Vitaly Orlov’s business empire is expanding its fleet of vessels

A subsidiary of Orlov’s Norebo Holding has acquired Bereg Nadezhdy ("Shore of Hope"), a Moscow-based company specialising in the chartering and leasing of seagoing vessels.

With this takeover, Orlov gains access to additional vessels, which could potentially help him circumvent sanctions.

Norebo was included in the EU’s sanctions list in May 2025, following its alleged involvement in espionage and "activities that could facilitate future sabotage operations."

According to the EU Council, Norebo’s vessels "exhibit particular movement patterns that are inconsistent with regular economic practices and fishing activities." The Council explained in its 17th sanctions package against Russia: "The movement patterns align with malign objectives, such as repeatedly being in the vicinity of or loitering near critical infrastructure and military sites."

At the time of Norebo’s acquisition, Bereg Nadezhdy was owned by individuals close to Oleg Kozhemyako, the governor of the far eastern Primorsky region. According to reports, the governor’s wife, Irina Gerasimenko, owned 50% of the company, while his alleged sister, Olga Kravchenko, controlled 25%. The remaining 25% was controlled by Sergei Saksin, a businessman believed to be closely connected to Governor Kozhemyako.

According to a local newspaper on Sakhalin, Bereg Nadezhdy filed for bankruptcy in 2023.

Norebo is Russia’s largest vertically integrated seafood company. It has made Vitaly Orlov one of the richest men in the country. In late May 2026, his net worth was $1.2 billion, according to Forbes—a decrease of $900,000 from 2025.

The oligarch has built a business empire comprising a large number of entities. The acquisition of Bereg Nadezhdy was made by Arktik Shipping, one of his many subsidiaries.

Arktik Shipping is owned by Ladoga, which, in turn, is directly owned by Orlov.

According to the Russian business daily Kommersant, major structural changes took place within the Norebo holding company in July 2025. Ladoga became the sole owner of the group’s St Petersburg assets, which had previously belonged to Norebo Holding.

The structural changes were made shortly after Norebo was included in the EU sanctions.

According to a Russian corporate information website, both Arktik Shipping and Bereg Nadezhdy are currently headed by a woman named Viktoriya Olegovna Proskurina. The same woman is in charge of Bereg Mechty ("Shore of Dreams"), a company specialising in marine transportation and logistics, like Bereg Nadezhdy.

Vitaly Orlov lived in Norway between 1996 and 2014. He reportedly gave up his Norwegian citizenship when he moved back to Murmansk.

The oligarch was infuriated by the inclusion of Norebo in the EU sanctions, as well as the subsequent imposition of sanctions by Norway in July 2025. In early 2026, he filed a lawsuit against the state of Norway.

According to Orlov’s lawyer in Norway, Hallvard Østgård, the main point in the lawsuit was Norway’s ban on Norebo’s vessels in the 200-nautical-mile Norwegian Exclusive Economic Zone.

Norebo and its subsidiaries lost in court.

"There is an obvious mismatch between the sanctioned party’s wish to conduct business in the Norwegian economic zone and Norway’s security policy interests," the Norwegian state argued in the court order.