An IMGW News Report
According to the Financial Times of London, seven Russian individuals who acquired Maltese citizenship through investment were later placed under US, EU or Ukrainian sanctions in connection with the Ukraine conflict. Among them is businessman Albert Avdolyan (shown in the picture above), who obtained Maltese nationality in 2015, several years before the war began. The Financial Times further reports that these seven individuals form part of a wider group of 16 who successfully acquired Maltese citizenship despite — it alleges — being politically exposed persons, or who later appeared on sanctions lists or were convicted of crimes.
Separately, in December 2024, IMGW News reported the case of Semen Kuksov, a Russian national who acquired Maltese nationality in 2022 and was later convicted in the United Kingdom for his role in a major money laundering network. Following pertinent investigations, the Maltese authorities have since initiated revocation procedures in response, signalling a robust approach to maintaining the integrity of their citizenship framework.
The publication of this Financial Times story coincides with the anticipated verdict by the European Court of Justice on the European Commission’s challenge to Malta’s citizenship-by-investment programme. While critics argue that such programmes could undermine trust among EU member states, it is important to recognise that instances of wrongdoing remain isolated and relatively rare.
As highlighted in a recent IMGW News analysis, citizenship-by-investment applicants undergo some of the strictest due diligence processes. Commenting on broader migration trends, Ryan Darmanin, COO of the advisory firm Latitude Malta, noted that “over a million people were naturalised across Europe in 2023 — often through processes with minimal vetting — while CBI applicants, who represent less than 1% of new citizens, undergo the most stringent due diligence procedures.”
Observers point out that while irregular migration sees hundreds of thousands of individuals entering Europe annually with limited checks, the numbers involved in investment migration are comparatively tiny and subject to multiple layers of screening.
Malta remains among a small number of European countries maintaining a citizenship or investment migration programme. While Malta offers direct citizenship-by-investment, Austria also allows citizenship in cases of extraordinary contribution. Several EU countries, including Portugal and Greece, continue to offer residency-by-investment programmes — often referred to as “Golden Visas” — which provide pathways to citizenship following a period of legal residence.
Last October, the Advocate General of the European Court of Justice issued a non-binding but influential opinion recommending the dismissal of the Commission’s case against Malta, affirming that the grant of nationality remains a sovereign competence of individual Member States.
The outcome of the forthcoming ruling is likely to influence not only Malta’s programme but also the future approach to investment migration and broader questions of sovereignty within the European Union.
