Mikhail Gutseriev

Mikail Safarbekovich Gutseriev
Born	(1958-03-09) March 9, 1958 Akmolinsk, Soviet Union
Occupation(s)	Entrepreneur, businessman
Known for	Founder of Russneft; Chairman of Safmar Group

Mikail (also spelled Mikhail) Safarbekovich Gutseriev (born 9 March 1958) is a Russian billionaire entrepreneur of Ingush heritage. He amassed his wealth following the dissolution of the Soviet Union. Gutseriev previously owned Russneft, which ranks among Russia's major oil producers. Since 2002, he has consistently appeared in the top 200 wealthiest Russians according to Forbes, achieving 34th position in 2023 with an estimated net worth of $3.5 billion. In 2007, facing allegations of tax evasion, he temporarily left Russia but returned in 2010 after the charges were dismissed.

Biography

Gutseriev was born into a large Ingush family on 9 March 1958 in Akmolinsk. His family endured repression and was forcibly relocated to Kazakhstan. He completed his secondary education at high school No. 23 in Grozny, within the Checheno-Ingushskaya ASSR. This school was destroyed during the First Chechen War and later rebuilt in 2005 with financial backing from Gutseriev.

Starting in 1982, Gutseriev held the position of process engineer and subsequently became CEO of the Grozny Production Association under the RSFSR Ministry of Local Industry. In 1991, he was elected Chairman of the Businessmen Association of Checheno-Ingush ASSR.

Amid political shifts in 1992 under Dzhokhar Dudayev, Gutseriev moved to Moscow and launched the industrial and financial holding "BIN" (Bank of Investments and Innovations), which combined industrial, commercial, and financial enterprises. The following year, he founded and took leadership of the Joint Stock Commercial Bank BIN.

In 1994, Gutseriev pioneered the first free economic zone within post-Soviet states by establishing the Zone of Economic Well-being Ingushetia (ZEWI). The Russian Government officially recognized ZEWI on 19 June 1994 and appointed Gutseriev as Head of its Financial sector. ZEWI was granted legal authority to return federal taxes to the republic's budget, totaling 1.388 billion rubles between 1994 and 1997. BIN acted as the designated government agent responsible for enterprise registration within ZEWI. Financial operations were jointly overseen by federal and republican tax authorities. ZEWI remained functional until 3 July 1997.

To support ZEWI’s infrastructure development, Gutseriev created the Center for Entrepreneurship Development (CED) in August 1997. Under CED’s management, significant infrastructure projects were realized, including water supply systems, gas turbine power plants, gas pipelines, road construction, residential housing, and government office complexes in Magas. Mikhail Gutseriev was the principal investor behind CED.

Education

Mikhail Gutseriev completed his studies at the Dzhambul Technological Institute of Light and Food Industry in 1981, specializing in Leather and Fur Technology. In 1995, he obtained multiple qualifications: a degree in Finance and Credits from the Finance Academy under the Government of the Russian Federation, a diploma in Methods and Technology of Oil and Gas Engineering from Gubkin Russian State University of Oil and Gas, and a qualification in Civil Law from St. Petersburg University of Law. He further pursued a master's degree in Criminal Procedural Law and engaged in doctoral research at Plekhanov Russian University of Economics, concentrating on Free Economic Zones. In 1996, he successfully defended his PhD dissertation on urban criminality at St. Petersburg Law University.

State Duma

Gutseriev was elected as a deputy to the State Duma in 1995, where he held the position of Deputy Chairman. During his tenure, he divested his entire ownership in AKB B&N Bank (BIN) to withdraw from banking activities. In 1996, he proposed legislation to create a "Center for International Business," an offshore zone designed for non-resident entities. The Federal Law No. 16-FZ was passed and remained effective for one year, attracting numerous international company registrations before being suspended due to the 1998 financial crisis and ruble collapse.

After securing re-election to the State Duma’s Third Convocation in 1999, Gutseriev stepped down in January 2000 following his election as President of Slavneft. He has contributed scholarly work on Russia's free economic zones and offshore business operations.

Returning to Business

On 27 February 2001, Gutseriev was appointed Vice President of the Russian Union of Industrialists and Entrepreneurs.

In 2002, shares of Slavneft were sold to the Sibneft Consortium (currently Gazpromneft) and Tyumen Oil Company for US$1.86 billion. Subsequently, Gutseriev founded and assumed leadership of OJSC NK "RussNeft". The Slavneft shares were disposed of at significantly reduced prices.

In September 2002, Gutseriev established RussNeft, an enterprise operating within the oil and gas sector.

RussNeft Controversy

In 2006, allegations of tax evasion were directed at Gutseriev, which forced him to sell RussNeft at a substantially undervalued price and relocate to London amid concerns over potential legal actions in Russia.

By July 2007, Gutseriev publicly stated that pressure from authorities compelled him to transfer RussNeft ownership to Basic Element, controlled by Kremlin associate Oleg Deripaska. He resigned as president of RussNeft and paused his business endeavors to concentrate on scientific research.

On 28 August 2007, Moscow’s Tverskoy court issued an arrest warrant against Gutseriev in absentia following a request by the Investigative Committee. At that time, Gutseriev was residing in London after receiving US$3 billion from Deripaska for the sale of RussNeft.

On 16 October 2007, reports emerged that Gutseriev had sought political asylum in the United Kingdom; nonetheless, this request was officially rejected.

By late 2010, restrictions on Gutseriev were relaxed from an arrest warrant in absentia to a commitment not to leave his residence. In January 2010, he regained full ownership of RussNeft. By mid-April that year, all criminal charges against him were dismissed and investigations closed. Subsequently, he sold a 49% stake in RussNeft to Joint-Stock Financial Corporation Sistema and an additional 2% to Sberbank of Russia.

On 7 May 2010, Gutseriev returned to Russia for a visit to his family’s burial sites.

During the summer of 2013, he reclaimed sole ownership of JSC RussNeft.

In February 2015, amid considerable growth of his key oil companies JSC RussNeft and JSC Neftisa, Gutseriev took on the role of chairman for their boards of directors to concentrate on strategic oversight.

After being subjected to European Union sanctions in 2021, Gutseriev stepped down from RussNeft’s board and transferred control over Neftisa to his younger brother Sait-Salam.

Efforts in Securing the Release of Kidnapping and Hostage Victims

From 1996 through 2006, Gutseriev was instrumental in collaborating with Russian security agencies to facilitate the liberation of numerous hostages abducted by criminal factions in the North Caucasus. Serving as Vice-Speaker of the State Duma, he acted as the chief intermediary during negotiations and coordinated special operations aimed at freeing captives. His involvement led to the release of individuals such as Slovak construction worker Imrich Rigo, Swiss company executive Robert Hill, Serbian brick factory manager Milan Evtic, construction supervisor Stanislav Taslitsky, and banker Viktor Morgun.

In 1998, Gutseriev spearheaded discussions for the release of Valentin Vlasov, the official Russian government envoy in Chechnya who had been taken hostage by militants. His orchestration facilitated a special mission that resulted in Vlasov’s freedom in November of that year; however, Gutseriev declined any state commendation for his role. That same year, he managed communications that contributed to freeing Vincent Cochetel, a French UN official abducted in Vladikavkaz. The operation led to Interior Minister Stepashin receiving France’s Legion of Honor, an accolade symbolically shared with Gutseriev.

Gutseriev also played a pivotal role in securing the release of Russian military officers Vitaly Korotin and Vitaly Khapov; five employees from the Ministry of Internal Affairs; five women who had been deceitfully taken to Chechnya; and religious leader Ilez Deniev. In early 1999, acting on Stepashin’s request, he supported efforts to free Russian Orthodox Church representatives Peter Makarov and Sergei Potapov.

During the 1999 assault on Grozny, Gutseriev negotiated the evacuation of nearly 90 residents from a nursing home. That same year, he contributed to the rescue of journalist Dmitry Balburov from captivity. Throughout the 2004 Beslan school hostage crisis, Gutseriev engaged directly with terrorists, securing critical concessions such as access to water supplies, removal of deceased victims’ bodies, and the release of 26 hostages. Although many lives were tragically lost during this event, official investigations recognized his participation as both timely and appropriate.

In 2006, Gutseriev aided in freeing Magomed Chakhkiev, a member of the Ingush parliament. Despite numerous proposals to honor him with state awards for his contributions to hostage releases, Gutseriev consistently refused such distinctions, emphasizing that his actions were a civic responsibility and that he would not wear medals symbolizing human suffering.

SAFMAR

Gutseriev stands as the foremost owner of commercial real estate along Tverskaya Street in Moscow. His industrial ventures paved the way for acquiring a broad range of assets consolidated under AO Safmar Group, a management company responsible for overseeing this diverse portfolio. Serving as Chairman of the Group’s Board, Gutseriev directs its strategic planning. Between 2015 and 2020, Safmar expanded its holdings by acquiring leading electronics retailers M.Video and Eldorado; coal mining firms such as Kuzbasskaya Toplivnaya Company and Krasnoyarskrayugol; oil enterprises including Sladkovsko-Zarechnoye located in Orenburg; refineries like Afipsky; construction and development companies such as A101; major logistics operators including MLP; as well as managing non-government pension funds along with leasing and insurance businesses.

Business Ventures in Belarus, Azerbaijan and Kazakhstan

Since the year 2000, Gutseriev has been actively involved in projects within Belarus, initially heading Slavneft, a joint Russian-Belarusian state enterprise in the oil and gas sector. In this role, he managed modernization efforts at the Mozyr Oil Refinery. Following Slavneft's privatization and subsequent acquisition by TNK-BP and Sibneft, he stepped down from his position. In 2005, RussNeft, his company, constructed an oil loading rail terminal in Bryansk to support exports directed towards Belarus, Ukraine, the Baltic states, and Eastern Europe.

In 2011, Gutseriev’s firm Slavkali entered into a $2 billion investment contract with Belarus to develop the Nezhinsky MPP potassium facility near Lyuban. This agreement allocated $250 million for social and economic infrastructure enhancements, with $180 million designated for projects including the Renaissance hotel (operated by Marriott), a business center, a business aviation terminal at Minsk airport, and the Krasnoselskoye recreational estate.

The plant’s construction commenced in July 2017.

Amid the 2020 "oil dispute" between Minsk and Moscow, Gutseriev’s oil enterprises were the exclusive providers maintaining Russian oil deliveries to Belarus before agreements with major suppliers were finalized. They supplied approximately 500,000 tons per month—accounting for one-quarter of Belarus’s total oil imports—alongside supplies from SOCAR (Azerbaijan), Saudi Aramco, and Norwegian mining companies. The United States declared its willingness to fulfill Belarus’s raw material requirements.

Gutseriev also founded an elite private gymnasium located in Drazdy (Minsk), which counts Nikolai Lukashenko among its students.

He is the proprietor of GCM Global Energy Inc., a British corporation engaged in oil production activities in Azerbaijan and Kazakhstan.

Media

By 2010, Gutseriev had established himself as a significant figure in Russia’s broadcasting sector, owning eight media outlets and radio stations. In June 2012, he acquired "Просто Радио" (Moscow, 94 FM) and "Dobriye Pesni" (Moscow, 94.4 FM) from Alexander Lebedev. In January 2013, Gutseriev secured a 75% stake in Krutoy Media Holding—which includes Love Radio, Radio Dacha, and Taxi FM—with Igor Krutoy retaining the remaining 25%. Later that year, in November 2013, he purchased Finam FM (Moscow, 99.6 FM), which together with "Vostok FM" and "Vesna FM" comprised Izyum Holding. By January 2017, Gutseriev had acquired Bridge Media Group, one of Russia's largest television holdings featuring prominent music channels.

Production

Mikhail Gutseriev acts as producer for a variety of entertainment projects including television shows, music videos, and theatrical productions such as The Thousand and One Nights, Territory of Love, New Year musicals broadcast on NTV, the talent competition Sing in Your Soul, Victoria Russian National Music Award ceremonies, Chanson of the Year Award events, Big Love classical concerts, New Music pop programs, Radio Dacha Songs show, Stars of the East festival, Big Love Show, Razgulay Show, Velvet Chanson series, Night of Happy Hopes charity events, and Winter Show. His production portfolio also includes Ani Lorak’s DIVA performance, films like The White Swan and Anna Karenina, REKA FEST festivals and BRIDGE TV NEED FOR FEST held in Turkey; additionally, he produced the anthem for Russia’s national football team as well as Russia’s Grammy Awards exhibition.

His production center received RU.TV Channel's Best Production Center of the Year accolade and was honored as Record Label of the Year at the 2022 TopHit Music Awards.

Sanctions

On June 21, 2021, Mikhail Gutseriev was placed on the European Union’s sanctions list due to his alleged "benefiting from and supporting the Lukashenko regime," in response to Belarus’s crackdown on protests and the forced diversion of a Boeing 737 to Minsk. The sanctions entail a prohibition on entering EU countries and the freezing of his financial assets. By early 2022, all his assets and bank accounts within Europe were blocked, with restrictions also applied to companies where he holds majority ownership or controlling interest exceeding 50%.

Following his inclusion on the blacklist, Gutseriev stepped down from his position as chairman of RussNeft. By mid-2021, a number of nations—such as Albania, Iceland, Liechtenstein, Norway, North Macedonia, Montenegro, and Switzerland—had adopted sanctions consistent with those of the European Union. The United Kingdom also enacted sanctions against him in August 2021.

In April 2022, Canada imposed sanctions on Gutseriev, identifying him as linked to the Russian government amid the conflict in Ukraine. Ukraine implemented its own sanctions in October 2022, citing actions that compromised its sovereignty and security. Similar measures were introduced by Australia, Switzerland, and New Zealand.

Cyprus revoked the “golden passports” granted to Gutseriev and his family in April 2022, thereby rescinding their Cypriot citizenship as part of the sanction regime. In September 2023, the Court of Justice of the European Union rejected legal challenges brought by Gutseriev and other Russian businessmen aiming to remove their names from the EU sanction lists. He submitted a fresh appeal contesting these decisions in November 2023.

In November 2024, Cyprus officially annulled the “golden passports” belonging to Gutseriev along with several other Russian oligarchs. Subsequently, on May 8, 2025, the EU Court dismissed his appeal seeking removal from the Belarus-related sanctions list.

Personal life

Mikhail Gutseriev is married and has three children: two sons named Chingiz and Said, and a daughter named Sofya. Tragically, his eldest son Chingiz passed away in a Ferrari accident in 2007. Said Gutseriev is recognized as a businessman who gained public attention for hosting a wedding in 2016 reported to have cost approximately $1 billion.

Gutseriev’s younger brother, Sait-Salam (born 1959), is also engaged in business activities; prior to the imposition of sanctions, Mikhail transferred his stake in Russneft to him.

Apart from his entrepreneurial pursuits, Gutseriev is involved in poetry and songwriting. During the COVID-19 pandemic in 2020, he offered several of his hotel properties in Moscow to assist local authorities with pandemic response efforts.

Investigations conducted in 2022 revealed that Said Gutseriev owns multiple properties in London that had previously been highlighted in the Pandora Papers. The family clarified that Said does not have business connections with Mikhail and emphasized that many of these properties were acquired before Said began his business career.

See also

• List of Russian billionaires

External links

• Official Biography
• NK Russneft
• Article by Gutseriev on leaving Russneft