Pavel Fuks

Pavel Yakovlevich Fuks
Born	(1971-10-27) October 27, 1971 Kharkiv, Ukraine
Occupation(s)	Businessman, oligarch
Years active	1995–present
Known for	Founder of Mos City Group; involvement in Russian and Ukrainian business sectors; subject to sanctions

Pavel Yakovlevich Fuks (, ; born 27 October 1971) is a Russian-Ukrainian businessman and oligarch currently residing in the United Kingdom. His professional journey started in Russia, where he obtained citizenship and amassed the majority of his fortune. Fuks is notably recognized as the founder of Mos City Group, a Russian construction firm that has since ceased operations.

Both Russia and Ukraine have imposed sanctions against him due to alleged criminal activities. Certain FBI officials regard him as an operative linked to Russian intelligence. Fuks possesses Ukrainian and Russian citizenships and holds indefinite leave to remain in the UK, although he asserts that he relinquished his Russian passport in 2017.

Early life and education

Born in October 1971 in Kharkiv, Ukraine, Pavel (also Pavlo) Fuks completed his higher education at Kharkiv State University in 1994, earning a degree in Economic and Social Planning. He furthered his studies between 1997 and 2003 at the Plekhanov Russian University of Economics, focusing on international economics.

Activities in Russia

After completing his education, Fuks relocated to Russia. Between 1995 and 1999, he served as an advisor to the chairman of the board at JSCB Prominvestbank. Subsequently, from 1999 to 2000, he held the position of Vice President at CJSC Foreign Economic Corporation.

In 2000, Fuks made investments in Nefthold LLC, an oil company with ties to Russian political figures. By 2002, he had diversified into the construction sector, initiating projects such as the "Kaluzhskii" shopping center, which began operations in 2001.

In June 2008, Fuks engaged in discussions with Donald Trump regarding a possible development of the Trump Tower Moscow, though no deal was finalized; Bloomberg was unable to verify these negotiations.

By 2010, Fuks had become Sovcombank’s largest shareholder, owning a 21.83% stake, which he sold in March 2015 for roughly US$80 million. The Russian Ministry of Internal Affairs reportedly nicknamed him "Naemnik" ("mercenary").

In March 2018, the London International Arbitration Court ruled that MosCityGroup (MCG), formerly owned by Fuks, owed $55 million to a subsidiary of BTA Bank. MCG had acquired shares in the Eurasia Tower project from fugitive Mukhtar Ablyazov but failed to fulfill payment obligations. Legal actions were also initiated against Fuks personally.

International arrest warrants were issued for Pavel Fuks and his brother in Russia and Kazakhstan in 2019 concerning accusations of embezzlement connected to the Moscow-City development.

In July 2023, an FBI whistleblower revealed to the Senate Judiciary Committee that the FBI considers Fuks a "co-opted asset" of Russian intelligence agencies. The disclosure implicated him in laundering funds for Russian operatives and orchestrating provocations within Ukraine intended to justify Russian President Vladimir Putin’s invasion. This association is linked with the Federal Security Service (FSB), successor to the KGB.

Activities in Ukraine

Following the Euromaidan events and increased Russian hostilities from 2014 onward, Fuks shifted greater investment focus toward Ukraine.

In 2017, he retained the law firm associated with Rudy Giuliani to improve Kharkiv’s international reputation. As reported by Novoye Vremya, Giuliani’s expertise was utilized to establish a U.S.-based investment support office for Kharkiv. While Fuks described Giuliani's role as lobbying efforts on his behalf, Giuliani denied engaging in any lobbying activities.

In January 2018, Al Jazeera English reported that Fuks negotiated acquiring Quickpace Limited, a Cyprus-registered company holding assets valued at $160 million linked to former Ukrainian President Viktor Yanukovych and sanctioned oligarch Serhiy Kurchenko. In September 2015, Fuks alongside Oleksandr Onyshchenko purchased Quickpace’s frozen assets for $30 million; Fuks held a one-third share and received a private jet as part of the arrangement.

On July 19, 2022, Fuks prevailed in a U.S. court case against lobbyist Yuri Vanetik concerning over $200,000 related to disputed access during the Trump inauguration events of 2017. Vanetik indicated intentions to appeal this decision.

Fuks has been accused of orchestrating deceptive influence operations within Ukraine favoring Russian military aggression during the 2022 invasion, including allegations of sponsoring swastika graffiti on Ukrainian synagogues and attempting to leverage ties with President Donald Trump to curry favor with Russian intelligence (FSB). These controversies also relate to his engagement of Giuliani for lobbying purposes and efforts to attend presidential inauguration ceremonies.

Golden Derrick

From 2015 to 2017, the Cyprus-based offshore entity Hartlog Limited, reportedly under the control of Pavel Fuks, purchased a 67% ownership stake in Golden Derrick from Eduard Stavytsky. This company was subsequently rebranded as East Up Petroleum LLC. The remaining 33% share was held by the National Joint Stock Company Nadra Ukrayiny. In 2017, East Up Petroleum received 16 licenses for gas fields transferred by Ukraine’s State Service of Geology and Subsoil. Nadra Ukrayiny declared it neither received dividends nor exercised operational control during its involvement.

Controversy emerged when Nadra Ukrayiny sold its 33% interest to Avant Trade Limited, another entity associated with Fuks, for UAH 12 million. Fuks denied acquiring Golden Derrick. Investigations indicate that East Up Petroleum is effectively controlled by Fuks through a complex structure of shell companies. By late 2017, Golden Derrick had established several Kyiv-registered firms focused on hydrocarbon exploration and production, with plans to transfer gas extraction licenses to these companies for subsequent asset disposals.

In November 2018, Ukraine’s Prosecutor General’s Office forwarded a criminal investigation regarding unlawful subsoil permit issuance by the State Service of Geology and Mineral Resources to the National Police. In April 2018, a court authorized the seizure of East Up Petroleum’s documentation; Arkona Gas Energy is also involved in the inquiry.

On June 18, 2021, Ukraine’s National Security and Defense Council imposed sanctions on Fuks due to his involvement with Golden Derrick.

Partnership with Kolomoisky and Khomutynnik

Pavel Fuks holds an 18% stake in Ukrnaftoburinnya, one of Ukraine’s leading gas producers valued at approximately $500 million, alongside partners Ihor Kolomoyskyi and Vitaliy Khomutynnik.

In April 2023, the Pecherskyi District Court in Kyiv seized Ukrnaftoburinnya’s corporate rights and transferred its assets to the Asset Recovery and Management Agency; this ruling has been appealed by the company.

Prominvestbank

Fuks was considered a potential purchaser of Prominvestbank, formerly owned by Russia's Vnesheconombank (VEB.RF). He filed an application with Ukraine's Antimonopoly Committee to acquire more than a 25% stake in the bank but did not obtain approval from the National Bank of Ukraine (NBU).

Russia

In 2018, Fuks publicly condemned Russia’s annexation of Crimea and its military actions in Donbas as criminal offenses. As a result, on November 1, 2018, Russia implemented sanctions against 322 Ukrainian individuals, including Pavlo Fuks.

Ukraine

Ukraine requested that the United States impose sanctions on Fuks; his visa was revoked upon entry and he was subjected to expedited removal from the US in 2018.

In 2019, charges of embezzlement were filed against Fuks in absentia. In June 2021, Ukraine’s National Security and Defense Council (NSDC) enacted sanctions targeting Pavel Fuks, Dmitry Firtash, and certain Russian officials. These measures focused on Golden Derrick, accused of unlawfully holding gas extraction licenses. The Ukrainian President ratified the decree on June 24, 2021, establishing sanctions effective for three years.

Fuks denied any connection to Golden Derrick and described the sanctions as "personal retaliation" orchestrated by NSDC Secretary Oleksiy Danilov. He referenced his long-term business relationship with Mykhailo Brodsky and highlighted Danilov’s spouse’s commercial ties to Brodsky’s family. Fuks pledged to contest the sanctions through legal channels. In 2021, he prevailed in a defamation lawsuit against "Obozrevatel" concerning his business reputation.

In May 2023, Ukraine's Security Service (SBU) charged Fuks with large-scale financial fraud and tax evasion involving strategic assets. The SBU accused him of employing intermediaries and shell companies to unlawfully acquire assets valued over UAH 100 billion in 2018.

On June 24, 2024, based on a decision by the National Security Council, the President of Ukraine extended sanctions against Pavel Fuks for an additional decade.

Personal life

Fuks has been featured in billionaire listings by Finance magazine, where he was placed 150th among Russian billionaires in 2011 with an estimated fortune of $740 million. In 2017, Focus ranked him 24th among Ukraine's wealthiest individuals, estimating his net worth at $270 million.

In 2012, Fuks secured a UK Tier 1 Investor visa by investing £1 million, which granted him residency status; he was later granted indefinite leave to remain in 2017. In 2014, he briefly received the title of Honorary Citizen of Kharkov from Gennady Kernes; however, this recognition was soon withdrawn amid controversy.

Originally holding Russian citizenship, Fuks announced in June 2021 that he had relinquished it, reportedly handing over his Russian passport at the Kyiv embassy in 2017.

Philanthropy

Fuks has actively supported cultural and religious projects in Kharkiv, contributing to the restoration of the Kharkiv Philharmonic Society and financing the building of the Church of the Holy Queen Tamara as well as a monument dedicated to Cossack Kharko, the city’s legendary founder.

His patronage extends to Ukrainian sports figures as well; for instance, he awarded freestyle skier Oleksandr Abramenko and coach Enver Ablaev $50,000 each in recognition of their accomplishments at the 2018 Winter Olympics held in Pyeongchang.

Babi Yar Holocaust Memorial Center

Fuks played a key role in organizing the development of the Babyn Yar Holocaust Memorial Center, a project with an estimated budget ranging from US$50 million to $100 million. This memorial encompasses a museum, educational initiatives, and a research facility.

The supervisory board was formed on 19 March 2017 and included Pavel Fuks alongside Kyiv Mayor Vitali Klitschko, his brother Wladimir Klitschko, and shareholders from "Alfa Group" such as Mikhail Fridman and German Khan.

Some critics, including Ukrainian Jewish leader Yosyf Zisels, have accused the project of serving as a Russian Trojan Horse. In 2021, after sanctions were imposed by the National Security and Defense Council of Ukraine against Fuks due to unauthorized mineral extraction licenses, he temporarily stepped down from the supervisory board with plans to return if these sanctions are lifted.

Awards

On August 6, 2014, the Kharkiv City Council bestowed the title “Honorary Citizen of Kharkiv” on two Russian nationals—Pavel Fuks and businessman and senator Alexander Shishkin—both supporters of Russia's annexation of Crimea and military actions in Ukraine. This nomination was made by then pro-Russian mayor Hennadiy Kernes, following recommendations from the Moscow Patriarchate Church as benefactors for its church projects in Kharkiv.

The decision triggered public outcry; most council members belonged to the pro-Russian Party of Regions, which was later banned in Ukraine. After an unsuccessful vote to remove Fuks and Shishkin from the honorary list, opposition deputies appealed to the prosecutor’s office.

Subsequently, following protests from Kharkiv prosecutors, the council’s resolution was suspended and ultimately annulled by court ruling. Nevertheless, in December 2014, an appellate court sided with the city council. Legal disputes continued for several years but focused exclusively on Shishkin after Fuks obtained Ukrainian citizenship.

In August 2023, Kharkiv Mayor Ihor Terekhov responded to public demands for reassessing the honorary citizens list by declaring that such discussions were "impossible and unnecessary" during wartime. The council also declined to release scholarship details connected to honorary citizens. Later, Fuks stated that he never received any funding from the city budget as an honorary citizen; however, this claim remains unconfirmed.

Fuks has been honored with numerous awards from Ukrainian military and intelligence bodies—including SBU, GUR, UAF, and National Guard brigades—in recognition of his consistent financial support.

External links

• Official site
• Executive profile of Pavel Yakovlevich Fuks