Boris Mints

Boris Mints
Born	(1958-07-24) July 24, 1958 Rybnitsa, Moldavian SSR, USSR
Occupation(s)	Businessman, oligarch
Known for	Co-founder of Otkritie FC Bank, chairman of O1 Group
Notable work	Founder of Museum of Russian Impressionism

Boris Iosifovich Mints (; born 24 July 1958) is a prominent Russian oligarch primarily engaged in real estate and financial sectors, and is recognized as a co-founder of Otkritie FC Bank. He holds the prestigious federal state civilian service designation of 1st class Active State Councillor of the Russian Federation.

Mints has publicly expressed strong opposition to Vladimir Putin and condemned the 2022 Russian invasion of Ukraine.

Early life

Originating from a Jewish family in Rybnitsa, Moldavian SSR, USSR (present-day Moldova), Mints is the son of Major Joseph Samuilovich Mints, a military engineer, and Lusia Izrailevna Milter, who worked as a librarian.

He obtained a bachelor's degree in physics from Ivanovo State University in 1980 and later earned a PhD in technical sciences. Additionally, Mints holds the position of associate professor specializing in higher mathematics.

Career

Mints started his professional journey at the Ivanovo Textile Institute, where he worked from 1983 until 1990. Concurrently, between 1987 and 1990, he was involved with a Youth Center for Scientific Creativity. In 1990, he was appointed vice mayor of Ivanovo and chaired the city’s property management committee until 1994. During this tenure, he encountered Anatoly Chubais and subsequently relocated to Moscow to join the State Property Committee.

From 1994 through 1996, Mints led the primary department within the Ministry of Public Assets of the Russian Federation. Following this, between 1996 and 2000, he directed the Office of the President for Local Governance and acted as Secretary of the Council for Local Government under President Boris Yeltsin.

In the early 2000s, Mints took on leadership roles within the political party “Union of Right Forces,” chairing its executive and finance committees. He also served as general director of REN TV from 2001 to 2003.

In 2003, together with Vadim Belyaev, Mints co-founded “VEO-Otkritie,” securing a 50% ownership in Investment Group Otkritie Ltd., established in 2004. Belyaev assumed the role of CEO while Mints became chairman of the board. He led Otkritie Financial Corporation as chairman from 2004 to 2013 and was its president between 2012 and 2013 before divesting his shares.

Mints launched O1 Group in 2004 to concentrate on real estate and financial investments. In 2010, O1 Properties was created to oversee real estate assets; by 2017, it ranked as Russia’s sixth-largest commercial property holder. Between 2013 and mid-2017, O1 Group broadened its portfolio by acquiring several pension funds including Telecom-Soyuz and Stalfond.

During 2014–2015, Mints expanded his footprint in Central and Eastern Europe through acquisitions of stakes in Austrian commercial real estate companies CA Immo and Immofinanz.

In October 2016, Future Financial Group completed an initial public offering on the Moscow Exchange. By September 2018, Mints sold both O1 Properties and Future Financial Group (which included NPF Future) to Riverstretch, a firm based in Cyprus.

He is a member of the board of directors for the Russian Union of Industrialists and Entrepreneurs. Additionally, Mints is identified among Russian oligarchs subject to sanctions under the U.S. Countering America's Adversaries Through Sanctions Act (CAATSA).

As reported in March 2017 by Forbes, his estimated net worth exceeded $1.3 billion.

Otkritie bank administration and legal case

In July 2017, Otkritie FC Bank experienced a downgrade to a BBB− rating by the Russian credit rating agency ARCA, which limited its capacity to raise funds and led to a withdrawal of deposits. The following month, the Central Bank of Russia (CBR) stepped in, placing Otkritie under provisional administration and launching a rescue package valued at over $8 billion. By October 2017, while under CBR oversight, Otkritie initiated legal proceedings against 10 parties, including the O1 Group.

In June 2019, Otkritie, still under CBR control, pursued an injunction from the UK High Court to freeze assets worth $572 million linked to former shareholder Boris Mints. These assets included the Tower of Lethendy estate in Scotland. The court prohibited Mints and his sons from selling or transferring these properties and instructed Russian authorities to suspend ongoing claims in Russia and Cyprus. Mints had moved from Malta to London in 2018, with the mansion registered under MFT Braveheart Ltd, a company based in the Cayman Islands.

By July 2019, the CBR had filed a lawsuit against former owners and executives of Otkritie. Although Mints had divested his shares in 2013, the case accused his firm O1 of orchestrating a "fraudulent scheme" involving bond sales to the bank shortly before its collapse. Earlier reports highlighted substantial losses tied to acquisitions of assets from both O1 and Otkritie Holding.

In November 2019, Mints responded with a counterclaim, alleging that Russian authorities had initiated a campaign resulting in financial damages estimated between $650 million and $950 million. He and his sons refute all fraud accusations and are challenging them through arbitration proceedings in London. The hearings took place in August 2020, with a verdict anticipated in 2021.

In May 2021, Interpol declined Russia’s request for an international arrest warrant against Mints on charges of embezzlement related to the alleged misappropriation of 34 billion rubles (approximately $460 million) prior to Otkritie’s takeover.

Social and communal organisations

Boris Mints holds the position of chairman on the board of trustees for the Conference of European Rabbis, which represents the principal Orthodox rabbinical coalition across Europe encompassing more than 700 religious figures. He is also a member of the Presiding Board Bureau within the Russian Jewish Congress and serves as vice-president of the World Jewish Congress, an international federation representing Jewish communities worldwide. Additionally, Mints founded and currently leads the Boris Mints Institute for Strategic Policy Solutions to Global Challenges at Tel Aviv University.

He established the Yegor Gaidar international foundation and chaired it from 2010 until 2020. Furthermore, Mints is part of the board at the G.N. Romanov Center, which focuses on rehabilitation services for children with severe mobility impairments. He also serves on Tel Aviv University’s board of directors and was honored as the first recipient of the Vladimir Spivakov International Charity Foundation’s Miloserdiye (“Mercy”) award for his humanitarian dedication.

Personal life

Married to Marina Vladimirovna Mints, he is a father of four children.

Mints is an avid collector of Russian paintings and graphic art dating from the late 19th and early 20th centuries, featuring works by artists such as Serov, Korovin, Kustodiev, Konchalovsky, Polenov, Pimenov, and Gerasimov. Utilizing this collection as a foundation, he established Moscow’s private Museum of Russian Impressionism located in the repurposed "Bolshevik" confectionery factory. The museum opened its doors in May 2016 following a renovation project by John McAslan + Partners that cost $16.5 million.

Criticism of Vladimir Putin and Russia’s Conflict with Ukraine

Dr. Boris Mints has consistently challenged Putin's corrupt regime, initially collaborating with him during initiatives aimed at strengthening grassroots democracy within Russia.

He was among the earliest Russian entrepreneurs to openly denounce Russia's 2022 military aggression against Ukraine, describing on 28 February 2022 the invasion as “the most devastating event of our century so far,” likening it to Hitler’s 1939 assault on Poland. His outspoken anti-war position garnered widespread attention from national media outlets.

Mints has actively contributed to humanitarian aid for those displaced by the war and provided assistance in accommodating Ukrainian refugees in the United Kingdom. Shortly after hostilities began, he engaged with the Ukrainian Ambassador to the UK to convey his solidarity and support.

External links

• O1 Group