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Anatoly Chubais

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Anatoly Chubais
Born
Anatoly Borisovich Chubais

(1955-06-16) June 16, 1955 (age 71)
Borisov, Belarus, Soviet Union
Occupation(s)Economist, politician
Years active1977–2022
Known forSpearheading Russia's privatization in the 1990s; leadership of RAO UES and RUSNANO; opposition to 2022 Russian invasion of Ukraine

Anatoly Borisovich Chubais (; born 16 June 1955) is a Russian-Israeli economist and politician recognized for spearheading Russia's privatization initiatives during the early 1990s under Boris Yeltsin's government. He was instrumental in implementing market economy reforms and fostering private ownership following the dissolution of the Soviet Union. Chubais holds the federal state civilian service rank of 1st class Active State Councillor of the Russian Federation. In 2022, he relocated to Israel, where he acquired citizenship.

Between 1998 and 2008, Chubais led RAO UES, the state-controlled electrical power monopoly. A 2004 survey by PricewaterhouseCoopers and the Financial Times positioned him as the 54th most esteemed business leader worldwide. Subsequently, from 2008 until 2020, he presided over the Russian Nanotechnology Corporation (RUSNANO).

In December 2020, he was designated as the special envoy of the Russian president tasked with liaising with international organizations to advance Sustainable Development Goals. He stepped down in March 2022 and departed Russia in protest against the invasion of Ukraine, becoming the highest-ranking official to do so.

Chubais was a member of JPMorgan Chase’s Advisory Council from 2008 through 2013 and has been an active participant in the Bilderberg Group, attending its 70th anniversary conference in Madrid in 2024. That same year, he established the Center for Russian Studies at Tel Aviv University and currently serves on the Council on Foreign Relations’ Global Board of Advisors.

Early life

Born on 16 June 1955 in Borisov, Belarus, then part of the Soviet Union, Chubais is the son of Raisa Efimovna (Sagal) and Boris Matveyevich Chubais. His mother, an economist by training, dedicated herself to raising their children on military bases. He has an elder brother, Igor Chubais (born 1947), who is a philosopher by profession. Chubais is of Jewish heritage.

He graduated in 1977 from the Leningrad Institute of Engineering and Economics (LEEI) and shortly thereafter joined the Communist Party of the Soviet Union, which he left in 1991.

Early career (1977–1991)

During his studies at LEEI, Chubais founded Reforma, a political reform club that supported local and national elections and drafted reform-oriented legislation—experiences that laid groundwork for his future governmental roles. By 1982, he had become an associate professor at LEEI and earned his Candidate of Sciences degree (equivalent to a Ph.D.) in Economics in 1983 with a dissertation focused on enhancing management techniques within industrial research institutions.

In the early 1980s, Chubais led a group of economists in Leningrad advocating market-oriented reforms. Alongside Yury Yarmagayev and Grigory Glazkov in 1982, he co-authored an article highlighting central planning’s inability to accurately forecast product demand. That same year, he met Yegor Gaidar—future Russian Prime Minister—who participated in seminars conducted by Chubais.

By 1987, Chubais had established the Leningrad branch of Perestroyka, promoting democratic principles among local intellectuals. The group included his brother Igor, future Deputy Prime Minister Alexei Kudrin, and other emerging political and business figures such as Pyotr Mostovoy, Alexander Kazakov, Vladimir Kogan, Ilya Yuzhanov, and Mikhail Manevich.

To finance their activities, this circle operated a tulip farm that generated revenue comparable to several Lada cars shortly before International Women's Day. The income supported election campaigns for democratic candidates like Anatoly Sobchak and Yury Boldyrev, contributing to opposition candidates securing two-thirds of seats in the 1990 Leningrad Soviet. Chubais later clarified that he was not directly involved in cultivating or selling tulips.

Toward the end of 1990, economist Vitaly Nayshul introduced the concept of vouchers for mass privatization as a means to transition from a planned economy to market mechanisms within the Soviet Union. Although initially skeptical about this approach due to concerns over inequality and social unrest, Chubais eventually became one of its foremost proponents.

Leadership in Leningrad Privatization (1990–1994)

After Anatoly Sobchak was elected Chairman of the Leningrad City Council in 1990, Chubais was appointed as his Deputy, focusing on the creation of a Free Economic Zone within Leningrad. In 1991, he declined the opportunity to lead the Leningrad Executive Committee, opting instead to serve as an advisor to the mayoral administration in St. Petersburg following Sobchak’s election as mayor. Simultaneously, Chubais took on the role of president at the newly established Wassily Leontief Center for Economic Research.

Role in Yeltsin’s Administration (1992–1999)

Chubais entered the Yeltsin Cabinet in November 1991 as head of Rosimushchestvo, the agency responsible for managing privatization in Russia. Initially, he championed swift privatization measures aimed at generating state revenue, inspired by Hungary’s approach, but encountered resistance from the Congress of People's Deputies of Russia. Eventually, a voucher privatization scheme, resembling that implemented in the Czech Republic, was approved by the Supreme Soviet of Russia on 11 June 1991 and signed into law by President Boris Yeltsin on 19 August 1991. This initiative later faced scrutiny as many citizens lost their savings while a small group of oligarchs capitalized on price differences between domestic and international markets, earning the label "kleptocrats" for transferring wealth abroad rather than reinvesting it within Russia.

Between November 1994 and January 1996, Chubais held the position of deputy prime minister responsible for economic and financial policy. His reforms played a key role in stabilizing Russia’s economy; by late 1995, inflation had fallen from 18% to 3%. During this period, from April 1995 to February 1996, he also represented Russia at both the International Bank for Reconstruction and Development (IBRD) and the Multilateral Investment Guarantee Agency (MIGA).

Following his resignation as deputy prime minister in January 1996, Chubais directed Boris Yeltsin’s reelection campaign during a time of low public approval. He established both the Civil Society Foundation and Yeltsin’s Campaign Analytical Group, which were crucial in securing Yeltsin’s victory with 53.82% of votes on 3 July 1996.

From July 1996 until March 1997, Chubais led the Presidential Administration of Russia, where his office accrued considerable influence. He attended the 1998 meeting of the Bilderberg Club in Scotland and co-chaired the Round Table of Industrialists involving Russia and the EU during a joint government commission session. In 2000, he gained election to the board of the Russian Union of Industrialists and Entrepreneurs.

According to Tatyana Yumasheva, daughter of Boris Yeltsin, Chubais opposed Vladimir Putin’s appointment as Prime Minister in 1999. He feared this could result in parliamentary control by the Communist Party of the Russian Federation, constitutional changes, and possibly civil unrest, despite recognizing Putin’s capabilities.

Chairmanship at RAO Unified Energy System (1998–2008)

In 1998, Chubais was appointed chairman of the board at RAO UES, Russia’s state-controlled electricity monopoly. Beginning in 2000, he pushed for reforms aimed at separating power generation, transmission, and distribution functions from the monopoly structure to facilitate privatization and attract private capital. He considered this restructuring vital for modernizing Russia’s electrical infrastructure.

From 2000 through 2004, Chubais served as president of the CIS Electric Power Council. Under his leadership, RAO UES attracted over $30 billion in private funding, which financed construction of approximately 130 new power units totaling around 29,000 MW capacity, along with upgrades including 10,000 kilometers of transmission lines, 60,000 kilometers of distribution networks, and numerous substations. His initiatives also ended barter-based payments and significantly reduced default rates.

On 17 March 2005, Chubais survived an assassination attempt; Vladimir Kvachkov was charged but ultimately acquitted.

In recognition of his efforts to dismantle a monopoly into separate entities and transform the sector to invite private investment and professional management, Russian newspaper Vedomosti honored Chubais as "Professional of the Year" in 2007.

The legal entity RAO UES was officially dissolved in July 2008.

RUSNANO (2008–2020)

Beginning in September 2008, Chubais took on the role of General Manager at the State Corporation Rosnanotech (commonly known as RUSNANO), created to promote innovation and economic modernization within Russia. This initiative was a key element of the government's plan to reduce dependence on fossil fuel revenues. RUSNANO set an ambitious target of achieving 900 billion rubles in sales by 2015. Between 2007 and 2015, the corporation successfully executed over 100 investment ventures, resulting in the establishment of 68 new manufacturing facilities and 28 research and development centers. By 2015, RUSNANO's investment portfolio was valued at 227.7 billion rubles, generating a net profit of 17 billion rubles.

Chubais became a member of the Skolkovo Foundation Council in 2010 and was appointed chairman of RUSNANO’s board in 2011. He departed from his position at the corporation in December 2020.

Resignation (2022)

On 22 March 2022, in response to Russia’s extensive military actions in Ukraine, Chubais stepped down from all his official duties, including his post as special representative, citing his opposition to the conflict. Kremlin spokesperson Dmitry Peskov acknowledged Chubais’s resignation but provided no further details. Shortly thereafter, Chubais left Russia for Istanbul, Turkey, with plans to stay abroad indefinitely.

According to a spokesperson for Alexei Navalny, Chubais’s exit was driven by concerns over personal security and financial matters. Notably, he was the highest-ranking Kremlin official to resign following the invasion, although he was not considered part of President Putin’s closest circle. Currently, Chubais resides in Israel.

Independent researcher (2023)

In mid-2023, Chubais authored an article published in the Russian scholarly journal Voprosy Ekonomiki, analyzing issues related to non-payments within Russia’s economy during the early 1990s. He identified himself as an independent scholar based in the United Kingdom.

Center for Russian Studies (2024)

On 16 April 2024, Anatoly Chubais inaugurated the Center for Russian Studies (CRS) — Russian Future Initiative at Tel Aviv University’s Faculty of Social Sciences. The Center is dedicated to conducting an in-depth examination of Russia’s potential future trajectories through careful analysis of recent historical developments.

Chubais underscored that “Russia is undergoing its second major shift in development direction within a span of 35 years,” stressing the importance of moving beyond emotional and political biases to extract meaningful lessons applicable to forthcoming challenges.

Personal life

Anatoly Chubais is married to Dunya Smirnova, who is both a screenwriter and television host. From his first marriage, he has two children: a son named Aleksey and a daughter named Olga.

On 1 August 2022, he revealed during an interview with journalist Ksenia Sobchak that he had been hospitalized due to Guillain–Barré syndrome. Italian authorities have considered the possibility of poisoning but have not excluded it pending toxicology test outcomes.

Involvement in political parties

In June 1993, Anatoly Chubais co-established the "Russia's Choice" electoral bloc, which was led by Yegor Gaidar. Later that year, in December 1993, he secured election as a deputy to the Russian State Duma representing this bloc.

At the party congress held on 12–13 July 1994, Chubais joined the governing council of the "Democratic Choice of Russia" party formed from the "Russia's Choice" electoral bloc. By December 1998, he had become part of both the Organizing Committee and Steering Committee for the Right Cause coalition.

In July 1996, Chubais founded the "Center for Protection of Private Property" Foundation.

During the founding congress of the "Union of Right Forces" in May 2000, he was elected co-chairman of its Coordinating Council. Subsequently, in May 2001, he assumed roles as co-president and a member of its Federal Political Council. He stepped down as co-chair in January 2004 but continued his membership on the Federal Political Council.

In May 2010, Chubais was appointed chairman of the board of trustees for the Gaidar Foundation, which was established by both the Gaidar Institute for Economic Policy and Maria Strugatsky.

Assassination attempts

During a November 2004 interview with the Financial Times, Chubais disclosed that he was aware of no fewer than three assassination plots targeting him, driven by political animosity connected to his economic reform initiatives.

In March 2005, an explosive device detonated close to his bulletproof vehicle along a road near Zhavoronki in Moscow Oblast, followed by gunfire from automatic weapons. Chubais and those accompanying him escaped without injury.

Industry insiders speculated that the attack was orchestrated by executives of energy firms dissatisfied with his stewardship of RAO UES, while other observers attributed the incident to political motives. Notable individuals suspected of involvement included Boris Berezovsky and Leonid Nevzlin.

Legal proceedings charged retired GRU colonel Vladimir Kvachkov, former airborne officers R. P. Yashin and A. I. Naidenov, as well as Ivan Mironov of the Congress of Russian Communities. The accusations encompassed attempted homicide and unlawful possession of firearms.

The trial encountered complications: an initial jury was dismissed after a principal witness withdrew their testimony; a subsequent jury was disbanded due to juror disqualification. In June 2008, a third jury acquitted all defendants citing lack of sufficient proof.

Kvachkov openly expressed nationalist ideologies and demanded that Chubais face trial himself, labeling him a "national traitor."

The Prosecutor General's Office contested the verdict; in August 2008, the Supreme Court annulled the acquittals and mandated a new trial. Charges against Mironov were consolidated with those against the others.

On 29 September 2010, the defendants were again found not guilty by a jury. This decision was upheld by the Supreme Court in December 2010, concluding the judicial process.

Subsequently, in December 2010, Kvachkov was arrested on allegations of orchestrating rebellion and terrorism; he was sentenced in February 2013 to 13 years for preparing an armed uprising, a term later reduced to eight years by the Supreme Court.

Sanctions

In November 2023, Chubais was included on Ukraine’s sanctions roster.

Awards

In 1997, the British publication Euromoney honored him as the world’s top Minister of Finance.

By December 2001, Chubais had been awarded an honorary diploma from the International Union of Economists for integrating advanced international practices into Russia’s administrative, economic, financial, and production modernization efforts.

He received a Presidential Commendation in 2008 recognizing his role in drafting Russia’s Constitution and advancing democratic principles.

In 2010, he was bestowed with the IV degree Order For Merit to the Fatherland for his pivotal contributions to state nanotechnology policy implementation and sustained professional excellence.

Additionally, he earned three presidential commendations between 1995 and 1998 and holds an honorary doctorate from St. Petersburg State Engineering and Economic University.

External links

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