Igor Raykhelson

The dispute

A short account of the dispute with VSMPO-AVISMA, the world’s largest titanium producer, which has been pursued in Russia, the United States and Switzerland.

The dispute in five steps

VSMPO-AVISMA is the largest titanium producer in the world and supplies nearly all of Russia’s titanium. Each fact below carries a mark for its source.

Court, regulatory and arbitral recordsJournalism and public dataThe account of Mr Raykhelson or his or Interlink’s advisers

  1. Step 1. A settlement.

    A settlement agreement dated 30 September 2020 between VSMPO-AVISMA, Interlink and associated parties included, among other things, an undertaking to refrain from criminal proceedings against one another.Sources Aand C

    “…refrain from initiating and/or expanding and/or continuing any criminal investigations in Russia or any other jurisdiction against each other and/or against another Party’s Associated Parties”.

    Settlement agreement dated 30 September 2020 (mutual criminal standstill, clause 7.3)

    30 September 2020

  2. Step 2. Drawn into the case.

    In September 2024, despite that standstill, VSMPO’s representative urged a Russian court to reclassify a case against VSMPO’s former general director as fraud and to draw Raykhelson into it.Sources Aand C

    17 September 2024
    Yekaterinburg

  3. Step 3. A case rewritten.

    The Russian fraud case collapsed in May 2026 and was re-founded as embezzlement.Sources Aand C

    15 May 2026

  4. Step 4. Discovery in New York.

    In New York, VSMPO sought twelve years of banking records on 51 people and entities, including his sons.Source A

    9 October 2025
    SDNY 25-mc-444

  5. Step 5. The Swiss answer.

    Swiss courts lifted the CHF 4.8m attachment obtained by VSMPO’s subsidiary against Interlink in all but trivial part and, in a summary decision, found that subsidiary within the sanctions net.Source A

    11 March 2026
    20 July 2026

Rulings and filings outside Russia

He has never been charged with, let alone convicted of, any offence in any jurisdiction outside Russia. No court outside Russia has made any adverse finding against him.

NumberCourt or bodyDateOutcomeReference and source
Saane District CourtNo ground for attachment; the CHF 4.8m attachment against Interlink lifted in all but trivial part, with costs awarded against VSMPO’s subsidiary.10 2025 3834Source A
Federal Reserve Bank of New YorkObjection filed: told the court VSMPO’s application rested on “speculation and surmise” and “bespeaks a fishing expedition”.SDNY 25-mc-444Source A
Fribourg Cantonal CourtSummary decision between Interlink and VSMPO’s subsidiary: the subsidiary failed to prove that Mr Chemezov, a sanctioned person, does not exercise controlling influence over it; granting it assets would be “a prohibited indirect provision of assets in favour of an undertaking sanctioned within the meaning of Article 15(2) of the Ukraine Ordinance”.102 2026 87/88Source A
11 August 2026
In a super-provisional requested by Interlink, the same court restated that the subsidiary is subject to Swiss sanctions.Source A
Pending
ICC 29355 award on the sanctions question between Interlink and TiRus; ICC 29371 damages arbitration between Interlink and VSMPO.Source A

Full chronology

The chronology from the dossier prepared on instructions of Mr Igor Raykhelson, reproduced in full, with the class of source for each entry. Where a source is public, its letter is shown in red and links to it. Entries about VSMPO-AVISMA itself are grouped first, under About VSMPO-AVISMA.

About VSMPO-AVISMA

  1. 1929 to 1992

    VSMPO founded by USSR Economic Council for military aviation; six decades as Soviet state military-industrial enterpriseSources Aand B

  2. Rostec’s predecessor takes control of VSMPO-AVISMA after pressure on founding ownersSource B (The Washington Post report, 19 November 2006, opens in a new tab)

  3. 2012 to 2013

    “Privatisation” to Shelkov vehicle; state banks finance; concerted voting with Rostec begins and continues in every board election sinceSources Aand B

  4. Boeing suspends purchases; Airbus continues; Shelkov’s Spanish structure transferred to ArdeleanSources B (the Reuters report of 7 March 2022, via Euronews, opens in a new tab)and A

  5. US Commerce designates VSMPO-AVISMA military end-user (Fed. Reg. vol. 88 no. 186)Source A (the US Federal Register notice of 27 September 2023, opens in a new tab)

  6. Putin/Chemezov Kremlin meeting: “your titanium… our plant… we mainly work for our aircraft and helicopter companies”Source B (the Kremlin transcript of 17 June 2025, in Russian, opens in a new tab)

Chronology, 1991 to 2026

  1. Interlink Metals & Chemicals AG incorporated, Fribourg; builds US market access for Russian titaniumSources A (the Fribourg commercial register entry, opens in a new tab)and C

  2. Raykhelson transfers Interlink to his wife Ekaterina Astashova; remains consultantSource A

  3. First Russian criminal case on VSMPO complaintSources Aand C

  4. Settlement Agreement incl. clause 7.3 mutual criminal standstill; mutual withdrawal of various proceedingsSources Aand C

  5. Case against former GD discontinued with judicial fineSources Aand C

  6. New Russian case against Voevodin (abuse of authority)Sources Aand C

  7. VSMPO representative Fedyakov urges reclassification to fraud and inclusion of Raykhelson; case returned 20 Sept at VSMPO’s initiativeSources Aand C

  8. 23 to 25 June 2025

    Fraud case opened; Raykhelson charged; Voevodin and Lysenko detained (still in custody, untried); search of Astashova’s Arbat flatSources Aand C

  9. Raykhelson on Russian federal wanted listSources Aand C

  10. VSMPO files SDNY § 1782 (25-mc-444): 51 targets, 12 years of recordsSource A

  11. Seizure order on Astashova’s Arbat flatSources Aand C

  12. TiRus attaches CHF 4.8m of Interlink fundsSource A (the Fribourg Cantonal Court judgment of 20 July 2026, in German, which records the attachment, opens in a new tab)

  13. Raykhelson’s Italian property seizedSources Aand C

  14. International wanted listSources Aand C

  15. Astashova’s Istra land and Italian property seizedSources Aand C

  16. Yekaterinburg orders detention in absentia; same day Saane court lifts TiRus attachment against Interlink, costs against TiRusSource A (the Fribourg Cantonal Court judgment of 20 July 2026, in German, which records the Saane court decision, opens in a new tab)

  17. Red Notice request decreedSource A

  18. 4 May / 2 June 2026

    Raykhelson’s own § 1782 granted (25-mc-427); reciprocal discovery to VSMPO granted unopposedSource A (the New York federal court order of 2 June 2026, opens in a new tab)

  19. Fraud case terminated (Art. 175(2) CCP); reclassified as embezzlement (Art. 160(4)); damage figure 5.122bn roublesSources Aand C

  20. 15 to 17 June 2026

    ICC 29355 sanctions hearing, Geneva; TiRus calls no VSMPO director; Dr Less not cross-examinedSource A

  21. NY Fed objection: “speculation and surmise”, “fishing expedition”Source A

  22. Fribourg Cantonal Court: TiRus failed Art. 30(2) burden re Chemezov’s controlling influence; attachment would be prohibited provision of assets under Art. 15(2) UkrOSource A (the Fribourg Cantonal Court judgment of 20 July 2026, in German, opens in a new tab)

  23. Same court, super-provisional: restates that TiRus is subject to UkrO sanctions; “at first sight” enforcement should not have been granted (citing BGer 4A_305/2025)Source A

  24. Pending

    ICC 29355 award; ICC 29371 damages arbitration; Interlink Vaud attachments in force against VSMPO (Feb and May 2026, CHF 9.54m and CHF 17.43m)Source A

Documents available on request

Available to journalists on request.

Court, regulatory and arbitral records

  • Fribourg judgments of July 2026 and order of August 2026
  • Saane decision, March 2026
  • SDNY dockets 25-mc-444 and 25-mc-427
  • US Federal Register, September 2023
  • ICC 29355 record (non-confidential)

Public sources

  • Kremlin transcript, June 2025
  • Company voting disclosures

For verification

  • Italian criminal complaint
  • Moscow property valuation and registry documents
  • Schedule of performances

To request any of these, write to the press office.

In fairness

The Fribourg decisions of 20 July and 11 August 2026 are, respectively, a summary decision and a super-provisional order expressed at first sight; neither is a final merits judgment, and the arbitral award on the sanctions question is pending. They concern Interlink. Mr Raykhelson was and is not party to these proceedings. Mr Raykhelson is presumed innocent, in Russia as everywhere. Matters resting on the account of Mr Raykhelson or his or Interlink’s advisers are marked C and offered with their underlying materials for independent verification. Mr Voevodin and Mr Lysenko are likewise presumed innocent. The entry concerning Ms Ardelean concerns corporate governance and asset-holding structures, and nothing else; no comment is made or implied about any person’s private life. The positions VSMPO and its subsidiary have taken in the proceedings, including their denial of control and their reliance on earlier Fribourg decisions in subsidiary’s favour, are on the record, and VSMPO rejects the allegation that it breached the 2020 settlement.