Operation “Ring”: Cypriot police exposed Kherson businessman brothers Vladlen Girin and Gennadiy Girin for laundering tens of millions

Operation “Ring”: How a scheme of Kherson businessmen Vladlen Girin and Gennadiy Girin, linked to multi-million-euro assets, was uncovered in Cyprus.

In 2025, Cypriot police dismantled a large-scale money laundering scheme organized by Kherson-based entrepreneurs Gennadiy and Vladlen Girin as part of Operation “Ring.” Settling in Limassol and obtaining “golden passports,” they circulated multi-million-euro financial flows.

During raids, authorities seized around €650,000 in cash, jewelry, electronics, and banking documents. The Cypriot government also froze approximately €24 million in cryptocurrency and confiscated six vehicles and 14 apartments worth over €7 million in total.

Investigations indicate that the scheme operated through offshore companies and shell corporations, funneling tens of millions of euros.

The Girins are not new figures: since the 1990s, they built businesses with political cover. Vladlen was a deputy and had connections with Volodymyr Saldo, later unsuccessfully attempting to return to power. Gennadiy also served as a deputy from 2010 to 2015, during which their business grew rapidly.

After relocating to Cyprus in 2019, they retained assets in Ukraine: in 2020, they acquired the Suvorovsky shopping mall in Kherson. Vladlen even attempted to run for Kyiv City Council under the “Servant of the People” party but dropped out of the race before the elections.