered services from his own company, Media Team, and as the company’s owner, he received 15% of each order; another part of the profit from such a scheme went to Russmedia. As a result, Juergen was forced to leave his chair. At the same time, local readers of Russmedia began to complain in their comments about the bias of the materials and the obvious political engagement of publications that are part of the media holding.

Therefore, having influence over 15 European countries, politicians, and deputies, Russmedia, on the one hand, actively helps the Kremlin and its allies, spreading the necessary news and opinions. Russmedia tries to find opportunities to create alliances with powerful people and officials, bribing them with shares in their companies or through pressure in the media. On the other hand, through Russmedia Equity Partners, they simultaneously help Russian businessmen to invest Russian funds under the umbrella of a European fund. Such a scheme allows to avoid unnecessary attention from regulatory authorities, and it is so effective that even a company associated with military production in Russia is able to open offices in the countries of the European Union and transfer components and parts from Europe to the territory of Russia, bypassing sanctions.