Alexey Kuzmichev

Alexey Kuzmichev
Alexey Kuzmichev
Born	October 15, 1962 (age 64); Kirov, Russia
Occupation(s)	Entrepreneur, businessman
Years active	1988–present
Known for	Co-founder of LetterOne Group and Alfa Group consortium

Alexey Viktorovich Kuzmichev, also known as Kousmichoff (Russian: Алексей Викторович Кузьмичёв; born 15 October 1962), is a prominent Russian entrepreneur and one of the founders of both the LetterOne Group and the Alfa Group consortium.

Kuzmichev has held ownership interests in VimpelCom, Alfa-Bank, and X5 Retail Group. In March 2013, he divested his stake in the energy company TNK-BP to the state-controlled oil firm Rosneft for $2.5 billion. More recently, in March 2023, he exited his position in Alfa Bank by selling his 16.32% share.

Originally ranked by Forbes in 2013 as the 138th wealthiest individual worldwide with a net worth of $8.8 billion, Kuzmichev was listed at 397th place in 2023, with an estimated fortune of $6.5 billion.

Early life and career

Born in 1962 in Kirov, Kuzmichev served as a radio operator along the Soviet-Chinese border from 1980 until 1982, during which time he became a member of the Communist Party.

He began studies at the Moscow Institute of Steel and Alloys in 1983, where he formed connections with future business associates Mikhail Fridman and German Khan. In 1988, together with Fridman, Khan, and Mikhail Alfimov, he established Alfa Photo, a company specializing in importing photographic chemicals.

Expanding into export activities, Kuzmichev founded Alfa Eco in 1998, which later evolved into the core of the Alfa Group Consortium. This entity was renamed A1 in 2005.

Alfa Group

The Alfa Group portfolio encompasses Russia’s largest private bank, Alfa-Bank, which operates subsidiaries in Ukraine, Kazakhstan, Belarus, and the Netherlands through Amsterdam Trade Bank; it also includes international telecommunications firm VimpelCom, ranked sixth globally by subscriber numbers as of 2012. The group holds shares in Turkish telecom operator Turkcell as well. Up until April 2012, Alfa Group owned a 25% interest in Russian mobile operator MegaFon, which it sold for $5.2 billion. Additionally, the consortium maintains investments in Russian retailer X5 Retail Group, Rosvodokanal Group, and insurance provider Alfa-Strakhovanie Group. Kuzmichev possesses over an 18% stake in the consortium’s combined assets and serves on the board of Alfa Finance Holdings. Notable transactions managed by Alfa Group include the privatization of TNK oil company and its subsequent merger into TNK-BP, then Russia’s third-largest oil producer. In March 2013, Alfa Group and its partners sold half of TNK-BP to Russian oil giant Rosneft.

Kuzmichev is responsible for overseeing Alfa Group’s international trading operations.

Sinking of The Prestige

The oil cargo aboard the Prestige, which sank near Galicia, Spain in 2002, was owned by Crown Resources, the European oil and commodity trading division of Alfa Group chaired by Kuzmichev. The ensuing legal proceedings scrutinized the vessel owner's alleged negligence and concluded in July 2013 without any charges or financial liabilities being imposed on Crown Resources.

LetterOne Group

Kuzmichev co-founded the LetterOne Group, a Luxembourg-based global investment company concentrating on telecommunications, technology, and energy sectors through its subsidiaries L1 Energy and L1 Technology. Although UK authorities required LetterOne to divest from North Sea oil and gas assets, they clarified that this mandate did not question the owners' eligibility to manage holdings within the United Kingdom.

He is married to Svetlana Kuzmicheva-Uspenskaya, and in 2016, he acquired a $42 million residence in New York City.

Sanctions

In connection with the Russo-Ukrainian conflict, Kuzmichev faced sanctions imposed by the European Union, Australia, Canada, and the United Kingdom in 2022. Subsequently, in August 2023, the United States designated him on the OFAC Specially Designated Nationals List under Executive Order 14024 due to his activities within Russia's financial services industry.

France confiscated two of his yachts amid sanctions targeting Russian oligarchs; however, these vessels were returned following a successful appeal.

Arrest

On 30 October 2023, French law enforcement detained Kuzmichev and conducted searches at his properties in Paris and Saint-Tropez. He was released later that day on bail set at €8 million. Authorities are investigating allegations related to tax offenses and breaches of sanctions.

In November 2023, the French National Financial Prosecutor's Office formally charged him with tax fraud. He remains under judicial supervision and is prohibited from leaving France.

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