Career in Russia Fuks began his career after relocating to Russia following his graduation. In 2000, Fuks invested in an oil company named Nefthold LLC, which was later found to have connections with Russian politicians and government officials. and
Bloomberg was unable to verify the claims of these negotiations. By 2010, Fuks had become the largest shareholder of
Sovcombank, owning a 21.83 percent stake. In March 2015, he sold his shares, which were valued at US$80 million. According to records from the
Ministry of Internal Affairs, Fuks was assigned the Russian nickname "Naemnik," translating to "mercenary" in English. In 2019, an international arrest warrant was issued for Pavel Fuks and his brother. They are wanted in both Russia and
Kazakhstan for allegedly embezzling millions of dollars from the Moscow-City project. In July 2023, an
FBI whistleblower submitted a 22-page disclosure to the
Senate Judiciary Committee. The disclosure reveals that the FBI assessed Fuks as a "co-opted asset" of Russian intelligence services, implicating Fuks as a tool used by Russian intelligence to further its objectives. While the disclosure does not specify a particular Russian intelligence agency, it indicates an association with the
Federal Security Service (FSB), the successor to the
KGB. The allegations include accusations of Fuks laundering money for Russian spies and orchestrating provocations in Ukraine to support Russian President Vladimir Putin's claim of “de-Nazification” as a pretext for the
Russian invasion.
Career in Ukraine After the
Euromaidan protests and the onset of Russian aggression, Fuks developed a keen interest to invest in Ukraine in 2014. In 2017, Fuks hired
Rudy Giuliani's law firm to help improve
Kharkiv's public image. According to
Novoye Vremya, Fuks utilized Giuliani's expertise to establish an investment support office in the U.S. for Kharkiv.
The New York Times reported that Fuks asserted Giuliani was hired as a lobbyist. However, Giuliani denied any knowledge of these claims and refuted involvement in lobbying activities for Fuks in the U.S. In January 2018,
Al Jazeera published a 99-page report partly based on information from the nominal director of a Cypriot offshore company linked to Pavel Fuks. The report revealed that Fuks was negotiating the acquisition of Quickpace Limited, a Cypriot company holding $160 million in assets managed by
Viktor Yanukovych, the fourth
President of Ukraine, and sanctioned oligarch
Serhiy Kurchenko. Consequently, in September 2015, Fuks, alongside Oleksandr Onyshchenko, acquired Quickpace Limited's frozen assets for $30 million (with Fuks holding a 33 percent stake) and a
private jet. On July 19, 2022, Fuks won a lawsuit against American
lobbyist Yuri Vanetik in the U.S., obliging him to return Fuks $200 thousand and interest due to dispute over
Trump 2017 inauguration events Fuks wanted to attend. Vanetik said he planned to appeal the ruling. Fuks has been accused of operating false flag influence campaigns in Ukraine to benefit
Russian aggression and seeking access to president
Trump to allegedly ingratiate himself to Russian intelligence service,
FSB. The scandals tied to Fuks role as a Russian mole range from allegations of sponsoring
swastika vandalism campaigns on Ukrainian
synagogue walls to hiring
Rudy Giuliani to conduct lobbying campaigns, to attempting to attend presidential inaugural events.
Golden Derrick In 2015–2017, the Cypriot
offshore company Hartlog Limited, whose beneficiary, according to the Russian Anti-Corruption Center, is Pavel Fuks, bought 67% of Golden Derrick shares from
Eduard Stavytsky. Subsequently, this company was renamed East Up Petroleum LLC. The National Joint Stock Company Nadra Ukrayiny owned a 33% stake in the authorized capital. In 2017, the State Service of Geology and Subsoil of Ukraine (the owner of Nadra Ukrayiny) transferred 16 licenses for gas fields to East Up Petroleum. In an official statement, Nadra Ukrayiny emphasized that during the entire time of participation in Golden Derrick's share, and then in East Up Petroleum, the company did not receive any dividends and did not influence the activities." Public outcry was caused by the information about the complete transfer by Nadra Ukrayiny of its remaining share (33% of the company) to Avant Trade Limited, which is also strongly associated with Pavel Fuks. In its statement, Nadra Ukrayiny stated that the sale price was UAH 12 million. Fuks himself denied that he had bought Golden Derrick. According to journalistic investigations, East Up Petroleum is controlled by Pavel Fuks, but indirectly, through a chain of shell companies. Thus, at the end of 2017, Golden Derrick founded a dozen and a half companies in
Kyiv, which indicate exploratory drilling and production of hydrocarbons as their main activity. Subsequently, East Up Petroleum planned to transfer one or two gas production licenses to each of these companies with the further goal of a full sale of assets. According to a journalist's request, in November 2018, the Prosecutor General's Office of Ukraine transferred to the
National Police a criminal proceeding on the fact of illegal issuance of special permits for the use of subsoil of Ukraine by the State Service of Geology and Mineral Resources. In April 2018, the court authorized the PGO to seize documents from East Up Petroleum. In addition, Arkona Gas Energy is involved in the proceedings. On June 18, 2021, the
National Security and Defense Council imposed sanctions on Fuks for his involvement in Golden Derrick.
Partnership with Kolomoisky and Khomutynnik Together with
Ihor Kolomoyskyi and
Vitaliy Khomutynnik, Pavel Fuks is a co-owner (18%) of Ukrnaftoburinnya, one of Ukraine's largest gas producers worth $500 million. On 7 April 2023, the Pecherskyi District Court of Kyiv seized the corporate rights of Ukrnaftoburinnya, a gas production company. On 11 April, the same court ruled that the company's assets were transferred to the Asset Recovery and Management Agency. The company appealed this decision in court.
Prominvestbank Fuks was called one of the most likely buyers of
Prominvestbank, controlled by Russia's
Vnesheconombank. The
Antimonopoly Committee of Ukraine received a request from Fuchs to acquire more than 25% of the bank. However, the businessman failed to obtain approval from the NBU. == Sanctions ==