Russia's Covert Operations Shift towards Illicit Finance
According to recent investigations, Russia's covert operations have shifted towards illicit finance as their primary means of resourcing. In one notable example, Jan Marsalek, a former chief operating officer of Wirecard, worked with Orlin Roussev, a Bulgarian IT specialist, to move money for a Russian spy ring through bank transfers and cryptocurrency wallets.
The cell, which surveilled targets across Europe including at U.S. Army Garrison Stuttgart, was rolled up by the Metropolitan Police's Counter Terrorism Command in February 2023. A report by Britain's National Crime Agency found that individuals linked to Russian intelligence attempted to pay the cell through a money-laundering network codenamed Smart.
This case highlights how illicit finance has become an integral part of Russia's irregular warfare, particularly after Western countermeasures were implemented in 2022. The GRU, Russia's foreign military intelligence agency, is leading this campaign and has pushed its capabilities beyond traditional military channels by incorporating non-state actors and cryptocurrency infrastructure.