Senate Republicans released a report Wednesday detailing the extensive business dealings that Hunter Biden pursued with politically-connected foreign nationals while his father Joe Biden was serving as vice president.

The interim report comes amid a months-long probe in which members of the Senate Homeland Security and Finance Committees and their staff reviewed more than 45,000 pages of Obama administration records and interviewed eight witnesses, many of whom are current or former U.S. officials.

“The Treasury records acquired by the Chairmen show potential criminal activity relating to transactions among and between Hunter Biden, his family, and his associates with Ukrainian, Russian, Kazakh and Chinese nationals,” the report reads. “In particular, these documents show that Hunter Biden received millions of dollars from foreign sources as a result of business relationships that he built during the period when his father was vice president of the United States and after.”

That Hunter Biden served on the board of the Ukrainian gas company Burisma Holdings while his father was leading the Obama administration’s efforts in Ukraine is well-established, but the $50,000-per-month board seat was just one component of the younger Biden’s foreign ventures during the Obama years. According to Treasury Department records obtained by the committee, he also pursued business dealings with politically-connected Russian, Chinese, and Kazakh nationals, worrying Obama State Department officials in the process.

Russia

Hunter Biden and his business partner Devon Archer joined with John Kerry’s son, Christopher Heinz, in 2009 to form the investment firm Rosemont Seneca. They then spun off a number of shell companies to accept funds from wealthy and politically-connected clients willing to pay for their “corporate and governmental affairs” expertise.

One such client was Elena Baturina, wife of former Moscow mayor Yuri Luzhkov, who was fired in 2010 by then-Russian president Dmitry Medvedev over corruption allegations. Baturina became Russia’s first female billionaire after her plastics company received a number of lucrative public contracts with the city of Moscow while her husband was mayor.

"Luzhkov used his position as mayor to approve over 20 real estate projects that were built by a Baturina-owned construction company and ultimately generated multibillion-ruble profits for his family," according to the report.

In February 2014, Baturina wired $3.5 million as part of a “consultancy agreement” to Rosemont Seneca Thornton LLC — a consortium consisting of Biden and Archer’s Rosemont Seneca and a Massachusetts-based company with offices in Beijing known as Thornton LLC.

Then, between May and December 2015 Baturina wired another $391,968.21 to an account linked to a company called BAK USA, a Buffalo, N.Y. based start up that manufactured tablet computers with the backing of unidentified Chinese investors. The majority of that nearly $400,000, totaling $241,797.14, flowed through the Rosemont Seneca Thornton account before arriving in the BAK USA account.

Kazakhstan

On April 22, 2014, as Joe Biden joined Prime Minister Arsemy Yasenyuk in Kyiv to speak with Ukrainian lawmakers about the recent Russian aggression in Crimea, a holding company owned by the son-in-law of a prominent Khazak politician wired Archer $142,300 through yet another shell company, Rosemont Seneca Bohai. A currency report obtained by the committee states that the payment was “For a Car."

The holding company that purchased Archer a car is owned solely by Kenges Rakishev, the son-in-law of Imangali Tasmagambetov, who was then serving as the mayor of Kazakhstan’s capital city, Astana. Tasmagambetov, who himself previously served as prime minister of Kazakhstan, was reportedly a close confidant of then Kazahk president Nursultan Nazarbayev. It is unclear why, exactly, Archer was purchased a car, but Kazakhstan was in flux politically at the time due to dissension over how to respond to Russia’s provocation in Ukraine.

“Given Rakishev's close connection to political leadership in Kazakhstan, the tense political situation, Hunter Biden's longstanding relationship with Archer and involvement in transactions with Rosemont Seneca Bohai, and the fact that the payment was timed perfectly with Vice President Biden's visit to Kyiv to discuss U.S. sanctions against Russia for the invasion of Crimea, the April 22, 2014 payment from Rakishev to Rosemont Seneca Bohai raises serious questions,” the report reads.

China

In order to sell their consulting services in China, Biden and Archer partnered with a Boston-based firm known as Thornton LLC. The firm advertises itself as "a cross-border capital intermediary" and counts a number of state-owned Chinese businesses among its clients, according to its website.

Through Thornton LLC, Hunter Biden and Archer formed business relationships with a number of wealth Chinese nationals who have connections the CCP and the People’s Liberation Army.

Many of Hunter Biden’s Chinese dealings flowed through Ye Jianming, the founder of CEFC China Energy Co. Ltd, a Chinese energy company that reported in excess of $33 billion in revenue in 2013. The company was acquired by the state in 2017 but even before that it "hired a number of former top officials from state owned energy companies" and had "layers of Communist Party committees across its subsidiaries — more than at many private Chinese companies," according to Reuters.

Through Jianming’s company, Hunter Biden was introduced to the CCP elite and those businessmen who operate with their blessing.

Pictures from an April 2010 event in China posted by the Thornton Group show Biden standing alongside the general manager of the China Investment Corporation, the vice president of the China Life Asset Management Company, the general manager of the Postal Savings Bank, among other Chinese business tycoons.

Hunter Biden and Archer capitalized on those connections some two years later by partnering with Jonathan Li the CEO of the Chinese investment firm Bohai Capital, to form BHR, an investment firm specializing in connecting wealthy Chinese investors, and state entities, with overseas business opportunities. The Chinese government’s postal savings bank, its main development bank, and The Bank of China all invested in BHR. Months before the investors signed the documents committing to the fund, Hunter arranged for his father to meet Li briefly in the lobby of a Beijing hotel they were staying in after flying to China on Air Force II.

Hunter initially joined the BHR board in an unsalaried capacity but ultimately acquired a ten percent stake in the company in 2017. Four years prior, in 2013, Hunter arranged for his father to meet Li for a quick handshake meeting in the lobby of the hotel where the pair were staying.

Editor’s Note: This is a developing story and will be updated.