in-cyprus 21 June 2025
Ukraine has imposed sanctions on a Cyprus-based gambling empire allegedly channelling millions of euros to Russian-linked owners behind the online casino Pin-Up, as Ukrainian cities face continued Russian bombardment, according to a CIREN report.
Kyiv sanctioned Russian businessman Dmitriy Punin last month, along with nine companies and two Russian business associates, following an investigation launched in April 2024 into Ukrainian entities linked to Pin-Up.
Ukrainian investigators identify Punin as the real owner of the online casino, despite official documents stating otherwise.
Ukrainian authorities suspect the entities of “aiding an aggressor state” and operating illegally in Ukraine. Investigators believe those behind the online casino are “filling the aggressor’s budget” and warn the company may have access to location data of Ukrainian armed forces personnel using the platform.
In January, Ukrainian authorities arrested Igor Zotko, owner of Ukr Game Technology LLC, which operates Pin-Up’s Ukrainian branch. Investigators claimed Zotko had “been in Cyprus for a long time, where he spent time with Russian citizens—the real owners of the online casino.”
The company denied the allegations, stating Zotko purchased his stake in March 2023 for approximately 1.5 million euros and that “the allegation that Igor Zotko nominally owns his stake of the company and the company is owned by Russians is completely untrue.”
Between December 2023 and April 2024, as Russian forces attacked Ukrainian cities, Ukr Game Technology paid over 6.2 million euros in royalties to Cyprus-based Guruflow Team Ltd, which owns the Pin-Up brand.
Punin owned the company until shares were transferred to his wife, Maryna Ilina, in February 2022, days before the war began.
In April, Guruflow sold its Russian subsidiary PinUp.Ru LLC to Aleksander Udodov, former brother-in-law of Russian Prime Minister Mikhail Mishustin, for 13 million euros. Guruflow had owned the subsidiary for five months and sold at a 1.5 million euro loss. Udodov sold the company 13 days later.
Ilina denied connections to the Russian government or contributing to Russia’s budget, stating “Guruflow Team Ltd has never made any payments to Pin-Up Ru LLC during the period of ownership of corporate rights in the said entity.”
Ukrainian investigators view the ownership changes as attempts to obscure the real owner, writing that “the changes in ownership were merely formal, that the ultimate beneficiaries remained unchanged.”
Punin’s Cyprus investments include companies in hospitality, beauty, entertainment and property development. In 2022, he acquired Limassol football club FC Karmiotissa but reportedly sold it the following year.
