--- title: "The Russian BCS business before and after 2023" language: en canonical: https://dossiertwist.com/dossiers/the-ultima-world-dmcc/russian-business/ as_of: 2026-10-15 keywords: ["THE ULTIMA WORLD DMCC","FG BCS LTD","BCS Financial Group","Oleg Mikhasenko","Alexey Annenkov","Vitaly Shelikhovsky","The Ultima Investments Cyprus","The Ultima Structured Products","The Ultima World (DIFC)","BCS Capital (DIFC)","The Ultima Global Markets (USA)","BCS Americas","The Ultima Global Markets Qazaqstan","BCS Holding","BCS Bank","Dubai Multi Commodities Centre","DFSA","FINRA","CySEC","AIFC"] --- # The Russian BCS business before and after 2023 **Question.** What happened to the Russian BCS business after FG BCS left Russia, and what ties to the group remain? **Answer.** On 19 January 2023 the group sold BCS Holding LLC, which held its whole Russian segment, to Oleg Mikhasenko for RR 9,990 thousand, accounting for about RR 43 billion as a distribution to him, and FG BCS gave up its Russian tax residence. Registry data show Vitaly Shelikhovsky holding 99.9% of BCS Holding since July 2025, matching a press report that Mikhasenko had sold the group to him; BCS Holding owns most of the broker BCS Company, which holds 'BCS ULTIMA' trademarks in Russia. At the end of 2024 the group's Kazakh note issuer held most of its cash with JSC BrokerCreditService in Russia and traded rouble reverse repos on the Moscow Exchange. ## The 2023 exit - Analysis: According to FG BCS LIMITED's 2022 consolidated statements, the group decided on 10 January 2023 to terminate its activities in Russia and to sell BCS Holding LLC, a wholly owned subsidiary whose brokerage, retail and investment banking, depository and asset-management business made up the whole of the group's Russian segment. In January 2023 FG BCS Ltd was deregistered with the Russian tax authority and renounced its status as a Russian tax resident. On 19 January 2023 the group sold BCS Holding to its ultimate shareholder, Oleg Mikhasenko, for RR 9,990 thousand; the difference of about RR 43 billion between the net assets disposed of and the consideration was accounted for as a distribution to the shareholder. Russian state-register data relayed by a sanctions-data aggregator record FG BCS LTD (Cyprus HE 347295) as holder of 99.9994% of BCS Holding from 4 August 2016 to 26 January 2023 and Mikhasenko as holder of the remaining 0.0006% from 24 April 2019 to the same date, consistent with the control disclosure filed by BCS Bank. [src-015] [src-001] [src-003] [src-005] ## BCS Holding and BCS Company since 2023 - Analysis: BCS Holding LLC, formerly Siberian Investments LLC, was registered in Novosibirsk on 13 November 2002 under state registration number 1025403198710; its registered address is Sovetskaya Street 37, its share capital is RUB 15,307,698,000 and its main activity is other financial services. A Russian technology-industry publication reported on 19 July 2025 that Mikhasenko, as owner of BCS Holding, had sold the group to its general director, Vitaly Shelikhovsky, with a perimeter covering all subsidiaries, including the broker BCS, BCS Bank, BCS Forex, the life insurer BCS Life Insurance, BCS-Technologies, BCS-Fintech and the management company UC BCS; the price and terms were not found in the retained records. Registry data reproduced by several aggregators show that since 18 July 2025 Shelikhovsky has held 99.9% of BCS Holding and Alexandra Olegovna Mikhasenko the remaining 0.1%; a stake of that size was held from 27 January 2023 by Natalya Olegovna Mikhasenko, who by October 2026 held no participation in any company. The aggregators do not give the size of each stake held between 26 January 2023 and 18 July 2025, and one of them records Oleg Mikhasenko, identified by his Russian taxpayer number, as a participant in an observation window to 17 July 2025. The records state no family relationship between the persons named. [src-017] [src-013] [src-005] [src-070] [src-080] [src-081] [src-069] [src-118] - Analysis: Registry data show the current participants of BrokerCreditService Company LLC (BCS Company), the Russian broker, as BCS Holding with 81.861%, the closed-end combined unit investment fund 'FNB Business' with 18.04% and Alexandra Olegovna Mikhasenko with 0.099%; one dataset dates BCS Holding's stake from 10 February 2003. Natalya Olegovna Mikhasenko had held a 0.099% stake from 11 December 2025, and an aggregator records Oleg Mikhasenko, identified by his taxpayer number, as a participant in an observation window from 25 August 2015 to 10 December 2025, without his share. Earlier participants recorded by an aggregator include the management company JSC UK BrokerCreditService, replaced in November 2025 by JSC BCS Wealth Management, and LLC UK BrokerCreditService-Real Estate Funds between November 2018 and November 2020; these dates, like the aggregators' others, are observation windows rather than register dates. Shelikhovsky was the director of Siberian Investments when BCS Bank filed its December 2021 control disclosure; registry data show him as director of BCS Holding, general director of BCS Company since 20 August 2013 and general director of BCS FT LLC since 16 October 2024. [src-079] [src-174] [src-005] [src-080] [src-081] [src-071] [src-118] [src-031] [src-166] [src-017] - Analysis: Bank of Russia data show BCS Company as an active financial-market participant with brokerage and dealer activity since 10 January 2001, depository activity since 23 July 2009, investment advice since 21 December 2018 and, since 6 March 2025, settlement services on an electronic platform as operator of an information system for issuing digital financial assets; its securities-management activity ended on 27 February 2020. The Bank of Russia's list of decisions concerning the company contains 63 documents, including orders of 13 and 14 October 2026 under the law against insider dealing and market manipulation to suspend orders and trades on organised markets for particular clients. The orders concern trading for particular clients, and the published notices do not describe findings against the broker itself. [src-174] [src-147] ## Other Russian BCS companies - Analysis: JSC BCS Bank was registered on 2 February 2005 at Konyushkovskaya Street 31, building 1, Moscow, with share capital of RUB 3,243,983,530; registry data name Marina Rodionova as head of its management board, a post she has held in an acting capacity three times according to the registry history: from 12 November 2013 to 29 March 2016, from 17 October 2016 to 7 March 2018 and since 8 September 2020. The group acquired JSC BCS Wealth Management on 19 December 2019 and at the end of 2022 carried goodwill of RUB 1,023,383 thousand for it, after an impairment of RUB 79,365 thousand. Named JSC Management Company URALSIB until 21 October 2021, the company disclosed Siberian Investments LLC as its sole shareholder at the end of 2020, and on 9 November 2021 the Bank of Russia reissued its fund-management licence under the new name. It is based at Prospekt Mira 69, building 1, Moscow, and has been headed by Marina Popova as acting general director since 25 March 2024. Registry data reproduced by an aggregator still list its earlier founders, the oil investment company NIKoil and Financial Corporation URALSIB, up to 20 October 2021; those dates are observation windows and do not show when the shares changed hands. [src-057] [src-090] [src-015] [src-124] [src-169] [src-136] [src-058] [src-089] - Analysis: JSC Management Company BCS, registered on 29 January 1998 at Sovetskaya Street 37, Novosibirsk, with share capital of RUB 202.6 million, manages securities; its general director, Albert Galimnurov, signed as general director of JSC Management Company URALSIB that company's shareholder disclosure for the end of 2020. LLC Management Company BCS-Real Estate Funds, registered on 12 July 2006 at the same address to manage investment funds, is headed by a liquidator. A list of BCS Company's holdings shown by a company-information aggregator records it as owner of 100% of BCS-Forex LLC, which the 2017 note summary listed as a subsidiary of FG BCS Ltd.; BCS-Forex was registered on 23 July 2015 at Prospekt Mira 69, building 1, Moscow, with share capital of RUB 1 billion, and Taras Danilyuk has been its general director since 9 March 2021. [src-072] [src-073] [src-169] [src-079] [src-040] [src-094] [src-123] - Analysis: BCS Fintech LLC, a Moscow software developer, has been wholly owned by BCS Holding since 22 August 2019; until 28 December 2020 BCS Bank was also recorded as its founder. Dmitry Valerievich Ivanov became its general director on 24 November 2021 and on 1 April 2026 also general director of BCS-Technologies LLC; for 2025 BCS Fintech reported revenue of RUB 5.2 billion, a net loss of RUB 17.5 million and an average of 977 employees. BCS FT LLC, formed in Moscow in September 2024, has been wholly owned by BCS Holding since 15 September 2024; its first general director served for one month, and Shelikhovsky has been general director since 16 October 2024. [src-135] [src-056] [src-166] [src-005] - Analysis: JSC Upravlyayushchaya Kompaniya Fondov, one of the three buyers of Tyazhstankogidropress shares from Viktor Aranovsky in December 2016, was registered on 28 June 2005 at Sovetskaya Street 37, Novosibirsk, with share capital of RUB 100.01 million; it invests in securities and is headed by Ivan Dzhulay. LLC Mezhregionalny Spetsializirovanny Depozitary, registered on 11 September 2003 under a Novosibirsk registration number, is registered at Shabolovka Street 31, building B, Moscow, and headed by a liquidator; an undated earlier registry snapshot showed it at Prospekt Mira 69, building 1. [src-125] [src-115] [src-126] [src-153] - Analysis: LLC BCS-Commodity Markets was registered on 15 May 2012 at Sovetskaya Street 37, office 225, Novosibirsk, with share capital of RUB 50,000. Registry data shown by aggregators record it as owned from 2 November 2018 by 'Company FG BCS LTD' (99.9%) and Siberian Investments LLC (0.1%), after earlier ownership by JSC Management Company of Funds; one aggregator hides the foreign participant's registration number, and the earlier participants and exact dates come from a second aggregator's observation windows. Alexander Tsukerman was its director from 15 February 2018 and then its liquidator until the company was liquidated on 28 October 2020. GLEIF still lists the company among the direct children of THE ULTIMA WORLD DMCC's LEI, but its own LEI has the status LAPSED, with its last renewal due on 4 September 2020; a lapsed LEI is no longer updated, so the parent relationship reflects the position before liquidation. [src-037] [src-144] [src-052] [src-109] [src-019] ## Ties that continue - Analysis: At 31 December 2024 the Kazakh note issuer held KZT 6,501,332 thousand of its KZT 6,794,610 thousand of cash and equivalents with JSC BrokerCreditService in Russia and KZT 17,303 thousand with JSC Raiffeisen Bank in Russia; a year earlier it held KZT 45,933 thousand with JSC BCS Bank. Its related-party note shows KZT 6,499,728 thousand of cash and equivalents with, and trade payables of KZT 5,908,701 thousand to, other parties under the control of its sole shareholder's owner; the related-party table labels these counterparties only as 'other parties', while the bank-by-bank table identifies the Russian broker. The issuer's 2024 statements also describe a reverse repurchase agreement entered into on the Moscow Exchange, collateralised by MTS securities, denominated in roubles and carrying interest of 22.67% a year; the issuer closed its remaining reverse repo transaction in early 2025. [src-033] - Analysis: The Ultima name is also used in Russia by BCS Company: Russian trademark records shown by a company-information aggregator list it as the holder of the trademarks 'БКС УЛЬТИМА' (Nos. 998302 and 998304) and 'BCS ULTIMA' (No. 998303), registered on 5 February 2024 and valid until 20 July 2032, and among its branches are 'Nevsky. Ultima' in St Petersburg and 'Uralsky. Ultima' in Yekaterinburg. 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