The mystery of Kirill Nikitin’s death: how a deceased witness to the laundering of trillions of rubles worked for decades under the cover of FSB generals who are now close to Putin

The mystery of Kirill Nikitin’s death: how a deceased witness to the laundering of trillions of rubles worked for decades under the cover of FSB generals who are now close to Putin

Interrogation record of late shadow banker Kirill Nikitin sheds light on Russia’s underground finance network.

Journalists have obtained an old interrogation transcript of Kirill Nikitin — an alleged shadow banker who recently died in a mysterious boating incident on the Moscow River — revealing his close ties to the top figures of Russia’s money-laundering and cash-out industry, which investigators say operated under the protection of officials from the FSB and the Central Bank. Many of those figures, according to the document, now hold senior government posts and even general ranks.

Details of Nikitin’s death suggest that his true identity was unknown even to fellow rowers. He presented himself as an ordinary retiree and former lawyer. His long-time training partner, Mikhail Beknazarov, had rowed with him since the age of 16. Now a driving instructor, Beknazarov scheduled early-morning sessions to fit his work hours. On the day of the incident — their first outing of the new season — they followed their usual route to Moscow City and back.

The collision occurred near the Fili pier, but accounts differ. Pier staff claim they signaled the rowers to leave the area, while Beknazarov says a stationary vessel suddenly began reversing without warning. The lightweight boat was pulled into the propellers, killing Nikitin instantly. Beknazarov managed to reach shore.

According to investigative materials, Nikitin had repeatedly surfaced in cases involving bank failures, money laundering, and cash-out schemes but consistently avoided prosecution. In 2006–2007 he allegedly participated in a network led by prominent underground bankers Yevgeny Dvoskin and Ivan Myazin, which reportedly laundered about 2 trillion rubles in a single year. The operations used numerous banks — including Europrominvest, Belkom, Neman, Migros, Diskont, Antares, Rubin, Novokubansky, Diamond, Pico-Bank, Siberian Bank of Economic Development, Yaroslav Bank, Falcon, Alliance, Intelfinance, Kitezh and others — all of which later lost licenses for money laundering.

Other figures in the network reportedly included bankers Alexey Frenkel, Sergey Zakharov (“Red”), Alexey Kulikov, Georgy Shkurko, and Belozerov (“Flamingo”), a former tax police officer. Nikitin’s testimony also mentioned Boris Fomin, a senior banker who later cooperated with investigators, describing multibillion-dollar laundering operations and accusing Myazin of using Central Bank connections to move funds abroad. Fomin also implicated Tim Wiswell, a U.S. citizen and former Deutsche Bank executive, in alleged laundering schemes.

Investigators at one time suspected the group of involvement in the 2006 assassination of Central Bank deputy chairman Andrey Kozlov, though only Frenkel was ultimately convicted. Others remained effectively untouchable. Operational oversight of the case was handled by Dmitry Frolov of the FSB’s Directorate “K,” who was also described as providing protection to key members of the network. The group reportedly enjoyed additional backing from the Sixth Service of the FSB’s Internal Security Directorate and Directorate “M.”

Several officials linked to that period have since risen to prominent positions. Igor Nikolaev, then a deputy department head in Directorate “M,” now leads the FSB’s Sverdlovsk regional office, while Ivan Tkachev — formerly head of the Sixth Service — currently heads the FSB’s Military Counterintelligence Department.

Nikitin’s sudden death, combined with the breadth of connections outlined in his testimony, has intensified speculation about the secrets he may have taken with him. Authorities have not indicated any evidence of foul play, and the investigation into the river collision continues.