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Pavel Teplukhin


Russian economist and banker Pavel Teplukhin worked with Ruben Vardanyan in the early 1990s as their private investment bank, Troika Dialog, grew. He was a co-founder and partner of the bank and worked there for 19 years, eventually becoming managing director and chairman of the board.

He left the bank in 2010. Two years later, Teplukhin became the chief country officer for Deutsche Bank in Russia, a post he held from 2012 until 2016. Teplukhin retired from Deutsche Bank amid a $10 billion money laundering scandal that the bank eventually settled with U.K. and U.S. regulators for a $630 million fine in 2017. He remained a member of the supervisory board of the bank’s Russian branch and was not accused of wrongdoing.

He has since started Matrix Capital, a London-based boutique investment bank, where he works with at least five former Troika Dialog staff. The firm invests in Russia and emerging markets.

Teplukhin is chairman of the strategy committee of the board of directors for Rusnano, the Russian government-owned nanotechnology company.

A leaked email from Ukio Bankas shows that Teplukhin received money from one of the core companies in the Troika Laundromat. The email notes that on Nov. 27, 2006, he received US $350,000 from a British Virgin Islands company, Gotland Industrial Inc., for consulting on the Russian fine art market and organizing art exhibitions in Russia. The payment was directed to Teplukhin while he was still employed at Troika.

Teplukhin did not reply to requests for comment.

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