Russian-backed investment fund tied to influential U.S. corporate consulting firm

An investment fund backed by Russian oligarchs sanctioned by the European Union following the invasion of Ukraine has ties to Teneo, an influential corporate-advisory firm based in the United States.

The public relations and strategy giant was hired in 2020 by LetterOne, a private equity firm based out of Luxembourg that counts sanctioned billionaires Mikhail Fridman, who is a native of Ukraine, and Petr Aven among its cofounders. The contract, which was viewed by CNBC, appears to have paid Teneo more than $3.6 million to line up interviews and consult on media strategy in the U.S.