Russian Advertising Agency Spread Propaganda Across Europe for Years, Reports Financial Times

A Russian-linked influence network, active during the Covid-19 pandemic in France and Germany, was also revealed to have operated in Romania ahead of the presidential elections, according to an investigation by the Financial Times. The elections, held on November 24, were annulled on December 6 by Romania’s Constitutional Court due to identified violations and allegations of fraud.

At the center of the investigation is AdNow, a Moscow-founded advertising company established in 2014. The company, which later moved its operations to Bulgaria, has been implicated in spreading disinformation about Western vaccines and supporting political campaigns in Romania and other countries. Reports indicate that AdNow generated approximately €2 million in revenue from targeted advertising campaigns over the past several years.

According to Petko Petkov from BG Elves, who reviewed the AdNow software, the company manipulates users through social engineering.

“They play with social engineering, try to trigger emotions to force you to click on their misleading ads,” he explained. After analyzing the software, Petkov concluded that it collects user data through advanced profiling, which could be exploited for political purposes.

“The final goal is to ask for your personal data,” he warned.

Connections to disinformation and political campaigns

Documents revealed by Bulgarian cybersecurity group BG Elves and Romanian investigative portal Snoop indicate that AdNow was used to support the campaign of ultra-right and pro-Russian Romanian presidential candidate Călin Georgescu. The company reportedly facilitated advertising campaigns that spread anti-vaccine, conspiratorial, and ultra-nationalist messages. Victor Ilie of Snoop described AdNow's methods as "social engineering," designed to evoke emotional reactions and collect personal data for political purposes.

One of the key tools used was advanced profiling software that tracked and analyzed user behavior.

"AdNow has been here for years delivering ads, health misinformation and financial scams to the public, which prepared them for an abrupt campaign like the one on TikTok," Ilie said. "In a country like Romania, with 19 million people, if you see 440 million ads in a month, all of them being for frauds or fake medicine, that can educate people to lose their faith in science, in reason."

Historical ties and operations

AdNow’s founder and former CEO, Yulia Serebryanskaya, played a significant role in Russian political campaigns, working for Russian leader Vladimir Putin and politician Dmitry Medvedev before heading communications for the ruling ‘United Russia’ party. After her departure in 2018, the company changed ownership but retained links to pro-Russian circles, according to reports.

"Russian influencers in the region are coming in many layers that are not necessarily related to each other, but they amplify one another" Ilie stated.

AdNow's London office, founded in 2014 by Russian entrepreneur Stanislav Fesenko, was closed in 2023. Fesenko, who denies any involvement in political disinformation, said AdNow was sold after the death of its co-founder Mikhail Serebryanskiy in 2023.

A broader influence campaign

AdNow has also been tied to Fazze, a company accused of organizing an anti-vaccine disinformation Covid-19 campaign in France and Germany during the pandemic. Fazze’s use of AdNow’s infrastructure, including email servers and office addresses, raised questions about the extent of their collaboration. Fazze was dissolved in 2021 following a public scandal.

A Belgian AI researcher, Paul-Olivier Dehaye, described targeted online advertising as the "disinformation of the future." He explained that tools like those used by AdNow allow campaigns to target specific individuals with precise messages, creating micro-influence strategies that can manipulate public opinion.

Implications for the region

The Financial Times highlights that AdNow’s activities illustrate the increasing use of digital tools for political manipulation and disinformation. While the company’s current owner, Georgian businessman Giorgi Abuladze, denies involvement in Russian propaganda, investigations continue.

"I have been contacted by Bulgarian investigators, the local equivalent of the FBI, and I gave them all the technical data," Abuladze told Financial Times. "It’s all bullshit, it is not true. I will make a more detailed statement after the Bulgarian authorities come to their conclusion."

According to the Financial Times, AdNow’s operations raise broader concerns about how disinformation networks exploit vulnerabilities in digital advertising to influence public opinion, particularly in politically volatile regions.

Earlier on December 7, Ukraine has strongly condemned Russia’s interference in Romania’s presidential elections, calling it another manifestation of Russia’s hybrid aggression against Europe.