Andrey Kushnaryov, former top manager of Rusnano, has been sentenced to nine years in a general regime penal colony. The court found him guilty of embezzlement or misappropriation and ordered him to pay Rusnano 7.5 billion rubles. The case is related to a project for the production of MRAM operational memory at the Crocus Nanoelectronics plant, which ultimately proved unprofitable.

The Gagarinsky District Court of Moscow also imposed a fine of 76 million rubles on Kushnaryov. In addition, for 2.5 years after his release, he is prohibited from engaging in activities related to performing managerial functions in commercial organizations.

According to the Prosecutor General's Office, from 2013 to 2021, Kushnaryov held the position of managing director for investment activities of the "Venture Capital" investment division of Rusnano. Later, he headed Crocus Nanoelectronics, a manufacturer of magnetoresistive MRAM operational memory.

The project was created by Rusnano in cooperation with the French company Crocus Technology. 12 billion rubles were invested in it. Later, the French side withdrew from the project, and the production itself proved unprofitable.

The investigation believes that Kushnaryov, along with other individuals, embezzled 7.5 billion rubles. According to the Prosecutor General's Office, the defendants initially knew that the project would not actually be implemented and did not intend to ensure the development of new production facilities in the field of nanotechnology.

The investigation against other individuals is ongoing.

Kushnaryov's defense previously tried to appeal the decision to extend his arrest in the Moscow City Court. Lawyers pointed out that the charges brought against him were related to his work as a member of the management body of a commercial organization and the exercise of managerial powers. According to the defense, the norms of the Criminal Procedure Code did not allow for his detention.

Rusnano's lawsuits against the company's former top management

In the summer of 2026, the Moscow Arbitration Court satisfied Rusnano's claim against the former head of the company, Anatoly Chubais, and other former top managers for 11.9 billion rubles. This also concerned losses related to investments in Crocus Nanoelectronics. The property of the defendants was seized.

Kushnaryov's case is not the only one. According to Kommersant, the second defendant in the case is former Rusnano top manager Yuri Udaltsov. He left Russia and has been placed on an international wanted list.

Udaltsov is also involved in another case related to Rusnano — the Plastic Logic flexible display manufacturer project. The former CEO of this company, Boris Galkin, previously received nine years in prison.

Rusnano launched the Plastic Logic project in 2009, but abandoned it in 2012. Earlier, the Moscow Arbitration Court satisfied Rusnano's claim against Anatoly Chubais and former top managers of the company for the recovery of 5.6 billion rubles in losses related to investments in Plastic Logic. The property of the defendants was also seized.