When Umar Kremlev, the Russian who heads the International Boxing Association, flew to Mongolia in August, Arthur Martirosov came with him, the Financial Times reported in an Oct. 27, 2026 investigation. The FT identified Martirosov as a partner in Voskhod, “a US-sanctioned venture capital fund.” Federal records show the Voskhod sanctions were imposed on a company, Voskhod Management Company, and that Martirosov is not named in them.
Where it stands: The Treasury Department’s sanctions database, last updated Oct. 21, still listed Voskhod Management Company under its Russia program on Oct. 28. Martirosov does not appear on that list, and no other outlet had independently reported on his role beyond restating the FT.
Neither Kremlev nor Martirosov answered the FT’s questions, the paper said. A spokesperson for Donald Trump Jr. told the FT he and Kremlev have “a personal friendship, not a business relationship.” The FT’s account does not say whether Martirosov met Trump Jr., and it reports no dealings between Trump Jr. and Voskhod.
What did the FT report about Martirosov?
Very little beyond his trip and his title. Everything reported about him in this story comes from the FT.
According to the paper, Kremlev left an IBA press conference in Kazakhstan on Aug. 27, flew overnight on a chartered jet to Ulaanbaatar and then headed west to the camp where Trump Jr. was staying. The FT said he was accompanied by Martirosov, “a Russian businessman who is a partner in Voskhod.”
The FT did not say what Martirosov does at Voskhod, how long he has been there, or whether he spent time at the camp. The paper says guides, local officials, flight tracking, social media posts and public records backed up its account of the trip. UNITED24 Media, a Ukrainian outlet, repeated the FT’s description on Oct. 27 without adding new reporting.
Martirosov is a private businessman and did not respond to the FT. Beyond the paper’s description, the only public records relevant to him are the sanctions entries below, and they do not name him.
What do the Voskhod sanctions cover?
They cover a Russian fund manager, its general director and a consulting firm he owns. The State Department designated all three on May 19, 2023, under Executive Order 14024, a presidential order that authorizes sanctions related to Russia.
In its announcement, State said it was acting under section 1(a)(i) of the order, which targets those operating in specified sectors of Russia’s economy, here the financial services sector. It described Voskhod Management Company as an entity that “manages a venture capital fund established by U.S.-designated Interros.”
The same action named Ruslan Sarkisov as the company’s general director and designated him personally. A second firm, Voskhod Digital, was listed under a different clause, section 1(a)(vii), as a management consulting company owned by Sarkisov.
The Treasury’s Office of Foreign Assets Control (OFAC), which keeps the Specially Designated Nationals (SDN) list, records the fund manager as “LIMITED LIABILITY COMPANY VOSKHOD MANAGEMENT COMPANY,” also known as VMC LLC. Its entry gives the program as RUSSIA-EO14024, a founding date of 21 Oct 2021, and addresses in Vladivostok and Moscow. OFAC’s separate entry for Voskhod Digital links it to Sarkisov.
| Name | US sanctions status | Source |
|---|---|---|
| Voskhod Management Company | Designated, May 2023, EO 14024 | State Dept, OFAC |
| Voskhod Digital | Designated the same day | State Dept, OFAC |
| Ruslan Sarkisov | Designated the same day | State Dept |
| Interros | Described by State as US-designated | State Dept |
| Arthur Martirosov | Not on the SDN list | OFAC list |
| Umar Kremlev | Not on public US lists | ProPublica |
What does a designation under EO 14024 do?
It freezes the listed party’s assets within US reach and bars Americans from dealing with it, unless OFAC grants a license.
The State Department’s release spelled out the effect: all property and interests of the designated parties that are in the United States, or controlled by US persons, “are blocked and must be reported to OFAC.” It added that “any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked.”
The prohibitions run both ways. Americans may not provide funds, goods or services to a blocked party, and may not receive them from one, according to the release. OFAC’s entry for the fund manager also flags secondary sanctions risk, pointing readers to Section 11 of the order.
The FT’s shorthand, a “US-sanctioned venture capital fund,” compresses this. The designated party is the management company. State described the fund itself only as one set up by Interros. The Voskhod entities designated in the 2023 action are the management company and Voskhod Digital.
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Is Umar Kremlev covered by any US sanctions?
No. ProPublica reported in September that Kremlev “does not appear on public U.S. sanction lists,” and his name, including his birth surname, does not appear on OFAC’s sanctions list.
No UK or EU designation of Kremlev had been reported as of Oct. 28. Ukraine is different: its government has sanctioned Kremlev personally, according to ProPublica and the Kyiv Independent. ProPublica said Kyiv cited his closeness to Putin and to Russian security services.
The FT itself describes Kremlev as having close ties to President Vladimir Putin’s personal security service. That description is the FT’s. It is not a sanctions finding, and the US has not designated him.
Does the Voskhod designation involve Trump Jr.?
Nothing published so far says it does. No report has linked Trump Jr. to Voskhod, its fund or Sarkisov, and the FT presents Martirosov only as Kremlev’s traveling companion.
The prohibitions in the State release concern transactions and dealings involving blocked parties’ property. As of Oct. 28, no allegation of a sanctions violation by Trump Jr. or anyone on the trip had been reported.
Trump Jr.’s side has described his ties to Kremlev as a friendship rooted in hunting. Lawmakers and White House officials had not been reported commenting on the FT’s Oct. 27 report by Oct. 28.
Related coverage: the FT’s Mongolia investigation, Kremlev’s background, a fact check of claims about the story and this year’s Russia sanctions waivers.
OFAC’s entry for Voskhod Management Company was still on the SDN list as of its Oct. 21, 2026 update.
Frequently Asked Questions
What is Voskhod and why is it sanctioned?
Voskhod Management Company is a Russian firm that, according to the State Department, manages a venture capital fund set up by Interros, which the US had already designated. State designated it on May 19, 2023 under Executive Order 14024 for operating in Russia’s financial services sector.
Is Arthur Martirosov sanctioned?
Martirosov does not appear on OFAC’s sanctions list. The FT describes him as a partner in Voskhod. He did not answer the FT, and no other outlet had independently reported on his role as of October 28.
Is Umar Kremlev on the US sanctions list?
No. He is absent from public US sanctions lists, according to ProPublica, and is not on OFAC’s list. Ukraine, by contrast, has imposed its own sanctions on him.
What happens when a company is designated under EO 14024?
Its property and interests in property within US jurisdiction are blocked, and US persons are generally barred from dealing with it unless OFAC issues a license. Entities owned 50 percent or more by blocked persons are also blocked.
Did Trump Jr. do business with Voskhod?
No such dealings have been reported. The FT says only that Martirosov traveled with Kremlev, and Trump Jr.’s spokesperson says his relationship with Kremlev is a personal friendship, not a business one.
Sources
- Inside Donald Trump Jr’s Mongolian hunting trip with a Kremlin-linked businessman — Financial Times, October 27, 2026
- United States Imposes Additional Sanctions and Export Controls on Russia — U.S. Department of State, May 19, 2023
- Details: Limited Liability Company Voskhod Management Company — U.S. Treasury, Office of Foreign Assets Control (Sanctions List Search), list last updated October 21, 2026
- Details: Limited Liability Company Voskhod Digital — U.S. Treasury, Office of Foreign Assets Control (Sanctions List Search), list last updated October 21, 2026
- Donald Trump Jr.’s Bahamas Wedding Was Secretly Bankrolled by Russian Oligarch Close to Putin — ProPublica, September 14, 2026
- Trump says son reimbursed Russian oligarch who funded wedding celebrations — Kyiv Independent, September 18, 2026
- Former US Counterintelligence Official Warns Over Trump Jr.’s Ties to Kremlin-Linked Oligarch — UNITED24 Media, October 27, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.