The Pre-ANIF Career
Sergey Grigoryan was not a junior figure scouted off a market for the ANIF job. He was a 55-year-old career international-finance operator when ANIF appointed him in 2019. Pioneer Investments, where his breached business email surfaces in OSINT scans (the password was "profit"), was acquired by the French asset manager Amundi to form what is now the world's largest asset manager. He was Executive VP of the Association of Russian Banks for over a decade. He advised the Chairman of Ardshinbank, one of Armenia's largest banks. He sat on the board of a Russian payment-system bank. The man who would head the ANIF Moscow office had spent two decades building exactly the sort of cross-border financial-services profile that makes a Moscow representative office defensible on paper.
What he then did with that profile, on paper and in practice, is now the question.
The Ostozhenka 37/7 Office
ANIF, the Armenian National Interests Fund, opened its Moscow office in December 2019 under Grigoryan's leadership. Its physical footprint was a 76.5-square-meter unit at Ostozhenka 37/7 in central Moscow, with monthly rent of 220,000 rubles. Across the four years from 2020 to 2024 the office received 2.7 billion AMD ($6.9 million) from ANIF in Yerevan. Of that, 1.6 billion AMD ($6 million) was paid out as salaries to a staff that fluctuated between four and fifteen employees over the period.
The current ANIF management, asked what the Moscow office produced for the $6.9 million, has stated on the record: "no information about projects implemented." No deals brokered. No investments closed. No mandates fulfilled. No contracts the new management can locate. A 76-square-meter apartment in central Moscow consumed three quarters of its inflow on payroll for an indeterminate handful of staff and produced nothing the successor management can document.
The Address That Stayed
After ANIF vacated the Ostozhenka 37/7 office, Grigoryan's own companies took over the same physical address. Evabeta JSC, a Moscow IT and finance services company, moved in. Evatech LLC, a Moscow financial consulting firm in which Grigoryan holds 25% (alongside Valeria Grigorian, likely his daughter, also at 25%) is operationally tied to the same network. The state-fund office that produced no documented projects was emptied of its state-fund signage and refilled with the office holder's private firms.
This is not a footnote. The building, the staff structure, the operating arrangement, the in-Moscow positioning that was paid for by Armenian taxpayers via ANIF for four years, was not dismantled. It was rebadged. The continuity points one direction: the Moscow office was always, in operational terms, a Grigoryan platform that happened to fly an ANIF flag for funding purposes.
The Wife's $1.8 Million
Global Connect CJSC, founded by Grigoryan's wife Susanna Gevorgyan, received $1.8 million from ANIF for the supply of 17 trucks. A spouse-controlled company received an ANIF procurement award while the spouse's husband was head of the ANIF Moscow office. We have not seen the conflict-of-interest disclosure that should have accompanied this transaction. We have not seen the competing bids. We have not seen the post-delivery audit on the trucks. The transaction is documented; the conflict-management around it is not.
The Marathon S.A. Connection
Sergey Grigoryan and the now-fugitive former ANIF Director Davit Papazian were not colleagues who met at ANIF. They were already offshore business partners. Marathon S.A., a British Virgin Islands shell company serviced by Trident Trust, listed Grigoryan as Director while Papazian was the Owner. Their business relationship predates either of their ANIF appointments. The ANIF operation, in this light, is not an institution at which two professionals collaborated. It is a destination at which a pre-existing offshore partnership took control of a state-fund mandate and a $6.9 million funding stream.
Davit Papazian is now a fugitive on an international arrest warrant for money laundering, abuse of power, and document forgery, with a $27.3 million figure attached to the case. He is in London. (See OWL Left Behind #68.) Grigoryan is not on the warrant. The architecture they built together is.
What the Breaches Show
HudsonRock breach data confirms accounts under Grigoryan's name with the password "profit" on his Pioneer Investments / Amundi business email, and "gry1964" (initials plus birth year) on both his ADC.AM and personal Gmail. His wife's accounts use "hayastan" (Armenian for "Armenia") as a password on her bk.ru email. The post-ANIF Evatech account uses a French-tied orange.fr address with a numeric password, and Evabeta uses "FOREVER" on yahoo.com. None of these are themselves crimes. They are, however, the surface texture of a network whose internal posture treats Armenia as a brand asset and France-Russia as an operational corridor.
Why This Slot Matters
The ANIF Moscow office is the cleanest worked example in the public record of the post-revolution state-fund problem: a state instrument with international credibility on paper, run by a senior network of pre-existing offshore partners, consuming hard-currency operating budget on indeterminate payroll and producing no documented output. When the regime that appointed Grigoryan and Papazian falls, two questions become unanswerable for the appointees: who authorized the Moscow setup with no oversight architecture, and what is the difference between the Moscow office that got $6.9 million and the Grigoryan companies that took over the same address. The current ANIF leadership has already answered the second question with "no information about projects implemented." Profile #37.
Sources: ANIF financial reports 2020 to 2024, current ANIF management statements on the Moscow office, Pandora Papers and ICIJ Offshore Leaks for Marathon S.A. (BVI) and Trident Trust servicing records, Russian corporate registry for Evabeta JSC and Evatech LLC, Armenian e-register.am for Global Connect CJSC, HudsonRock breach database for credential corroboration on Grigoryan and Gevorgyan accounts, Russian property registry for Ostozhenka 37/7 ownership and lease records. Cross-referenced with OWL investigation "Sergey Grigoryan ANIF OSINT" (vault). All assertions drawn from documented financial filings, breach data, and the current ANIF management's own statements; no speculative connections.