Tripp+ Enterprise Fund was awarded Project Grant SEUACE26GR0002 worth $402,000,000 from the Bureau of European and Eurasian Affairs in January 2026 with work to be completed primarily in Armenia. The grant has a duration of 11 years and was awarded through assistance program 19.878 EUR-Other. According to the US government spending database HigherGov (14 days free subscription).
According to the transaction history description as of January 30, 2026: “THE AWARD IS BEING MODIFIED TO SWAP OUT FUNDS. SPECIFICALLY, F HAS INSTRUCTED EUR/ACE TO SWAP THE CURRENT $201 MILLION AEECA FUNDS WITH NSIP FUNDS. THE GO WILL THEREFORE MAKE TWO AMENDMENTS TO THE GRANT. THE FIRST ONE WILL OBLIGATE $201 MILLION NSIP FUNDS. THE SECOND AMENDMENT WILL DE-OBLIGATED $201 MILLION AEECA FUNDS”.
In our view, this substitution appears to be a technical but potentially significant manoeuvre. The original $201 million from the AEECA (Assistance for Europe, Eurasia and Central Asia) programme is being replaced by funds from the new State Department programme — the National Security Investment Programs (NSIP). However, based on the available data, we cannot be certain that the AEECA funds have been fully de-obligated. It is possible that the $402 million currently shown in the system represents the total sum of all transactions processed so far, and that the de-obligation of the original AEECA funds has not yet been reflected in the public database. Until that happens, the true nature of this operation — whether a genuine swap or a real increase — remains technically unclear.
According to the Congressional Research Service (CRS) report R48956, NSIP was established in FY2026 specifically to consolidate the authorities of the Development Assistance, Economic Support Fund, and AEECA accounts into a single, more flexible funding stream. Unlike AEECA, NSIP provides the fund’s management with significantly greater discretion, allowing funds to be directed toward a broader range of objectives — from infrastructure to commercial and political goals. Its FY2026 budget stands at $6.77 billion.
We do not have conclusive evidence that the TRIPP+ money will be directly used for the Teghut purchase. If the administration intends to finance the Teghut acquisition — reportedly controlled by entities linked to Sokolov — through the NSIP mechanism, it would be a logical, albeit opaque, way to do so. We are not asserting this as fact.
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.
Financial Status of U.S. Government-backed CEE Funds as of September 30, 2003
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.
VTB Bank wanted to dump the toxic Teghut copper-molybdenum mine. Sanctions had made the asset radioactive. The official line: “bankers shouldn’t dig for copper.”
So VTB structured a deal that would make a Hollywood screenwriter blush. Enter Sergey Virabyan — a former mid-level government official, a banker who never worked in mining, and a man with no visible assets and no apparent reason to own a $22 billion deposit.
Here’s how it worked:
The Phantom Frontman. In February 2026, Virabyan registers “Kuprar RA”. He is the sole shareholder and director. The company has no website, no track record, no history.
The Blind Regulator. On July 7, the Competition Protection Commission approves the concentration. It publishes no information about the buyer’s revenue, assets or beneficial owners.
The Houdini Exit. Virabyan had already left the company by June 5 — before the deal was even approved.
When investigators from Azatutyun asked him who now owns Teghut, the conversation turned into a masterclass of nominee deflection:
— Are you the new owner of Teghut? — No.
— But you owned Kuprar RA? — I used to. Not anymore.
— To whom did you transfer your share? — That is a commercial secret.
— Is Konstantin Sokolov the buyer? — I cannot say. You are asking commercial things.
Virabyan’s clumsy interview sounds exactly like this legendary clash of identities in The Big Lebowski. While the public looks at the Teghut registry expecting to see a real, deep-pocketed tycoon (Sokolov), they are instead forced to listen to a shell proxy desperately repeating that he is just a random guy who has nothing to do with the heavy corporate lifting.
“Let me explain something to you. I am not Mr. Lebowski. You’re Mr. Lebowski. I’m the Dude.”
Officially, the new owner of Teghut is unknown. Unofficially, everyone in Yerevan’s financial and political circles knows exactly who stands behind the deal.
Let’s be clear: Sokolov is a man holding at least Russian, American and Maltese passports. He is an international wallet for opaque transactions, a high-tier proxy who sanitises assets that other banks won’t touch. Teghut is not his first Armenian project, and it won’t be his last.
Russia’s state-owned VTB Bank has sold its stake in Armenia’s Teghut copper and molybdenum mine, ending years of ownership of one of the country’s largest mining assets, according to an investigation by RFE/RL’s Armenian service based on state corporate records, published on Saturday.
Google Maps, 2026
The investigation found that the mine’s new ownership structure includes Russian-born U.S. businessman Konstantin Sokolov and companies associated with him. Sokolov co-owns the parent company of Viva Armenia, one of the country’s mobile operators.
VTB acquired Teghut after its previous owner, Vallex Group, defaulted on about $400 million in loans used to finance the construction of the mining complex. But ownership became increasingly problematic after Western sanctions had been imposed on the Russian lender following Moscow’s invasion of Ukraine in 2022, disrupting exports and financial transactions for VTB-owned companies.
Teghut, located in Armenia’s northern Lori province, contains the country’s second-largest copper and molybdenum deposit and is one of Armenia’s biggest taxpayers. The company paid about 14.4 billion drams ($38 million) in taxes last year.
When VTB took control of the mine in 2018, mining operations had already been suspended over concerns about the mine’s tailings storage facility, leaving more than a thousand employees without work before production resumed under the bank’s ownership in 2019. Later in 2022, operations were disrupted again after the West had imposed sanctions on VTB; production resumed about a year later.
VTB Chairman Andrey Kostin said in April that the bank was in the “final stages” of selling its stake but did not identify the buyer or disclose the financial terms. The transaction required approval from Armenia’s competition regulator to be completed.
Armenia’s parliamentary elections ended as expected: Nikol Pashinyan’s party won with roughly 57% of the vote. The prime minister addressed the nation, spoke about continuity and economic development — and, of course, said nothing about a copper mine. No one expected him to.
https://unsplash.com/@rafael_ishkhanyan
But the political calendar matters. In Armenia, state‑level asset resolutions tend to align with major political milestones. The election result removes the last formal excuse for delay. Closing the Teghut file — cleaning up the liabilities, settling the VTB debt, and moving a Soviet‑era asset out of Russia’s sanctioned orbit — fits perfectly into his government’s declared pivot toward Europe. (For background, see our earlier deep dive: The Rise, Collapse and Bizarre Afterlife of Armenia’s Teghut Copper Mine.)
Now that the vote is done, it’s time for Andrei Kostin, VTB’s chief, to pick up the phone and call Konstantin Sokolov: “This is Moscow speaking — time to close the ledger, Konstantin.”
Whether the deal closes tomorrow or in six weeks, the election result clears the way. Watch for movement behind the scenes, not press releases.
