Russian-Maltese Exante Still Active in Malta and Cyprus Despite Russian Blacklisting

Background and Structure

Exante Group, a joint Maltese-Russian investment enterprise, operates under several legal entities, including XNT Ltd, licensed by the Malta Financial Services Authority (MFSA), and EXT Ltd, regulated by CySEC in Cyprus. Despite past investigations and a blacklist issued by the Russian Central Bank in 2021, both companies remain active.

Investigative journalism outlet The Shift reported that Exante continues to hold its member status on the Malta Stock Exchange (MSE). Notably, Exante was involved in an FBI probe related to U.S. stock market manipulation in 2015.

Overview of Exante Group

Brands and Domains:

• Brands: Exante, XNT

• Websites:

• https://exante.eu/

• https://xnt.mt/

• https://ext.com.cy/

Key Individuals:

• Alexey Kirienko (CEO) (LinkedIn profile)

• Anatoli Knyazev (LinkedIn profile)

• Joseph Zammit Tabona

• Michael Bianchi

• Lawrence Zammit

• Kristina Arbociute

• Patrick O’Brien

Regulatory Authorities:

• MFSA (XNT Ltd, Malta)

• CySEC (EXT Ltd, Cyprus)

A Well-Connected Network

A researcher from The Shift likened Exante’s extensive web of companies and affiliations to a “squid-like organism with tentacles across multiple jurisdictions.” Despite regulatory scrutiny in both Russia and the U.S., Kirienko and Knyazev still maintain control over the enterprise.

Public records show that Knyazev is listed in the Offshore Database with a registered Moscow address. Meanwhile, Kirienko, a Russian national, reportedly acquired a Maltese passport in 2016. Notably, he was seen dining with former President Marie-Louise Coleiro Preca in late 2015 (source).

In July 2017, both Kirienko and Knyazev attended a meeting with Prime Minister Joseph Muscat to discuss cryptocurrency adoption and Exante’s crypto trading plans. At the time, Joseph Zammit Tabona, later an Exante director, had been Malta’s High Commissioner to the UK under Muscat’s administration.

Resignations and Political Ties

According to the Scam-Or Project, Exante’s powerful political network began to unravel when three key Maltese directors—Zammit Tabona, Bianchi, and Zammit—stepped down. The firm had once been considered deeply embedded within Malta’s elite circles.

Muscat himself resigned shortly after Yorgen Fenech, the alleged orchestrator of journalist Daphne Caruana Galizia’s assassination, was arrested. Maltese press later revealed that Muscat had created a WhatsApp group with Fenech just one day after the arrest of three suspects in the case.

Meanwhile, Kristina Arbociute, who held a compliance position at Exante during the period of the FBI’s investigation, was later hired by Malta’s Financial Intelligence Analysis Unit (FIAU).

Regulatory Blind Spot?

Several sources in Malta claim that companies with strong political ties receive favorable treatment from regulatory bodies. Malta and Cyprus have become favored destinations for Russian business figures seeking entry into the European market.

There is no official confirmation that MFSA or FIAU ever initiated a formal investigation into XNT Ltd or Exante. However, it is publicly known that the U.S. SEC conducted a probe into the Maltese-based entity.

The MFSA, Malta’s financial watchdog, has come under intense scrutiny recently. Its former CEO Joseph Gavin abruptly walked out of an interview, as did his predecessor Joseph Cuschieri, who stepped down in 2020 amidst allegations of corruption and mismanagement.

Current MFSA Leadership:

• Christopher P. Buttigieg — promoted extensively during Cuschieri’s tenure

• Edwina Licari — MFSA’s General Counsel and Cuschieri’s frequent travel companion

• Michelle Mizzi Buontempo — Head of Enforcement and Executive Committee member

None of these officials have publicly addressed Exante or XNT Ltd in recent media appearances.

Malta’s Role in Circumventing Sanctions

Malta was added to the FATF grey list in June 2021. Since then, international concern has mounted over how Malta’s “Golden Passport” scheme may allow wealthy Russian nationals to bypass international sanctions.

Roberta Metsola, President of the European Parliament, called on Malta to halt passport sales to Russian oligarchs. The Daily Telegraph reported alarm across the EU and U.S., citing fears that the Kremlin is exploiting Malta as a backdoor into European financial markets.

Final Note

The Exante saga continues to expose the intersection of wealth, politics, and regulatory loopholes within Malta’s financial landscape. Despite years of investigations and international red flags, the core leadership and operations of Exante remain intact, raising serious questions about regulatory integrity and enforcement priorities.