Dmitry Mazepin

Dmitry Arkadievich Mazepin
Born	(1968-04-18) April 18, 1968 Minsk
Occupation	Businessman
Known for	Former CEO and proprietor of Uralchem

Dmitry Arkadievich Mazepin (; ; born 18 April 1968) is a businessman of Belarusian-Russian origin, known as a former CEO and proprietor of Uralchem. Following Russia's military actions in Ukraine in early 2022, he has been subjected to sanctions imposed by both the European Union and the United Kingdom.

In 2021, Mazepin was featured on Forbes list of Russia’s top 200 wealthiest individuals, with his net worth estimated at approximately $800 million.

Early life and education

Mazepin was born in Minsk and completed his studies at the Minsk Suvorov Military Academy in 1985. Between 1986 and 1988, he served as a military interpreter during the Afghanistan conflict.

He graduated with an Economics degree from MGIMO University in 1992. Subsequently, he occupied senior management positions within prominent Russian enterprises, both private and state-owned, including Nizhnevartovskneftegaz and Sibur. In 2008, he obtained a degree in Organization Management from the Saint Petersburg Institute for Economics and Management, where he later earned a PhD in 2012. His doctoral research focused on optimizing stock market potential for oil industry companies.

Early career (1992–2002)

From 1992 to 1993, Mazepin held the position of CEO at Infistrakh, an insurance company. He then advanced to deputy branch manager at Belarusbank, followed by executive roles at Falkon Bank starting in 1995. His first significant corporate appointment came in 1997 as vice-president of TNK (Tyumen Oil Company). After TNK took over Nizhnevartovskneftegaz, Mazepin was named executive director tasked with restoring the company’s financial health, successfully eliminating its losses.

Between 1998 and 1999, he served as Deputy President of Flora Moscow Bank, subsequently becoming CEO of coal producer Kuzbassugol. By 2002, he was appointed First Deputy Chairman of the Russian Federal Property Fund.

Senior leadership roles (2003–present)

In 2002, Mazepin took over as president of Sibur, a subsidiary of Gazprom, succeeding Jacob Goldovsky following his arrest related to asset misappropriation. His primary responsibility was to return control of assets to Gazprom and stabilize the financially troubled company. He conducted technical evaluations to reactivate dormant production facilities and addressed employee welfare issues such as salary arrears and housing shortages. To broaden revenue streams, he signed a gas processing memorandum of understanding with Sibneft in 2003.

After departing Sibur in 2004, Mazepin established Constructive Bureau, which secured a controlling interest in Kirovo-Chepetsk Chemicals Plant through a public auction that outbid Gazprom. He assumed the role of chairman in 2005. Constructive Bureau also acquired stakes in Perm-based Halogen and Minudobrenia, Berezniki Azot, and Volgograd-based Khimprom; the latter was transferred to Renova in 2006.

Uralchem and Uralkali

Mazepin consolidated his assets under Uralchem United Chemicals Company in 2007 and became chairman of its Board of Directors. In June 2008, he purchased a majority stake (75.01%) in Voskresensk Mineral Fertilizers, increasing ownership to full control by 2011. That same year saw the merger of Kirov-Chepetsk Plant and Perm Halogen into Halopolymer, a publicly traded joint-stock company from which he stepped down in 2015. Key production facilities include the Azot division in Berezniki, Perm Mineral Fertilizers in Perm, Kirovo-Chepetsk Chemical Plant, and Voskresensk Mineral Fertilizers near Moscow.

In December 2013, Mazepin acquired a 20% shareholding in Uralkali—the world’s largest potash producer—in a $2.9 billion transaction funded by a $4.5 billion loan from VTB Bank. Concurrently, Mikhail Prokhorov obtained a 21.75% stake. Mazepin secured operational control and joined Uralkali’s Board of Directors in March 2014, subsequently serving as deputy chairman.

Expanding strategically into African markets, Mazepin sought partnerships aimed at boosting fertilizer production capacity and establishing new plants across the continent. In December 2018, he met with Kenya’s President Uhuru Kenyatta to explore business collaborations amid strengthening Russia-Kenya relations. The same year included discussions with Zimbabwe’s President Emmerson Mnangagwa and Zambia’s President Edgar Lungu; both nations were identified as potential fertilizer production centers due to increasing global demand. In March 2019, Mazepin engaged with Angola’s President João Lourenço regarding plans for constructing a urea facility targeting an annual output of one million tonnes. During the Russia-Africa International Forum held in October 2019, he reiterated Uralchem's commitment to investing in Zimbabwe while expanding supply networks to Mozambique, Zambia, Kenya, and Angola.

In response to sanction-related pressures during March 2022, Mazepin reduced his ownership stake in Uralchem below majority control to 48% and stepped down from his CEO position.

Philanthropy

In 2013, Forbes recognized Mazepin as one of the most generous Russian billionaires. A year earlier, he contributed $700,000 to philanthropic efforts, with a significant portion directed toward a program that provided vehicles to large, low-income families in the Kirov region.

Mazepin’s company, Uralchem, actively funds various social initiatives encompassing support for children and veterans, advancement of regional projects, as well as promoting education, scientific research, cultural activities, and sports development.

Social activities

Mazepin holds a position on the board of the All Russian Swimming Federation. His involvement in the business sector includes membership in the Bureau of the RSPP Board (Russian Union of Industrialists and Entrepreneurs), where he also chairs the Commission focused on Mineral Fertilizers Production and Trading. Additionally, he leads the Russia-Zimbabwe and Russia-Belarus Business Councils within the framework of the Chamber of Commerce and Industry of the Russian Federation.

Controversies and criticism

During his service at the Russian Government Property Fund, Mazepin was accused of conflicts of interest owing to his concurrent roles on boards of companies such as Krasnoye Sormovo Shipyard and Kuzbassugol Coal Company; however, these allegations were never substantiated.

In the mid-2000s, Mazepin became embroiled in disputes concerning Gazprom assets that had been improperly sold off by a subsidiary CEO. Gazprom later recovered an 18% share in Azot Chemicals Company that Mazepin had initially acquired.

Since 2007, accusations have surfaced alleging Mazepin employed forceful methods to take control of Togliattiazot (TOAZ), a publicly traded firm. Sergey Makhlai, TOAZ’s CEO, claimed to have received personal threats from Mazepin related to coerced sale attempts. These claims remain unconfirmed as of 2022.

Following Uralchem’s acquisition of a 7.5% stake in TOAZ in 2008, it accused the Makhlai family of orchestrating extensive fraud by selling ammonia and urea at below-market prices through Swiss distributor Nitrochem Distribution AG between 2008 and 2011. Investigations estimated Uralchem’s losses at up to $500 million. In July 2019, former TOAZ executives were sentenced in absentia to prison and ordered to pay significant compensation to both Uralchem and TOAZ.

In 2014, reports connected Mazepin with a potential takeover of Ukraine’s Odesa Port Plant; however, he denied any involvement or interest.

In May 2015, Uralkali announced a share buyback offer for 14% of its stock, sparking speculation about a possible merger with Uralchem that would have increased Mazepin’s ownership share.

Mazepin and Uralkali submitted a bid for the Force India Formula One team after it entered administration in July 2018 but were ultimately outbid by a Canadian group. Mazepin criticized the transparency of the bidding procedure.

On 24 February 2022, Mazepin participated in a meeting with Russian business leaders and President Vladimir Putin. Shortly thereafter, on 11 March 2022, he divested his controlling interest in Uralchem and stepped down as CEO amid sanctions targeting Russian oligarchs.

Sanctions

Following Russia’s invasion of Ukraine in 2022, Dmitry Mazepin and his son, Haas F1 driver Nikita Mazepin, were included on the European Union’s sanctions list. The United Kingdom imposed sanctions on both individuals on 15 March 2022. Additional restrictions were implemented by Switzerland from March 16, Australia from April 6, New Zealand starting October 12, 2022, and Ukraine via presidential decree dated June 24, 2021.

In March 2024, the General Court of the European Union lifted sanctions against Nikita Mazepin. The decision clarified that EU sanctions based on "association" require connections beyond familial relations—a criterion no longer met after Nikita ceased competing in Formula One.

Awards

Mazepin has been honored with multiple distinctions, such as an Honorary Certificate bestowed by the Russian Government, the military's Medal "For Courage",, and the Medal "For Battle Merit". On October 3, 2023, he was conferred the Order of Alexander Nevsky in recognition of his professional accomplishments and enduring commitment. Previously, on October 25, 2018, he was granted the Order of Friendship for his notable labor achievements, proactive social involvement, and many years of dedicated service.

Personal life

Mazepin is divorced and is a father to two children: Nikita Mazepin and Anastasia Mazepina. Nikita pursued a career as a professional racing driver and competed in Formula One with the Haas F1 Team under a multi-year agreement that ended following Russia's invasion of Ukraine.