An Estonian company, whose owners have a business in Russia, was suspected of helping to circumvent sanctions.
A scandal broke out in Estonia after it was published in the DV.ee business publication.
The article describes the company Lumivest LLC from the city of Narva. There is a company with this name not only in Estonia. According to the publication, the website of the Hong Kong company Lyumivest Limited has a contact email address that matches the address in Narva (a municipality and city in Estonia).
Lumivest has two co-owners: 60–year-old Sergey Lyubich (75%) and 32-year–old Artem Lyubushin (25%). Both have companies in Russia as well: they jointly own the supplier of cable products AlcoM SP, Sergey Lyubich also has a Comfort Management company in Russia, which is engaged in wholesale trade in St. Petersburg, Technoinvest and Link, as well as Info, which provides accounting services, Tellus, food production and Smile.“ – food trade. And in 2025, the name “Lumivest“ surfaced in the resolution of the Thirteenth Arbitration Court of Appeal of Russia in St. Petersburg.
The document explicitly states that “The supply of sanctioned foreign goods for the needs of the Ministry of Defense of the Russian Federation was carried out by Severnaya Zvezda LLC from a foreign manufacturer OSAUHING LYUMIVEST, SHENZHEN SIERYCUS TECHNOLOGY CO (China) and was issued bypassing sanctions through ARP Investments Limited.“
Osaühing in translation from Estonian is a limited liability company.
In an interview with Estonian journalists, Sergey Lyubich said that “something got mixed up“ and his company was not cooperating with Severnaya Zvezda.
