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
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.
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.
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.”
