July 20, 2026 (brilliant article from HETQ.AM, author Vahe Sarukhanyan, published as of 17/07/2026)
Konstantin Sokolov, who donated $11 million last year to the MAGA committee supporting U.S. President Donald Trump, has been appointed head of the U.S. government-backed TRIPP+ Enterprise Fund, which plans to invest $201 million in the South Caucasus and Central Asia. What does this appointment mean for Armenia, and who is really behind Armenia’s largest mobile telecommunications asset?
Konstantin Sokolov is a U.S. citizen of Jewish descent and a businessman originally from St. Petersburg. His name has once again become the subject of widespread media attention—not because of his business activities this time, but because of politics.
$201 Million for the Private Sector in the South Caucasus and Central Asia
According to The Guardian, citing a spokesperson for the U.S. Department of State, the TRIPP+ Enterprise Fund—named after the TRIPP (Trump Route for International Peace and Prosperity) initiative—has been authorized to invest $201 million in the private sectors of the South Caucasus and Central Asia. The fund will operate in Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan.
The investments are intended to promote the strategic development of the private sector in these countries and may take the form of loans, equity investments, and grants.
TRIPP+ Is Not the Manager of the TRIPP Project
To avoid confusion, it is important to note that the TRIPP+ Enterprise Fund is not responsible for managing the TRIPP project itself.
A joint document published on January 13, 2026, by the foreign ministries of Armenia and the United States, revealed that the two countries will establish the TRIPP Development Company, which will oversee the implementation and infrastructure development of the TRIPP project.
Under the agreement, 26% of the company will be owned by Armenia, while 74% will belong to the United States, specifically to TRIPP Development Company US, which will be incorporated in Delaware as a subsidiary of the U.S. International Development Finance Corporation (DFC).
Armenia and the United States initiated the strategic cooperation agreement on the implementation of TRIPP on May 26, 2026, in Yerevan, and formally signed it remotely in June.
During the Armenian government’s meeting on July 16, Foreign Minister Ararat Mirzoyan explained that:
“An American investment company called TRIPP+ is being established to attract investments for the implementation of the project. Legally, it has an indirect relationship with our TRIPP Development Company. The head of the American investment company TRIPP+ has already been appointed.”
Mirzoyan was referring to Konstantin Sokolov.
Why Was Konstantin Sokolov Chosen?
According to The Guardian, which cited four U.S. foreign assistance experts, appointing politically connected individuals to the boards of Enterprise Funds is common practice for the White House.
Former Enterprise Fund official Don Niss noted that while such appointments are understandable, problems arise when politically connected appointees lack experience in investment banking, private equity, or the sectors in which the funds will invest.
In Sokolov’s case, however, his professional background appears to support his appointment.
According to his official biography, the 51-year-old businessman has led restructuring projects for sovereign wealth funds and central banks, steered the listing of firms on all major stock exchanges and provided strategic counsel to governments and major companies.
One notable detail, though, is absent from his official biography.
According to records from the U.S. Federal Election Commission, Sokolov has become an active political donor.
While he contributed only $3,600 to Barack Obama’s presidential campaign in October 2008, in 2025 he donated $11 million to the MAGA (Make America Great Again) Committee supporting President Donald Trump. In March 2026, he contributed another $443,000 to the Republican National Committee.
Notably, according to FEC records, Sokolov made political donations only twice: once in 2008, and then again beginning in 2025.
Beyond his support for President Trump and the Republican Party, Sokolov is also among the 36 donors who contributed to the construction of the new White House Ballroom. Although the amount of his personal donation has not been disclosed, President Trump has stated that donors collectively contributed more than $350 million to the project.
Sokolov’s Footprint in the Armenian Economy
Hetq first wrote about Konstantin Sokolov in early 2024, when it was officially announced that he had become one of the beneficial owners of Viva Armenia, the country’s largest mobile telecommunications operator.
However, Hetq had obtained information about both Sokolov and the company’s other ultimate beneficial owner, Chinese national Zhe Zhang, several months earlier, in 2023.
In April 2023, Armenia’s Public Services Regulatory Commission (PSRC) refused to approve the transfer of control over MTS Armenia (now Viva Armenia).
The company’s Russian parent, MTS, sought to sell its Armenian subsidiary, but the PSRC referred the proposed transaction to the Ministry of High-Tech Industry, which in turn consulted the National Security Service (NSS). The state bodies ultimately objected to the deal, concluding that approving it would harm—or could potentially harm—Armenia’s national security or state interests.
According to a Hetq source, the authorities rejected the transaction because they were unable to identify the ultimate beneficial owner of the acquiring entity. The lack of transparency regarding who would ultimately control Armenia’s largest mobile operator was considered a security risk.
Later, Sokolov and Zhang emerged through their Cyprus-registered companies.
According to Hetq’s source, they stated that the funds intended for the acquisition of MTS Armenia would come from their family trusts. However, the origin of those assets, the nature of the trusts, their activities, and other essential information were never adequately disclosed.
Eventually, Armenian authorities approved the transaction in November 2023. Ownership of MTS Armenia officially changed in January 2024, with Zhe Zhang becoming the ultimate beneficial owner of 75% of the company and Konstantin Sokolov acquiring the remaining 25%.
In February 2024, the new owners donated a 20% stake in Viva Armenia to the Armenian government. As a result, Zhang’s ownership was reduced to 60%, and Sokolov’s share became 20%.
The Armbusinessbank Deal
Hetq also reported on the sale of Armbusinessbank (now AMIO Bank), 75% of which was acquired by a Swiss investment fund owned by a fund registered in Liechtenstein. The management of latter had been delegated to a Hong Kong company owned by Zhe Zhang.
According to Hetq’s source, Sokolov acted as a representative and adviser to the foreign funds that owned the bank.
The source further explained that Zhang and Sokolov essentially specialize in arranging corporate acquisitions. Their role includes organizing negotiations, coordinating transaction terms, representing the actual beneficial owners—rather than serving as the beneficial owners themselves—executing transactions, and submitting documentation to the relevant government authorities.
Hetq subsequently reported on several earlier transactions involving Sokolov. One of them concerned a Canadian investor who filed a lawsuit in a Cypriot court against his Russian business partners, seeking to recover $2.5 million in investments.
Although the Canadian investor ultimately lost the case, the story attracted attention because an article about it was later removed from a Cypriot news website, though an archived version remained available.
Following Hetq’s publication, there was also an unsuccessful attempt to have the newspaper’s article removed from Google Search.
It is perhaps no coincidence that shortly after becoming a beneficial owner of Viva Armenia, Sokolov launched his personal website on February 5, 2024. The site presents his biography, personal story, philantropy, and other information.
The move creates the impression that a businessman about whom very little had previously been known—and whose online presence largely consisted of reports about investment disputes and an unsuccessful investment project in Russia—sought to establish a more positive public profile after acquiring a stake in Armenia’s largest mobile operator and to dispel some of the mystery surrounding his background.
According to Hetq’s sources, Sokolov is highly sensitive to public reporting about him, particularly criticism related to his business activities.
What Is an Enterprise Fund?
An Enterprise Fund is a financial mechanism established by the U.S. government, with origins dating back to 1989, when the U.S. Congress passed the Support for East European Democracy (SEED) Act.
The initiative was designed to promote private-sector development in former socialist countries as they transitioned to market economies.
The first Enterprise Funds were created for Poland (1990), Hungary (1990), Czechoslovakia (1991), Bulgaria (1992), Romania (1994), the Baltic states (1995), and Albania (1995). Since 1989, the U.S. government has established 13 Enterprise Funds.
Each fund operates as an independent, autonomous organization governed by its own board of directors, while the U.S. government oversees its activities.
According to the U.S. Department of State, this model was specifically designed so that the Funds could deliver assistance as rapidly as possible, with enough flexibility to develop programs and use a variety of investment approaches to address specific conditions in each country.
Credits: https://hetq.am/en/article/182743