I 1995 etablerede [[Evgeny Novitsky]] og [[Vladimir Yevtushenkov]] et holdingselskab, AFK Sistema.<ref>{{cite web |url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=9922052&privcapId=59375132 |title=Yevgeny Grigoriyevich Novitsky |work=[[Bloomberg L.P.|Bloomberg]] |access-date=3. august 2021 |archive-date=3. september 2017 |archive-url=https://web.archive.org/web/20170903210734/https://www.bloomberg.com/research/stocks/private/person.asp?personId=9922052&privcapId=59375132}}</ref><ref name=SistemaMay2012>{{cite web |url=http://www.sistema.com/press/press-releases/detail/article/20100/ |title=Sistema Board Recommends to the AGM to elect three new Independent Directors |work=AFK Sistema |date=31. maj 2012 |access-date=3. august 2021 |archive-date=3. september 2017 |archive-url=https://web.archive.org/web/20170903211132/http://www.sistema.com/press/press-releases/detail/article/20100/}}</ref><ref>{{cite news |last=Hoffman |first=David |url=https://www.washingtonpost.com/wp-srv/inatl/longterm/russiagov/stories/moscow121997.htm |title=In Moscow, Business and Politics Mix |work=[[The Washington Post]] |date=19. december 1997 |access-date=3. august 2021}}</ref><ref>{{cite web |url=https://sistema.com/about/history |title=About Sistema: Success Story (history) |work=Sistema website |date= |access-date=3. august 2021 |archive-date=4. august 2021 |archive-url=https://web.archive.org/web/20210804024709if_/https://sistema.com/about/history}}</ref>
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