The Western assets held by Russian oligarchs: Planes, mansions, yachts and offshore firms

Billionaires with ties to the Kremlin are rushing to divert their wealth to safe havens following the announcement of EU, US and UK sanctions

War in Ukraine
Fernando Hernández Puente (FERNANDO HERNÁNDEZ)

One of the main weapons being used by the European Union against the Russian economy as part of its sanctions over the invasion of Ukraine is a list of names. This list contains the identities of nearly 1,000 Russian individuals – politicians, entrepreneurs, ministers, members of the military, journalists and also a handful of oligarchs who got rich through their contacts with the Kremlin and have direct access to the corridors of power in Moscow.

EL PAÍS has picked out 40 of these tycoons and analyzed their properties, investments and business ties in Europe. Together, they own 45 properties, 16 yachts and 10 private jets. They have also made 13 business investments and maintain 27 links to offshore firms in opaque jurisdictions that allow them to do business and move their money discreetly.

Of the 40 individuals, there are 14 who are part of the inner circle of trust of Russian President Vladimir Putin.

Oligarchs

sanctioned by the EU

14

in Putin’s inner circle

Sergey V.

Chemezov

Arkady R.

Rotenberg

Nikolai T.

Shamalov

CEO of

Rostec Corporation

(a state owned

defense

conglomerate)

Owner of

S.G.M. Group

(biggest infrastructure

company

for transporting

gas and oil)

Second-largest

shareholder of Rossiya

Bank, founder of

Ozero

(a cooperative

associated with

Putin’s inner circle)

Petr O.

Aven

Nikolay P.

Tokarev

Mikhail M.

Fridman

Former head of

Alfa-Bank

(Russia’s largest

commercial

bank)

and personal

friend of Putin

President of

Transneft

(gas and oil

company controlled

by the government).

Served with Putin

in the KGB

Main shareholder

of Alfa Group

and Alfa-Bank,

known as one of

Russia’s most

important

businessmen

Igor I.

Sechin

Gennady N.

Timchenko

Alisher

Usmanov

Founder of Volga

Group, (an

investment group

in key areas

of the Russian.

Close friends

with Putin

Magnate, owner of

communication

and mining

companies.

Frontman for

Putin

Chairman

of Rosneft, one

of the world’s

largest producers

of crude

oil.

Friend of Putin

Alexander N.

Shokhin

Vladimir V.

Rashevsky

Yury V.

Kovalchuk

Managing director

of EuroChem

Group AG,

one of the world’s

biggest

producers of

fertilizers

President of the

lobby group

Russian Union of

Industrialist and

Entrepreneurs

and of a large

mining company

President and

main shareholder

of Rossiya Bank,

known as

Putin’s

banker

Sergei P.

Rodulguin

Suleyman A.

Kerimov

Cellist and

businessman, who

according to the

ICIJ “redistributed”

millions of dollars

of Putin’s hidden

financial network

President of the

financial group

Nafta Moscow.

He received

large sums

of money from

Sergei Rodulguin

18

politicians and businessmen

close to Putin or the Russian government

2

members of

government

1

journalist controlled

by the Kremlin

2

senior

politicians

3

members of

state parliament

In addition to these 40 oligarchs, the EU has also sanctioned another 853 powerful men in Russia

Oligarchs

sanctioned by the EU

14

in Putin’s inner circle

Nikolai T.

Shamalov

Sergey V.

Chemezov

Arkady R.

Rotenberg

CEO of

Rostec Corporation

(a state owned

defense

conglomerate)

Owner of

S.G.M. Group

(biggest infrastructure

company

for transporting

gas and oil)

Second-largest

shareholder of Rossiya

Bank, founder of

Ozero

(a cooperative

associated with

Putin’s inner circle)

Petr O.

Aven

Nikolay P.

Tokarev

Mikhail M.

Fridman

Former head of

Alfa-Bank

(Russia’s largest

commercial

bank)

and personal

friend of Putin

President of

Transneft

(gas and oil

company controlled

by the government).

Served with Putin

in the KGB

Main shareholder

of Alfa Group

and Alfa-Bank,

known as one of

Russia’s most

important

businessmen

Igor I.

Sechin

Gennady N.

Timchenko

Alisher

Usmanov

Founder of Volga

Group, (an

investment group

in key areas

of the Russian economy).

Close friends

with Putin

Magnate, owner of

communication

and mining

companies.

Frontman for

Putin

Chairman

of Rosneft, one

of the world’s

largest producers

of crude

oil.

Friend of Putin

Alexander N.

Shokhin

Vladimir V.

Rashevsky

Yury V.

Kovalchuk

Managing director

of EuroChem

Group AG,

one of the world’s

biggest

producers of

fertilizers

President of the

lobby group

Russian Union of

Industrialist and

Entrepreneurs

and of a large

mining company

President and

main shareholder

of Rossiya Bank,

known as

Putin’s

banker

Sergei P.

Rodulguin

Suleyman A.

Kerimov

Cellist and

businessman, who

according to the

ICIJ “redistributed”

millions of dollars

of Putin’s hidden

financial network

President of the

financial group

Nafta Moscow.

He received

large sums

of money from

Sergei Rodulguin

18

politicians and businessmen

close to Putin or the Russian government

2

members of

government

1

journalist controlled

by the Kremlin

2

senior

politicians

3

members of

state parliament

In addition to these 40 oligarchs, the EU has also sanctioned another 853 powerful men in Russia

Oligarchs

sanctioned by the EU

14

in Putin’s inner circle

Arkady R.

Rotenberg

Nikolai T.

Shamalov

Petr O.

Aven

Sergey V.

Chemezov

CEO of

Rostec Corporation

(a state owned

defense

conglomerate)

Owner of S.G.M. Group

(biggest infrastructure

company

for transporting

gas and oil)

Second-largest

shareholder of Rossiya

Bank, founder of

Ozero

(a cooperative

associated with

Putin’s inner circle)

Former head of

Alfa-Bank

(Russia’s largest

commercial

bank)

and personal

friend of Putin

Nikolay P.

Tokarev

Mikhail M.

Fridman

Igor I.

Sechin

Gennady N.

Timchenko

Chairman

of Rosneft, one

of the world’s

largest producers

of crude

oil.

Friend of Putin

Founder of Volga

Group, (an

investment group

in key areas

of the Russian economy).

Close friends

with Putin

President of

Transneft

(gas and oil

company controlled

by the government).

Served with Putin

in the KGB

Main shareholder

of Alfa Group

and Alfa-Bank,

known as one of

Russia’s most

important

businessmen

Vladimir V.

Rashevsky

Alisher

Usmanov

Alexander N.

Shokhin

Managing director

of EuroChem

Group AG,

one of the world’s

biggest

producers of

fertilizers

Magnate, owner of

communication

and mining

companies.

Frontman for

Putin

President of the

lobby group

Russian Union of

Industrialist and

Entrepreneurs

and of a large

mining company

Yury V.

Kovalchuk

Suleyman A.

Kerimov

Sergei P.

Rodulguin

Cellist and

businessman, who

according to the

ICIJ “redistributed”

millions of dollars

of Putin’s hidden

financial network

President of the

financial group

Nafta Moscow.

He received

large sums

of money from

Sergei Rodulguin

President and

main shareholder

of Rossiya Bank,

known as

Putin’s

banker

18

politicians and businessmen

close to Putin or the Russian government

2

members of

government

1

journalist controlled

by the Kremlin

2

senior

politicians

3

members of

state parliament

In addition to these 40 oligarchs, the EU has also sanctioned another 853 powerful men in Russia

Oligarchs

sanctioned by the EU

14

in Putin’s inner circle

Sergey V.

Chemezov

Arkady R.

Rotenberg

Nikolai T.

Shamalov

Petr O.

Aven

Nikolay P.

Tokarev

Mikhail M.

Fridman

Igor I.

Sechin

CEO of

Rostec Corporation

(a state owned

defense

conglomerate)

Chairman

of Rosneft, one

of the world’s largest

producers of

crude

oil.

Friend of Putin

Owner of

S.G.M. Group

(biggest infrastructure

company

for transporting

gas and oil)

Second-largest

shareholder of Rossiya

Bank, founder of

Ozero

(a cooperative

associated with

Putin’s inner circle)

Former head of

Alfa-Bank

(Russia’s largest

commercial

bank)

and personal

friend of Putin

President of

Transneft

(gas and oil

company controlled

by the government).

Served with Putin

in the KGB

Main shareholder

of Alfa Group

and Alfa-Bank,

known as one of

Russia’s most

important

businessmen

Gennady N.

Timchenko

Alisher

Usmanov

Alexander N.

Shokhin

Vladimir V.

Rashevsky

Yury V.

Kovalchuk

Sergei P.

Rodulguin

Suleyman A.

Kerimov

Founder of Volga

Group, (an

investment group

in key areas

of the Russian economy).

Close friends

with Putin

Magnate, owner of

communication

and mining

companies.

Frontman for

Putin

President of the

lobby group

Russian Union of

Industrialist and

Entrepreneurs

and of a large

mining company

Managing director

of EuroChem

Group AG,

one of the world’s

biggest

producers of

fertilizers

Cellist and

businessman, who

according to the

ICIJ “redistributed”

millions of dollars

of Putin’s hidden

financial network

President of the

financial group

Nafta Moscow.

He received

large sums

of money from

Sergei Rodulguin

President and

main shareholder

of Rossiya Bank,

known as

Putin’s

banker

18

politicians and businessmen

close to Putin or the Russian government

2

members of

government

1

journalist controlled

by the Kremlin

2

senior

politicians

3

members of

state parliament

In addition to these 40 oligarchs, the EU has also sanctioned another 853 powerful men in Russia

Oligarchs are entrepreneurs who use their economic clout to secure favorable legislation and contracts for their companies. Most of them are part of the elite group of 10,000 people (0.01% of the population) who hold 12% of Russia’s wealth, according to the World Inequality Database. This, in a country with the highest inequality levels of the entire European continent: the wealthiest 10% control 74% of the country’s wealth, compared with the European average of under 60%). The origin of their fortunes is often the privatization process that took place in key sectors of the economy after the fall of the Soviet Union.

So what do these individuals want in Europe? “Russia is a European country, and oligarchs want to live in Europe in the European style. They want their families to be in Europe and to study in European schools,” says Sergei Guriev, a Russian economist who teaches at the prestigious Paris Institute of Political Science, better known as Science Po. “That is why European sanctions are particularly painful to them.”

But also for Putin. “If the oligarchs are cut off from Western business opportunities, things will go badly for them in Russia. And Putin will have less money for his war,” adds Guriev.

It is not easy to identify an oligarch’s properties, which are often not legally registered to their names. Suspect assets are impounded until ownership can be verified. In Spain, for instance, several superyachts have been seized.

The following is an abridged list of some of the more than 80 assets that can be tied to Russian oligarchs using public records, but they are likely the tip of the iceberg of their interests in Europe.

Assets of Russian oligarchs

in Europe

45 properties

27 offshore*

13 investments or business involvement

16 yachts

10 private planes

En Londres

1 company

11 properties

En Luxemburgo

5

planes

1

company

1

offshore

Acciones de DIA e inversión en BNext

En la Costa Azul

Villas de Chemezov

9 properties

3 yachts

* Incluyendo las registradas en Islas Vírgenes

Británicas y Caimán

Assets of Russian oligarchs

in Europe

45 properties

27 offshore*

13 investments or business involvement

16 yachts

10 private planes

En Londres

1 company

11 properties

En Luxemburgo

5

planes

1

company

1

offshore

Acciones de DIA e inversión en BNext

En la Costa Azul

Villas de Chemezov

9 properties

3 yachts

* Incluyendo las registradas en Islas Vírgenes

Británicas y Caimán

Assets of Russian oligarchs

in Europe

45 properties

27 offshore*

13 investments or business involvement

16 yachts

10 private planes

Property in London

Properties in Luxembourg

5

planes

1

company

1

offshore

1 company

11 properties

LITHUANIA

UNITED

KINGDOM

GERMANY

FRANCE

ROMANIA

ITALY

SPAIN

CYPRUS

Properties in the French Riviera

9 properties

3 yachts

Usmanov invested $25 million in the finance company BNext.

Fridman and Aven controlled DIA through LetterOne

Chemezov is linked to a villa in Estepona and another one in Castell-Platja d’Aro (Girona)

* Including those registered in the British Virgin Islands and the Cayman Islands

Assets of Russian oligarchs in Europe

45 properties

13 inversiones o participaciones en companys

27 offshore*

16 yachts

10 private planes

Property in London

Four belong to Roman Abramovich

1 company

11 properties

LITHUANIA

UNITED

KINGDOM

Properties in Luxembourg

GERMANY

5

planes

1

company

1

offshore

Usmanov invested $25 million in the finance company BNext.

Fridman and Aven controlled DIA through LetterOne

FRANCE

ROMANIA

ITALY

SPAIN

CYPRUS

Chemezov is linked to a villa in Estepona and another one in Castell-Platja d’Aro (Girona)

Properties in the French Riviera

9 properties

3 yachts

* Including those registered in the British Virgin Islands and the Cayman Islands

Luxury properties

There are apartments in the heart of London, mansions on the Côte d’Azur, villas on the island of Sardinia and some of the most upscale homes available in Germany, Switzerland, Croatia and Monaco.

Sergey Chemezov, who was a colleague of Putin’s during their days in the KGB and these days helms Rostec, Russia’s largest state-owned defense group, has at least two properties in Spain. One is a castle-like villa in S’Agaró, in the Catalonia region, and the other is a large rural property in Estepona, in southern Spain.

In Italy, local authorities have seized at least three properties in Sardinia with ties to the businessmen Alisher Usmanov and Petr O. Adeven and to the television host Vladimir Soloviev. In Croatia, a villa that was built in the 19th century by Austrian emperor Franz Joseph I has been impounded over ties with the family of Nikolai Tokarev, who also coincided with Putin at the KGB. No similar measures have been announced so far in the United Kingdom, despite the fact that individuals on the list own 11 mansions in London and other parts of the country.

Cataluña

S'Agaró

Chemezov's villa

Platja de

Sant Pol

Mediterranean Sea

Punta d’en Pau

300 m

Cataluña

S'Agaró

Chemezov's villa

Platja de

Sant Pol

Mediterranean Sea

Punta d’en Pau

300 m

Cataluña

S'Agaró

Chemezov's villa

Mediterranean Sea

Platja de Sant Pol

Punta d’en Pau

300 m

Hefty investments

The 40 identified oligarchs have business interests in at least 13 companies with ties to Europe. A leading case is the Chelsea soccer club, which its owner Roman Abramovich is now looking to sell. Another case is LetterOne, a Luxembourg-based investment group that controls the DIA supermarket chain and the Dutch telecom Veon; four billionaires with ties to Putin – Mikhail Fridman, Petr O. Aven, German Khan and Alexei Kuzmichev have stepped down from their positions of leadership.

Grounded planes

Three of the seized aircraft belong to Usmanov and three more to Abramovich. Restrictions in European airspace have left these planes with few alternatives. The Isle of Man, a British dependency that serves as a refuge for elites seeking to minimize taxation on their private jets, this week de-registered at least 18 aircraft with ties to Russia and which can no longer be flown in EU or UK airspace.

In a bid to circumvent these sanctions, owners of targeted aircraft have turned to places like Seychelles and Dubai to keep their assets.

business aircrafts are parked at the airport in Zurich, Switzerland
Two Gulfstream GVI G650 GLF6 airplanes in Zurich.ARND WIEGMANN (Reuters)

Yachts and superyachts

Spain has seized three vessels with Russian ties: one in Tarragona, one in Barcelona and a third in Mallorca, on suspicion that they belong to Igor Sechin, CEO of state-owned oil company Rosneft, to Sergei Chemezov and to Alexander Mijeev, director general of defense export firm Rosoboronexport. Italy has also impounded two vessels.

But seizing these assets is proving complex. Some have made a hasty exit from once-welcoming ports, such as the Eclipse, which reportedly belongs to Abramovich, and the Sea Rhapsody, owned by the banker Andrei Kostin. The latter ship had been berthed in Barcelona but departed for the Seychelles in mid-February.

Roman Abramovich Yacht Eclipse
The 'Eclipse', owned by Roman Abramovich.Mark Thomas

Offshore firms: the loophole

The 40 oligarchs identified by this newspaper have ties to 27 active offshore firms that show up in public records. A 2018 study found that Russian citizens’ offshore wealth represented 85% of what all residents of Russia earn in a year.

EL PAÍS has found at least five such firms in Cyprus, whose banks have been a safe haven for wealthy Russians for decades. As soon as news emerged about the sanctions, Alexei Mordashov sold his third of tourism giant TUI to a company in the British Virgin Isles, one of the most secretive territories in the world.

These opaque global networks make it very easy to legally circumvent sanctions, since offshore firms are not illegal.

Oligarchs against the sanctions (and even against the conflict)

Many of the Russian oligarchs identified in this story (classified as such under the definitions of the European Union and Open Sanctions) have expressed opposition to the sanctions. Some have voiced their disagreement with the war in Ukraine. Mordashov, who sold his TUI shares, said he didn’t understand how the sanctions against him would help find a solution to the conflict.

“We need peace urgently,” said fertilizer magnate Andrei Melnichenko. And Mikhail Fridman, who is originally Ukrainian, said that he feels strong ties with both the Russian and Ukrainian people, and sees the conflict as “a tragedy for both. War can never be the solution.”

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