Gennady Timchenko

Gennady Timchenko
Born	(1952-11-09) November 9, 1952 Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia)
Citizenship	Russia, Finland, Armenia
Occupation(s)	Businessman, investor
Known for	Founder and principal owner of Volga Group; co-founder of Gunvor Group; Chairman of the Kontinental Hockey League; President of SKA Saint Petersburg hockey club

Gennady Nikolayevich Timchenko (, sometimes rendered as Guennadi Timtchenko; born 9 November 1952) is a Russian billionaire and influential oligarch. He is the founder and principal owner of the private investment company Volga Group and was formerly a co-founder and shareholder of the oil trading enterprise Gunvor Group.

Timchenko has maintained a longstanding personal relationship with Russian President Vladimir Putin dating back to the early 1990s. In 1991, Putin authorized him to obtain an oil export license, which facilitated the creation of Gunvor. This company has since been responsible for exporting Russian oil valued in the billions of dollars.

His investment vehicle, Volga Group, holds a major interest in the natural gas corporation Novatek. Investigations such as the Pandora Papers disclosed that one of Timchenko’s entities linked to Novatek’s ownership secured large-scale financing through undisclosed offshore shell companies. In response to Russia’s annexation of Crimea in 2014, Timchenko was subjected to sanctions by the US, with additional restrictions imposed by the United Kingdom shortly before the Russian invasion of Ukraine in February 2022.

As of March 2022, Timchenko was ranked 205th on the Bloomberg Billionaires Index, with an estimated fortune of approximately US $10.3 billion, positioning him as Russia’s sixth wealthiest individual. He holds the position of Chairman of the Board for the Kontinental Hockey League and is President of the SKA Saint Petersburg hockey club. Timchenko possesses citizenship in Russia, Finland, and Armenia.

Early life and education

Born in 1952 in Leninakan, Armenian SSR, Soviet Union (currently Gyumri, Armenia), Timchenko’s early years were shaped by his father’s service in the Soviet armed forces during World War II. Between 1959 and 1965, he lived in the German Democratic Republic, where he acquired proficiency in German. He also spent part of his youth residing in the Ukrainian SSR. In 1976, he earned his degree as an electrical engineer from the Mechanical Institute of Saint Petersburg (ITMO University).

Career

Timchenko commenced his professional journey in 1977 as an engineer at the Izhorsky plant near Saint Petersburg, focusing on power generator technology. Subsequently, he transitioned to a role within the plant’s commercial division.

Between 1982 and 1988, he held a senior engineering position at the Ministry of Foreign Trade. With economic reforms underway in 1988, he was appointed Deputy Director at Kirishineftekhimexport (KiNEx), a state-run oil enterprise operating out of the Kirishi refinery—one of the largest facilities within the RSFSR.

In 1991, Timchenko relocated from Russia to Finland to join Urals Finland Oy, a Finnish company engaged in importing Russian oil into European markets; during this period, he also acquired Finnish citizenship. While Anatoly Sobchak was exiled, Timchenko served as an intermediary between Sobchak and Vladimir Putin.

By 1995, Urals Finland Oy had been renamed International Petroleum Products Oy (IPP), with Timchenko ascending from deputy to chief executive officer. In 1997, he partnered with Swedish entrepreneur Torbjörn Törnqvist to establish Gunvor, a global commodities trading firm. Prior to U.S. sanctions being enacted in March 2014, Timchenko divested his ownership stake to Törnqvist.

In 2007, he launched Volga Group, a private investment fund overseeing his diverse portfolio across sectors including energy, transportation, infrastructure development, financial services, and consumer markets.

Redut PMC

Redut, also referred to as Redoubt or Redut-Antiterror and previously known as "Shield," operates as a Russian Private Military and Security Company (PMSC) within the "Antiterror-family," a network dedicated to safeguarding Russian commercial interests. It has been actively engaged by Russia during the Russian invasion of Ukraine and has faced sanctions due to its participation. Numerous personnel from this group have been convicted of war crimes linked to the conflict.

Key financiers reportedly include Gennady Timchenko and Oleg Deripaska, who have supplied armored personnel carriers, helmets, and protective equipment. Redut offers security services for Timchenko’s businesses, deploying snipers, engineers, and security guards. Its units have secured convoys and corporate properties, notably protecting oil installations owned by JSC Stroytransgaz in Syria.

Gunvor

The Gunvor Group was co-founded by Timchenko alongside Torbjörn Törnqvist. Registered in Cyprus, Gunvor specializes in trading and logistics within the global energy sector. On 19 March 2014, one day before Timchenko was added to the U.S. sanctions list following Russia’s annexation of Crimea, he sold his shares to Törnqvist. Timchenko explained that the sale was intended to prevent sanctions from disrupting Gunvor’s operations. The financial terms of the deal were not publicly disclosed.

Volga Group

Established in 2007 under the name Volga Resources and rebranded as Volga Group in 2013, this Luxembourg-based fund consolidates Timchenko’s assets. Introduced at the Saint Petersburg International Economic Forum, Volga Group concentrates on infrastructure development projects within Russia. The fund invests both directly and indirectly in value-oriented assets domestically and abroad, aiming for stable long-term returns. Its investment portfolio covers sectors including energy, transportation, infrastructure, financial services, consumer goods, and real estate, with significant holdings in gas producer Novatek and petrochemical company Sibur.

Airfix Aviation

In April 2014, Timchenko divested a 49% stake in Finnish firm IPP Oy, which held a 99% ownership of Airfix Aviation—a relatively minor asset within the Volga Group’s holdings. Following Russia’s annexation of Crimea that same month, Timchenko became subject to international sanctions. IPP Oil Products (Cyprus), closely connected to him, is also sanctioned. Kai Paananen, a business associate of Timchenko’s, maintains strong links to Airfix Aviation and related IPP entities.

The Volga Group is designated as a Specially Designated National (SDN) by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) under Ukraine-related sanctions imposed since 2014.

Sanctions

In March 2014, following Crimea’s referendum, the U.S. Treasury placed Timchenko on the Specially Designated Nationals List (SDN), identifying him as part of Russia’s inner leadership circle. These measures froze his U.S.-based assets and prohibited his entry into the country. He is also listed among Russian "oligarchs" in the CAATSA unclassified report.

On 22 February 2022, the United Kingdom sanctioned Timchenko after Russia recognized Donetsk and Luhansk as independent regions and deployed troops there. The European Union added him to its sanctions list on 28 February 2022 amid the ongoing Russian invasion of Ukraine, freezing his assets. Canada imposed sanctions under its Special Economic Measures Act citing serious violations of international peace.

On 4 March 2022, Italian authorities confiscated his yacht Lena in Sanremo; both the vessel and members of his immediate family are included on U.S. sanctions lists.

Personal life and citizenship

Timchenko is married to Elena, and together they have three children. As of March 2014, he was living in Moscow, while his family resided in Switzerland. His daughter Ksenia is married to Gleb Frank, the son of former transport minister Sergey Frank.

In an interview with the Wall Street Journal, Timchenko revealed that he gave up his Russian citizenship in 1999 and obtained Finnish nationality. A 2004 report by Helsingin Sanomat indicated that he held Finnish citizenship and lived in Geneva at the time. By October 2012, he claimed to possess dual citizenship of Russia and Finland. In August 2014, Timchenko told ITAR-TASS that having Finnish citizenship made travel easier during the 1990s when Russian passports were restrictive. He also highlighted that he had paid taxes in Switzerland for fourteen years, previously did so in Finland, and consistently transferred all due taxes to Russia despite opportunities to avoid double taxation, stating this was to support Russian public services.

The US Department of Treasury’s sanctions list identifies him as holding citizenships from Russia, Finland, and Armenia.

Wealth

Forbes lists Timchenko among the richest people both in Russia and worldwide:

	2008	2009	2010	2011	2012	2013	2014	2016
Net Worth ($bn)	2.5	0.4	1.9	5.5	9.1	14.1	15.3	11.7
Global Rank	462	-	536	185	99	62	61	118
Russian Rank	43	98	36	26	12	9	6	} In 2012, the Russian media outlet RBC estimated Timchenko’s fortune at $24.61 billion. His holdings include a Geneva property purchased in 2001 for roughly $11 million and the Lena, an $18 million yacht acquired in 2009. Between 1999 and 2001, his earnings increased markedly, reaching EUR 4.9 million in 2001, which influenced his decision to relocate to Switzerland in 2002 for tax reasons. As of June 2022, Forbes assessed his net worth at $23.1 billion, placing him as the 64th wealthiest individual globally. Investigation In November 2014, The Wall Street Journal reported that the US Attorney’s Office for the Eastern District of New York was probing allegations that Gunvor Group may have conducted unlawful transactions by purchasing oil from Russia’s OAO Rosneft and channeling it through the US financial system. Gunvor issued a statement on November 6 denying any misconduct. Public activities and philanthropy Timchenko co-founded the Yawara-Neva Judo Club in 1998. In 2007, together with Surgutex, he launched the Kluch charitable foundation aimed at developing professional foster care homes in the Leningrad, Tambov, and Ryazan regions. The following year, Gennady and Elena Timchenko established the Neva Foundation in Geneva to promote cultural initiatives between Switzerland and Russia, with a focus on lyrical arts; this foundation collaborated with the Grand Théâtre de Genève and counted Saint Petersburg Philharmonic conductor Yuri Temirkanov among its trustees. In 2010, they founded the Ladoga Foundation to provide assistance to senior citizens, restore cultural monuments, and support medical technology projects. This organization was renamed in 2013 as the Elena and Gennady Timchenko Foundation to unify their philanthropic efforts. Timchenko was appointed Chairman of the Economic Council for the Franco-Russian Chamber of Commerce (CCIFR) in 2011. That same year, he assumed roles as Chairman of the Board of Directors and President of SKA Saint Petersburg ice hockey club; in 2012, he became Chairman of the Board of Directors for the Continental Hockey League (KHL). He holds a position on the board of trustees for Moscow’s Jewish Museum and Tolerance Center and serves as a member of the Board of Trustees of the Russian Geographical Society. In 2020, Timchenko contributed 2.9 billion rubles toward combating the COVID-19 pandemic. Sports and hobbies Timchenko is deeply passionate about tennis, both as a player and a patron. His former Finnish enterprise, IPP, has been the sponsor of the IPP Open tennis competition in Finland since 2000. Additionally, he is reported to have financially supported the Finnish Davis Cup team and provided sponsorship for several Russian tennis athletes. Beyond tennis, Timchenko has financed a sailing team participating in the international RC44 yacht racing circuit. In April 2011, he assumed the role of Chairman of the Board of Directors for the SKA Saint Petersburg ice hockey team, followed by his appointment as Club President in May of the same year. By July 2012, he took over from Vyacheslav Fetisov as Chairman of the Kontinental Hockey League’s (KHL) Board of Directors. The Timchenko Foundation actively promotes youth engagement in ice hockey and chess. In 2013, Timchenko played a key role in sponsoring and organizing the esteemed Alekhine Memorial international chess event. Together with Arkady and Boris Rotenberg, Timchenko founded Arena Events Oy in July 2013. This company acquired Helsinki’s Hartwall Areena along with a stake in Jokerit, Finland’s six-time national ice hockey champions. This acquisition enabled Jokerit’s entry into the KHL for the 2014–15 season, competing within the Western Conference’s Bobrov division. Arena Events Oy maintained ownership of Hartwall Areena (renamed Helsinki Halli) until 2024. Awards In 2013, Timchenko was honored with the title Chevalier of the Légion d'honneur in recognition of his efforts to establish a permanent Russian art exhibition at the Louvre, his support for the Russian Museum in Saint Petersburg, and his assistance in organizing the Alekhine Memorial chess tournament. However, this accolade generated controversy, as Russian political commentator Andrey Piontkovsky condemned it for allegedly sullying the French state by honoring an individual known by the nickname Gangrene. See also List of Russian billionaires Russian oligarchs External links Biography by Vladimir Pribylovsky (in Russian) Les bonnes affaires de Guennadi Timtchenko Timchenko's profile and assets on Russian Asset Tracker