JPMorgan, HSBC Process Payments Linked to Prigozhin

JPMorgan Chase and HSBC reportedly processed payments for companies linked to the late Russian warlord Yevgeny Prigozhin, leader of the Wagner Group, as detailed in a report by the Center for Advanced Defense Studies (C4ADS). The payments facilitated Wagner's operations in Africa, with a Sudanese company, Meroe Gold, using these banks to purchase equipment from Chinese suppliers in 2017; at the time, Meroe Gold was not yet subject to sanctions. Although Prigozhin had been sanctioned since 2016, there is no evidence that the banks were aware of the transactions' connections to Wagner. The leaked documents indicate that Wagner relied on a complex financial network to establish its presence in Africa, primarily funded through mining operations. Prigozhin, who died in a plane crash in August 2023, had previously attempted a coup against Vladimir Putin, further complicating his legacy. The findings highlight potential vulnerabilities in the global financial system that allowed sanctioned entities to exploit legitimate banking channels.