Journalists from the investigative project “Schemes” have uncovered links between major Ukrainian microcredit company Miloan, the pawnshop chain “Blago,” and the Russian Federation, including entities involved in the development of Russian weaponry. According to the investigation, the business is controlled by Ukrainian entrepreneur Rodion Butko through the Swiss holding company Bredley CH AG. Kateryna Tattersall, a Russian citizen whose father works at a research institute designing navigation systems for Kh-101 and Iskander cruise missiles, sits on the holding’s board of directors.
An analysis of the ownership structure indicates that following the full-scale invasion, the financial group began formally transferring its Russian assets to trusted proxies. A central figure in these arrangements is Volodymyr Dubrovskyi, a longtime manager for the Butko family who holds both Ukrainian and Russian citizenship. Between 2022 and 2026, shares in Russian microcredit organizations and pawnshop networks previously controlled by Anatolii and Rodion Butko were transferred to Dubrovskyi and his relatives.
Furthermore, affiliated entities under the “Liga” brand continue to operate in Russia and occupied territories of Ukraine. Operational activity is managed by the Moscow-registered company “Lombard Liga Kredit,” established by Dubrovskyi in the spring of 2022. The network currently operates nearly 30 branches in occupied Crimea.
“Kateryna Tattersall, a Russian citizen whose father holds a position at an institute developing navigation systems for Russian Kh-101 and Iskander missiles, serves on the board of directors of Bredley CH AG.”
The ownership arrangements have drawn attention from financial regulators. The National Bank of Ukraine is conducting a detailed review of ownership structure changes across the affiliated entities to assess any ongoing influence by Russian residents. Should indirect control by representatives of the aggressor state be confirmed, regulatory authorities have legal grounds to deem the management’s business reputation non-compliant and revoke their operating licenses.
Representatives of Bredley CH AG have denied controlling the Russian entities but declined to address questions regarding Kateryna Tattersall’s Russian citizenship. Rodion Butko, Kateryna Tattersall, and Volodymyr Dubrovskyi did not respond to requests for comment. Microcredit provider Miloan and the “Blago” pawnshop chain currently maintain their operations in Ukraine.