Hiding its business deals behind a maze of shell companies to bypass Western sanctions, the Wagner mercenary group rakes in millions of dollars in revenue every year
by the EU for “human rights abuses”, has been pivotal to Russia’s recent military gains in Ukraine’s Donbass region.
In Russia, Wagner is not an official company since the country’s laws do not allow the existence of private military companies. Instead, it is hidden behind a complex entity of shell companies abroad with strong ties to the governments in Moscow and elsewhere. and gave a 25-year concession to a Madagascar-registered company called Midas Resources, a Russian entity owned by Prigozhin.
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