Alex Nevsky, seeking revenge against Tony Stark created his own version of Vanko's destroyed armor. It was designed to be more lightweight; Making it much sleeker and faster in order to compete with Stark's current armor, as Iron Man's design had significantly improved from the armor Vanko designed the first Crimson Dynamo to compete with. Nevsky was assassinated (allegedly by KGB agents) and the armor was taken. It was next seen in action under the control of Yuri Petrovitch; however, he abandoned his role as the Dynamo after a single mission. Dimitri Bukharin used this armor for a time, but eventually switched to an upgraded armor with a slightly updated design.
While the Vanko generator of this model was not particularly powerful, due to being lightweight it was much faster and consumed less power than previous models.
Nevsky made several additions to the Dynamo's arsenal: flight, small rockets, smokescreens, an "electrothrust", and force bolts.