Company Sanctions Imposed Due to Military Collaboration with Russia
The International Business Corporation, headquartered in Bar and owned by Russian national Sergej Kokorev, was added to the Sanction list of the United States on October 30, due to allegations of military support for Russia.
According to the document regarding the management of foreign assets, Kokórev has utilized this company to supply European-origin materials to users in Russia, including AMS technology, and is involved in large-scale distribution of industrial machinery and equipment.
This marks the first instance of a Montenegrin company facing sanctions due to the export of dual-use goods to Russia.
The Government of Montenegro, in 2022, after several delays, complied with the European Union’s sanctions against Russia following its invasion of Ukraine. These sanctions involve asset freezes targeting Russian individuals and enterprises.
Radio Free Europe has reached out to the Government to inquire about the enforcement of sanctions in Montenegro..
The imposition of sanctions coincided with the release of the European Commission Report for Montenegro, which indicated that Podgorica is aligned with sanctions against Russia.
What is known about Kokorev’s business?
Kokorev has been the owner of the company since May 27, 2021.
The company was established in 2011 and has undergone multiple ownership and management changes, being registered for non-specialized wholesale trade, with its office located approximately 50 kilometers from Podgorica.
This firm reported sales revenue of about 24,000 euros in 2021. Their revenue surged to 298,000 euros in 2022 and reached 934,000 euros last year.
Information analyzed by RSE from international trade data suggests that the International Business Corporation exported AMS technology from Russia worth 42,000 euros in four shipments.
They exported spare parts for machine series C, including hydropneumatic batteries, ball bearings, and air filters.
Among the exported items is a heading number included in the list of sanctioned products by the United States and the EU intended for Russia.
These sanctioned goods, valued at around 19,000 euros, were re-exported via China.
According to the Ministry of Finance, Sergei Kokorev is a Russian national.
Kokorev’s second company licensed for external arms trade
Kokorev’s company, Interlex, located in Bar, was established in 2015.
The company claims on its website that its primary business is export-import operations in global markets and it is registered and licensed for foreign trade in weapons and military equipment.
“The company has expertise in metalworking equipment, instrumentation, and analytical tools, as well as 3D design tools and equipment. It also focuses on hydropower potentials, such as mini power plants, including hydro and natural gas…”.
The company states that it is equipped to develop production lines for various purposes in collaboration with European engineering firms.
According to RSE, no exports to Russia have occurred through this company.
On October 30, sanctions were enacted against approximately 400 individuals and businesses from various countries, including a Serbian company.
Over the past two years, the U.S. Department of the Treasury has sanctioned more than 4,000 entities and individuals linked to Russia.