Konstantin Kagalovsky

Konstantin Kagalovsky
Born	(1957-10-13) October 13, 1957 Russia
Occupation	Entrepreneur
Known for	Vice-president and principal shareholder of Yukos; Deputy chairman at Bank Menatep; Russia’s delegate to the IMF; Owner of Ukrainian TV station TVi

Konstantin Grigoryevich Kagalovsky (; born 13 October 1957) is a Russian entrepreneur, formerly serving as vice-president and a principal shareholder of the oil firm Yukos, as well as holding the position of deputy chairman at Bank Menatep. He also acted as Russia’s delegate to the International Monetary Fund (IMF). Kagalovsky asserts ownership over the Ukrainian television station TVi.

Biography

Kagalovsky earned his PhD in economics in 1980 from the Moscow Finance Institute. During the late 1980s, he was among a cohort of young economists advocating free-market reforms and maintained a close association with Anatoly Chubais, notable for his involvement in Russia’s privatization efforts following the Soviet era.

His early professional experience includes roles at Soviet research bodies such as the USSR State Planning Committee (Gosplan) and the USSR Academy of Sciences. In 1989, he established the International Center for Research on Economic Reforms. By 1991, Kagalovsky worked alongside Andrey Vavilov and others to formulate an economic strategy for Russia.

Between November 1991 and 1995, he represented Russia in international financial affairs, including acting as plenipotentiary envoy to both the IMF and World Bank. From January to October 1992, he provided economic counsel to the Russian government and held ambassadorial appointments within global financial institutions.

In November 1994, Kagalovsky assumed the role of deputy chairman at Bank Menatep, an institution closely linked to oligarch Mikhail Khodorkovsky. In a contentious mortgage auction in 1995, Menatep secured a controlling 45% stake in Yukos for $159 million—significantly below market value. Kagalovsky was instrumental in legally obstructing competing bids from a consortium led by Alfa-Bank, with support from Chubais. He served on Yukos’ Board of Directors from June 1998 until June 2002 and was appointed vice-president in 1999.

In 1999, allegations of money laundering were leveled against Kagalovsky, his spouse Natasha (then an executive at Bank of New York), and Bruce Rappaport; all parties denied any misconduct and no formal charges ensued.

Kagalovsky ran unsuccessfully for a seat in the Russian Duma in 2003 representing the party Yabloko, ranking among its wealthiest candidates. In September 2004, he led a UK-based investor group attempting to acquire Yukos shares from Khodorkovsky to address company liabilities. The ruling family of Dubai proposed $10 billion to settle Yukos’ tax obligations in exchange for control of its stock; however, this offer was declined by the Kremlin.

Currently residing in exile in London, Kagalovsky co-established Ukraine’s TV channel TVi with oligarch Vladimir Gusinsky in 2008. Following a subsequent business dispute, he took sole ownership and financing responsibility for TVi. In April 2013, Kagalovsky disputed ownership documents related to TVi, claiming they were forged.

He is connected with influential Russian oligarchs including Roman Abramovich, Eugene Shvidler, Mikhail Khodorkovsky, and the late Boris Berezovsky.

Personal life

Kagalovsky lives in London and possesses real estate holdings in New York City’s Time Warner Center, Moscow, Rome, and along the French Riviera.

He is married to Natasha (née Gurfinkel) Kagalovsky, a former executive at Bank of New York; together they have one son. Natasha earned bachelor's and master's degrees from Leningrad State University and holds a master's degree in Near Eastern studies from Princeton University. She emigrated to the United States in 1979 and began her career at Irving Bank Corp in 1986, which was acquired by Bank of New York two years later. Reports suggest she maintained connections with Semion Mogilevich, who allegedly instructed her to facilitate transfers of Cali cartel funds via Bank of New York accounts into offshore shell companies.

Kagalovsky is of Jewish heritage.