Despite the fact that it is under the sanctions of Australia, Ukraine and Poland, it is one of the 100 richest Russian, Oleg Boyko, received Serbian citizenship by decision Government of Serbia in March this year, writes BIRN.
That decision was made by the Government of Serbia while Miloš Vučević was at its head, as Prime Minister in resignation.
Boyko has been doing business with companies in Cyprus and Russia for several years through his company in Belgrade.
At the time when he received Serbian citizenship, Boyko was already under sanctions from Australia and Poland because, according to the Polish Ministry of the Interior, he was in contact with criminal organizations and Russian intelligence services.
Boyko has been operating through Belgrade for several years, where shortly after Russia's invasion of Ukraine and the decision of the EU, Britain and the United States to impose sanctions on the Kremlin, he became the owner of a company through which he operates with related companies in Cyprus, Russia and Kazakhstan.
The Law on Serbian Citizenship stipulates that the Government of Serbia can grant citizenship to foreigners "whose admission to citizenship […] would represent an interest for the Republic of Serbia".
Although these decisions of the Government are published in the Official Gazette, they do not state the reasons for the decision to grant citizenship.
The Government of Serbia did not respond to BIRN's questions about Serbia's interest in granting Bojko citizenship.
Bojko did not respond to BIRN's questions about obtaining citizenship and doing business through Belgrade, sent through his companies in Belgrade and the headquarters of his corporation Finstar Financial Group.
Drastic increase in the number of Serbian citizenships granted
The number of citizenships granted by the government has increased dramatically since the beginning of the war in Ukraine and the introduction of sanctions against Russia and people close to Moscow.
From 2010 to 2015, between five and 13 people a year received citizenship in this way, and the first year of the war in Ukraine brought a record number of decisions on granting citizenship - 64. Since then, more than 150 have been granted to citizens of Russia alone.
Although it is a candidate for EU membership, Serbia has for years refused to join the sanctions imposed by Brussels and the international community on Moscow. Serbian President Aleksandar Vučić cited the friendship between Belgrade and Moscow, Russia's support in opposing the independence of Kosovo and the energy importance of this country for Serbia, which is dependent on Russian gas, as the reasons why Belgrade does not harmonize its foreign policy with the policy of Brussels. Thus, Serbia did not impose sanctions even on persons who are on the list of EU sanctions. Boyko is not on the list of persons whose assets have been frozen in the EU.
Who is Oleg Boyko and why is he under sanctions?
Boyko was among the 100 richest Russians for decades. He is the owner of one of the largest Russian investment groups, Finstar Financial Group, through which he controls a network of subsidiary companies in Europe and Latin America, according to the explanation of the Ministry of Internal Affairs and Administration of Poland, which placed him on the list of sanctioned persons on September 13, 2024.
It is further stated that his assets, according to Forbes, are estimated at about 1,2 billion dollars, and that his business is focused on short-term loans, real estate and the gambling industry.
In his biography, he also states that he lived in Hollywood for six months and that he co-produced the film Sin City: Killings Worth.
Poland alleges that casinos under its control can be used for the legalization of funds originating from organized crime and cooperation with persons identified as collaborators of Russian intelligence structures.
Polish sanctions against Boyko include the freezing of all financial and economic assets, the prohibition of making financial or economic resources available - directly or indirectly, the prohibition of participation in activities that circumvent these measures, as well as exclusion from public procurement procedures and tenders.
According to officially available documents, Boyko is on Australia's sanctions list from April 6, 2022, as part of the sanctions this country introduced against Russia.
Australia has designated him as a person who carries out activities of economic and strategic importance for Russia, as the chairman of the investment group Finstar Financial Group.
The sanctions imposed on him mean he can have his assets frozen and banned from disposing of assets in Australia, and is subject to additional restrictions, including a travel ban and a ban on providing services or assets that could benefit him.
Boyko is already on Ukraine's sanctions list, as well as on the list of Russian oligarchs published by the US Treasury Department in 2018.
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