Andrey Kostin

Andrey Kostin
Born	(1956-09-21) September 21, 1956 Moscow, Russia
Occupation(s)	Entrepreneur, Banker
Years active	1979–present
Known for	Chairman of the United Shipbuilding Corporation; President and Chairman of VTB

Andrey Leonidovich Kostin (; born September 21, 1956) is a prominent Russian entrepreneur, serving as the chairman of the United Shipbuilding Corporation's Board of Directors since August 25, 2023. He has also held the positions of President and Chairman of the Board at VTB since June 10, 2002.

Education and career

Kostin earned his degree in political economy from Moscow State University in 1979. His professional journey began at the USSR Ministry of Foreign Affairs, where he was assigned from 1979 to 1982 to the USSR Consulate General in Sydney, Australia. Subsequently, he took on the role of Secretary of the European Department until 1985. Between 1985 and 1990, Kostin was stationed at the USSR Embassy in Great Britain, focusing on economic affairs alongside Alexander Lebedev. He then advanced to First Secretary and Advisor within the European Department, a position he held until 1992.

From 2006 to 2017, Kostin presided over the Financial and Banking Council of the Commonwealth of Independent States (CIS-FBC). In May 2017, he openly criticized segments of the U.S. elite for purportedly attempting to destabilize Donald Trump's administration by disseminating false allegations about Russian connections. By January 2018, Kostin characterized newly imposed U.S. sanctions on Russian organizations as an act of "economic warfare."

In addition, Kostin serves on the supervisory board of Post Bank (Russia). On August 25, 2023, he was appointed chairman of the Board of Directors for the United Shipbuilding Corporation.

Roskomnadzor's suppression of publications

On April 4, 2019, Vedomosti reported that Roskomnadzor had blocked nearly 1,000 online articles referencing gifts from VTB bank’s president Andrey Kostin to television journalist Nailya Asker-zade, who is his long-term partner. This measure was enacted under court directive and aligned with VTB’s interests.

On December 2, 2019, FBK’s Alexei Navalny published an investigative video on YouTube accusing Kostin of utilizing bank resources to provide Asker-zade with high-value items such as a business jet, yacht, residence, and multiple apartments—one gifted by VTB and another by Kirill Zimarin, leader of a VTB subsidiary located in Cyprus. Navalny alleged that these gifts involved misuse of funds from a bank majority-owned (60.9%) by the state. While The Bell verified a connection between VTB and the jet, it found no definitive proof concerning the yacht or travel-related expenses. As of December 25, 2019, Kostin had not responded to these allegations.

Sanctions

In April 2018, Kostin was among 24 Russian individuals subjected to U.S. sanctions. Canada imposed similar measures on March 15, 2019, citing infringements on Ukraine’s territorial integrity. On June 24, 2021, Ukrainian President Volodymyr Zelenskyy also sanctioned him.

Following Russia’s recognition of the DPR and LPR in February 2022, Kostin was included on the European Union’s sanctions list. The United Kingdom followed suit after Russia's invasion of Ukraine in 2022 by freezing his assets and restricting travel. Additional sanctions were implemented by Switzerland, Japan, New Zealand, and Australia in response.

Sanctions evasion charges

On February 22, 2024, the United States Department of Justice formally accused Kostin alongside two associates, Vadim Wolfson and Gannon Bond, of engaging in money laundering and breaching U.S. sanctions imposed on him. It is alleged that Wolfson and Bond refurbished and sold Kostin's upscale residence in Aspen, transferred approximately $12 million of the earnings to him, and unlawfully utilized U.S. funds to support the upkeep of Kostin's superyachts. Additionally, the three individuals are charged with channeling money through shell entities. While Wolfson and Bond were detained and brought before federal courts, Kostin evaded arrest by remaining in Russia.

Personal life

Kostin is married and has children as well as a grandson. His long-term partner is Nailya Asker-Zade, a journalist affiliated with the state-owned channel Russia-24.

His eldest son, Andrey (1978–2011), served as deputy chairman at Deutsche Bank’s Russian division. Tragically, Andrey passed away on July 2, 2011, due to an ATV accident while vacationing in the Yaroslavl Region.