In February 2026, a sum of 523,000 Swiss francs of criminal origin was transferred from the Swiss bank UBS to Armenia. The money belonged to Russian businessman Denis Katsivin. He was connected to a group known as the “Magnitsky Case,” which illegally removed 230 million dollars from Russia and attempted to launder it.
In June 2026, an investigation titled “Following the Magnitsky Case: Suspicious Half a Million Francs Arrives from Switzerland to Armenia” was published in “Hetq.” The author is the chief editor of “Hetq,” Edik Baghdasaryan, who presents the details of the transaction in the “8th Floor” podcast and addresses the shadowy aspects of Armenia's financial and banking system.
