Armored Likho is an APT group targeting government agencies and the electric power sector across Russia, Brazil, and Kazakhstan. Their operations blend financially motivated campaigns with cyber-espionage, utilizing obfuscated, modular RATs and infostealers designed to evade dynamic analysis. They employ spear-phishing emails with deceptive themes to gain initial access, distributing malicious attachments that mimic legitimate content. Their toolkit includes BusySnake Stealer and AquilaRAT, with a focus on evolving TTPs and leveraging AI tools for payload generation.