German Khan

German Borisovich Khan
German Borisovich Khan
Born	October 24, 1961 (age 65); Kyiv, Ukraine
Occupation	Businessman
Known for	Co-owner of Alfa Group, executive director of TNK-BP, co-founder of LetterOne and L1 Energy

German Borisovich Khan (; born 24 October 1961) is a billionaire businessman with Ukrainian, Israeli, and Russian ties. After completing his education in 1988, he initially worked in wholesale trade before launching his own cooperative. His college friend Mikhail Fridman later appointed him as head of Alfa Eco, the wholesale division of the Alfa Group Consortium. Alfa Group, which Khan co-owns alongside billionaire Alexei Kuzmichev, stands as Russia’s largest investment group spanning financial and industrial sectors.

In 1996, Khan assumed the presidency of Alfa Eco, guiding the company’s focus toward export activities and oil trading. When Alfa acquired Tyumen Oil Company (TNK) in 1997, he joined its board and served as deputy chairman until 2003. That year, Khan played a key role in establishing a 50–50 joint venture between TNK and BP, representing the largest foreign investment in Russia at $8 billion. The resulting TNK-BP became the third-largest oil producer in Russia.

TNK-BP was sold to Rosneft in 2013 for $56 billion, marking one of the most significant energy sector acquisitions ever. Following this transaction, Khan collaborated with Fridman to launch LetterOne in Luxembourg to manage international investments from the proceeds. LetterOne also created the L1 Energy fund in 2013. Khan is actively involved in philanthropy, supporting organizations such as the European Jewish Fund and co-founding the Genesis Philanthropy Group.

Early life and education

Born on 24 October 1961 in Kyiv, Ukraine, German Borisovich Khan comes from a Ukrainian Jewish family originally from Lviv. His father was a professor specializing in metallurgy. From a young age, Khan was drawn to sports, particularly boxing, which he credits with fostering his self-confidence and discipline. After finishing high school in 1978, he spent a year working as an apprentice at a factory before enrolling at Kyiv-Pedagogical College to study mechanical engineering, graduating in 1982. In 1983, he continued his education at the Moscow Institute of Steel and Alloys (MISIS), focusing on steel production and graduating in 1988. Upon completing his studies, Khan founded and operated a clothing cooperative named Alexandrina, concentrating on supply chain management and sales until its sale in 1990.

Alfa-Eco and TNK (1989–1990s)

Khan’s professional relationship with businessman Mikhail Fridman, a fellow MISIS graduate, led to his appointment as head of wholesale trade at Alfa Eco, a division within Alfa Group Consortium. Initially dealing in various goods including carpets, the company expanded its reach into both domestic and export markets under his leadership. Throughout his tenure at Alfa Group, Khan held multiple managerial positions overseeing wholesale and export operations. The consortium itself grew to encompass entities such as Alfa Capital Management, Rosvodokanal Group, AlfaStrakhovanie Group, A1 Group as well as stakes in telecommunications company Vimpelcom and food retailer X5 Group.

Beginning in 1992, Khan progressed through Alfa Group ranks: he managed trade operations at Alfa-Eco until 1996 and directed commodity trading between 1995 and 1998. As president from 1996 to 1998, he focused on expanding into exports and oil trading by acquiring crude oil supplies, arranging refining agreements, and marketing refined products. In 1997, Alfa Group Consortium collaborated with Access Industries and Renova Group to acquire the state-owned Tyumen Oil Company (TNK), with Alfa obtaining a 40% ownership share. Khan joined TNK’s board and was appointed deputy chairman of its management board in 2000—a position he maintained until 2003—while simultaneously engaging actively in mergers and acquisitions strategies.

TNK-BP Management (2003–2013)

In 2003, Alfa Group divested 50% of TNK to BP for $6.15 billion, representing the largest foreign capital injection into Russia at that time and establishing the joint enterprise TNK-BP. BP held half of the shares, while Alfa Group alongside partners Viktor Vekselberg and Leonard Blavatnik retained the remaining 50%. Between 2003 and 2013, German Khan acted as the executive director of TNK-BP Management and was a member of its management board. Concurrently, Alfa Group broadened its telecommunications portfolio by acquiring a stake in Turkcell in 2005 and securing a 43.5% controlling interest in Ukrainian telecom operator Kyivstar by 2007.

Under Khan’s guidance, TNK-BP emerged as Russia’s third-largest oil producer and ranked among the top ten private oil companies worldwide. However, lacking a controlling shareholder led to disputes between BP and AAR regarding strategies for international growth. By 2010, tensions intensified as Khan and Fridman resisted BP's initiatives to partner with state-owned Rosneft, actions that breached shareholder agreements. In 2011, Khan's net worth was approximated at $9.6 billion, placing him 92nd on the Forbes billionaire list and making him Russia’s thirteenth wealthiest individual. He was named executive director of TNK-BP Ltd. in January of that year.

Establishment of LetterOne and L1 Energy (2013–2015)

In July 2012, state-owned Rosneft acquired TNK-BP for $56 billion, marking one of the largest energy sector acquisitions ever recorded. Khan exited TNK-BP in March 2013 following Alfa Group’s sale of its 50% stake for $28 billion, netting him roughly $3.3 billion. Utilizing proceeds from this transaction, Khan collaborated with Mikhail Fridman to form LetterOne (L1) in Luxembourg, focusing on global investment opportunities.

Founded in 2013, LetterOne’s energy division, L1 Energy, assembled an advisory board comprising industry leaders such as former BP CEO Lord Browne, James Hackett (ex-Anadarko Petroleum), and Andrew Gould (former BG Group CEO). The downturn in oil prices during 2014 coupled with ruble depreciation caused Khan's net worth to decline by approximately 22%, or $2.5 billion, lowering his valuation to near £6.3 billion. A subsequent market rebound saw Alfa Group’s asset value rise to about $40 billion by March 2015.

On 2 March 2015, Lord Browne was appointed chairman of L1 Energy, which officially launched in May at Neue Galerie New York with plans to develop two or three regionally focused energy platforms worldwide. Shortly thereafter, Lord Davies assumed the role of deputy non-executive chairman at LetterOne, while former Swedish Foreign Minister Carl Bildt joined as a board advisor.

North Sea Portfolio and L1 Divisions (2015–2016)

On 3 March 2015, L1 Energy completed the acquisition of full ownership in DEA, an international exploration and production company previously held by German utility firm RWE, for $7 billion (€5.1 billion). In 2013, RWE DEA produced approximately 2.6 billion cubic meters of natural gas. The transaction received regulatory clearances from Germany, the European Union, Ukraine, among others. Nonetheless, UK Energy Secretary Ed Davey voiced concerns that sanctions could compel L1 Energy to cease North Sea operations, potentially jeopardizing oil supplies and about 5% of Britain’s North Sea gas production.

In October 2015, DEA divested its North Sea oil assets to Ineos, owned by Jim Ratcliffe, for an undisclosed amount. The UK government emphasized that this compelled sale did not reflect on LetterOne’s suitability to manage UK-based holdings. On 14 October 2015, LetterOne agreed to purchase E.ON’s stakes in three active Norwegian fields located on the Norwegian Continental Shelf; Norway’s oil minister endorsed the deal subject to standard approval procedures.

By 2016, Khan held supervisory board positions within both Alfa Group Consortium and Alfa Group itself, alongside directorships at Alfa Finance Holdings SA, Alfa Bank, ABH Holdings S.A., LetterOne Holdings S.A., and DEA Deutsche Erdoel AG (acquired by L1 Energy in 2015). In March 2016, his net worth was estimated at $8.7 billion, ranking him as Europe’s 128th wealthiest individual.

Sanctions (2022)

During February and March 2022, Khan, together with Fridman and Kuzmichev, was targeted by sanctions imposed by both the European Union and the United Kingdom as part of broad punitive actions against Russian officials and oligarchs following the 2022 Russian Invasion of Ukraine. Khan stepped down from his position on the LetterOne board in March. Subsequently, in April, the U.S. government placed sanctions on Alfa Bank.

Philanthropy

Khan is an active supporter of the Life Line charity, which facilitates medical care for critically ill children within Russia, reporting that it has aided 8,334 children since its inception in 2008. He participates in Jewish community efforts throughout Russia and Europe, holding membership in the Russian Jewish Congress and contributing to the European Jewish Fund, an organization dedicated to fostering Jewish culture and promoting tolerance in Europe. In 2011, Khan co-established the Genesis Philanthropy Group alongside Stan Polovets, Mikhail Fridman, Pyotr Aven, and Alexander Knaster with the aim of reinforcing Jewish identity globally. In 2016, he collaborated with Fridman on a project to create a Holocaust memorial at Babi Yar in Ukraine.

Legal

In May 2017, Khan joined fellow Alfa-Bank owners Mikhail Fridman and Petr Aven in initiating a defamation lawsuit against BuzzFeed for disseminating the unsubstantiated Steele dossier, which claimed financial connections and collusion between Vladimir Putin, Donald Trump, and the three businessmen. Later that year, they pursued legal action against private investigation firm Fusion GPS and its founder Glenn Simpson for distributing the dossier to media outlets. In April 2018, Khan, Fridman, and Aven filed a libel claim against Christopher Steele in the Superior Court of the District of Columbia, although the suit was dismissed with prejudice by August.

Khan is identified as one of the Russian "oligarchs" under the provisions of the Countering America's Adversaries Through Sanctions Act (CAATSA), signed into law by President Donald Trump in 2017.

Personal life

Khan holds dual citizenship in Russia and Israel. He lives with his wife Angelika and their five children—Jakob, Eleanora, Eva, and Jake—in London and Moscow. In 2010, he purchased a residence located on Eaton Square in London. Khan maintains an active involvement in sports such as endurance racing, off-road competitions, and rally driving. He also collects sporting firearms including guns and rifles. Some reports have suggested that he carried handguns to business meetings within Russia. Additionally, Khan owns a villa situated in Monte Argentario, Tuscany.

He is related by marriage to Alex van der Zwaan, who pled guilty in February 2018 to charges connected to investigations into Russian meddling in the 2016 U.S. elections. Van der Zwaan admitted to providing false statements to the FBI regarding contacts with Rick Gates and received a sentence of 30 days incarceration along with a $20,000 fine in April 2018.

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