Robert Tembeckjian enforces judicial integrity—but his work with Balchug Capital raises questions about ties to Putin’s orbit
By Rick LaRivière and Richard Luthmann
Robert H. Tembeckjian is supposed to police New York’s judges. But new documents reveal he may be serving another master—one that operates in the shadows of post-Soviet oligarchy.
Tembeckjian, who leads the New York State Commission on Judicial Conduct, quietly serves on the Global Advisory Board of Balchug Capital, a secretive investment firm with deep roots in Armenia and historical links to Russian finance networks.
His entanglements reach Russian Oligarchs and go all the way to the Kremlin.
Last week, Tembeckjian’s Balchug did a deal that touted Vladimir Putin’s “approval.”
After moonlighting for Balchug and dealing with corrupt foreign leaders prosecuting wars of genocide, Tembeckjian returns to the office to decide whether New York’s judges have “crossed the line.”
Putin’s Pal in Albany: NYS Top Judicial Enforcer Has a Secret Foreign Agenda
Balchug Capital specializes in distressed assets in unstable regions—Russia, Armenia, Georgia, and Kazakhstan. Balchug has dealings with Dmitry Kushaev, a former executive at Russian firms Renaissance Capital and Troika Dialog. Both institutions are known for their connections to oligarchs aligned with Putin and have been cited in money-laundering probes and sanctions reports.
Balchug’s investment strategy isn’t subtle. It profits from weak rule of law and opaque legal environments—precisely the kind of chaos that enables insider deals, crony capitalism, and foreign influence.
Tembeckjian, as a member of Balchug’s elite board, brings the firm a cloak of legitimacy. His bio promotes his decades of ethics enforcement in New York and work with the United Nations.
But there’s no mention of his current job overseeing judicial discipline. That’s no oversight—it’s concealment.
New York State ethics filings show no disclosure of his role. No recusals. No public statements. Nothing.
And that raises the question: Is the man in charge of judicial integrity compromised by ties to foreign money—and possibly Russian political interests?
Putin’s Pal in Albany: Distressed Deals, Displaced Workers, and Putin’s Shadow
In one high-profile deal, Balchug Capital acquired a bankrupt Russian manufacturing facility in Tosno.
Local coverage from Lenta.ru (ENGLISH TRANSLATION) described the deal as murky. Workers were laid off. Assets were flipped. The public got nothing.
Balchug’s success depends on navigating corrupt systems. Its website openly touts comfort with “complex legal environments” in countries where due process is often for sale.
This is the world Tembeckjian joined. While he oversees ethics complaints against New York judges, he also advises a firm that benefits from legal dysfunction and political patronage abroad.
The Russian connection cannot be ignored. Renaissance Capital and Troika Dialog, where Balchug’s founder David Amaryan cut his teeth, were closely tied to the Kremlin’s financial infrastructure.
Troika was at the center of the so-called “Troika Laundromat,” a $4.6 billion network of offshore shell companies linked to money laundering and sanctioned elites.
Even after Russia’s 2014 invasion of Crimea and the 2022 invasion of Ukraine, Balchug continued operations in Russia and Armenia—countries that remain under Moscow’s economic and political influence.
So what exactly is Tembeckjian’s role in this web?
Is he a “neutral advisor,” as his Balchug bio suggests—or a useful Western front for a firm navigating risky, possibly Kremlin-influenced terrain?
Either way, his involvement presents a direct conflict of interest.
“He is the face of judicial ethics,” said one government ethics expert. “But you can’t moonlight for firms operating in Putin’s backyard and claim to be neutral.”
Putin’s Pal in Albany: Ethics Commission in the Dark—Or Looking the Other Way
Tembeckjian controls the flow of judicial ethics investigations in New York. He decides which judges are targeted, which complaints are dismissed, and which cases go public.
Insiders say he’s known for protecting politically connected judges while disciplining low-level ones to create the appearance of accountability. Critics have long described the Commission as a black box with no oversight.
Now we know why.
Tembeckjian’s foreign business dealings remain hidden from public view. There are no ethics disclosures listing his role at Balchug. The Commission has issued no statements. The Legislature has asked no questions.
But by joining a firm deeply tied to oligarch-era Russian institutions, Tembeckjian has stepped over a bright ethical line.
Balchug doesn’t operate in Sweden or Canada. It operates where law enforcement is pliable and courts are tools of the state. That’s not a coincidence—it’s a business strategy.
Tembeckjian helps give that strategy a Western face. His “anti-corruption” resume allows Balchug to claim legitimacy while continuing to play ball in regions shaped by Kremlin policy.
“He’s either dangerously naïve or willfully complicit,” said a legal ethicist. “Either way, he can’t do both jobs.”
Putin’s Pal in Albany: Time for Albany to Act
The time for silence is over. The State Inspector General must investigate. The Legislature must demand answers. The public must know if the state’s top ethics enforcer is compromised by foreign money.
Robert Tembeckjian must come clean. What is his financial stake in Balchug? What role does he play in its dealings? Has he ever recused himself in New York over conflicts with foreign interests?
If he can’t answer, he should resign.
Balchug Capital is not a think tank. It’s a high-risk investment vehicle with ties to former Russian state bankers and oligarch-linked fixers. The idea that the man regulating judicial conduct in the Empire State is part of that operation is a threat to public trust.
Albany has allowed the Commission on Judicial Conduct to run in secrecy for too long. Now, the secrecy has metastasized into something worse—foreign entanglements.
“New Yorkers deserve better,” said a court transparency advocate. “We cannot allow our courts to be influenced by shadow interests—especially ones that smell of Moscow.”
Tembeckjian once claimed to be a guardian of judicial integrity. But now, the question isn’t whether he’s guarding the system—it’s whether he’s selling it.
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