Suleyman Kerimov

Suleyman Kerimov
Born	(1966-03-12) March 12, 1966 Derbent, Dagestan, Russian SFSR, Soviet Union
Occupation(s)	Businessman, politician, philanthropist
Years active	1989–present
Known for	Investments in Gazprom, Uralkali, Sberbank; owner of FC Anzhi Makhachkala; member of Federation Council representing Dagestan

Suleyman Abusaidovich Kerimov (; born 12 March 1966) is a Russian billionaire, oligarch, philanthropist, and political figure of Lezgin heritage. He maintains strong connections with Vladimir Putin's administration and previously had close relations with Chechen leader Ramzan Kadyrov, although recent tensions have arisen between them.

Kerimov began his political journey in the 1990s and by 1999 had control over Nafta Moskva, a former state-owned oil trading company. Throughout the 2000s, he obtained multi-billion-dollar loans from prominent Russian state banks such as Sberbank and VTB, which facilitated his acquisition of significant shares in Gazprom, Uralkali, and Sberbank. His net worth reached a high of $21 billion in 2008 but declined to approximately $11 billion by 2022.

Since 2008, Kerimov has served as a representative for the Republic of Dagestan in Russia's Federation Council. In 2011, he purchased FC Anzhi Makhachkala and invested heavily by signing renowned players like Samuel Eto'o, who was then the highest-paid footballer worldwide. However, in 2013 he suddenly withdrew financial support, leading to a major sale of players.

Kerimov was subjected to US sanctions beginning in April 2018 and faced additional sanctions from the US, UK, and EU following Russia’s invasion of Ukraine in 2022 due to his close links with Putin. The US Treasury froze assets exceeding $1 billion connected to him, and investigations into his financial dealings remain ongoing.

In April 2022, his family divested a $6.3 billion controlling interest in Polyus Gold, surrendering majority ownership amid mounting sanctions.

Early life and education

Born in Derbent, Dagestan, Kerimov hails from a Dagestani Lezgin lineage with ancestral origins in Karakyure, Dokuzparinsky District. After finishing high school in 1983, he enrolled at Dagestan Polytechnic Institute in 1984 to study Civil Engineering but interrupted his education to fulfill compulsory military service in the Soviet Army between 1985 and 1986. He later graduated from Dagestan State University in 1989 with a degree specializing in financial accounting and economics. During his university years, he held the position of Deputy Chairman of the Trade Union Committee and met his future wife Firuza, whose father was a former Trade Union leader.

Kerimov has cited an early desire to accumulate wealth as the driving force behind his decision to leave Dagestan in the early 1990s.

Early career

Following his graduation in 1989, Kerimov took on the role of economist at Eltav, a state-controlled electrical manufacturing plant located in Makhachkala, Dagestan. Eltav produced components such as transistors and semiconductors for television manufacturers along with diodes, microchips, and halogen lamps. Initially earning around 150 roubles (roughly $250) monthly, Kerimov and his wife lived modestly in worker accommodation. Over time, he rose to become Deputy Director General at Eltav while beginning to invest during the Soviet Union’s collapse.

Fedprombank

In 1993, Kerimov was responsible for managing relations between Eltav and Fedprombank—a Moscow-based bank established by the electrical company. Fedprombank provided financing to struggling industrial enterprises, positioning Kerimov and his associates as key creditors for major utility firms. As Russia’s economy stabilized, these debts were repaid with significant profits benefiting both Fedprombank and Kerimov.

By 1995, Kerimov led Soyuz-Finans, a banking and trading enterprise. Two years later, he acquired half ownership of Vnukovo Airlines and used this stake as leverage to gain control over Fedprombank by purchasing out his partners’ shares.

Nafta Moskva

Towards the end of 1999, Kerimov acquired a 55% ownership in Nafta Moskva, the entity succeeding the Soviet-era Soyuznefteexport, for $50 million. By the year 2000, he had gained full control of the company. He reorganized Nafta Moskva by divesting its oil-related assets, repositioning it as an investment and holding enterprise. Among the mid-2000s acquisitions were the Smolensky Passazh commercial complex and AvtoBank.

Gazprom and Sberbank investments

In 2003, Kerimov obtained a $43 million loan from the state-owned Vnesheconombank to finance his investment in Gazprom. Within twelve months, Gazprom’s stock value doubled, enabling him to settle the loan within four months. The following year, Sberbank—the largest banking institution in Russia and Eastern Europe—extended him a $3.2 billion loan, which was subsequently repaid, allowing him to invest in various equities. By 2008, Kerimov possessed a 5% share in Gazprom and a 6% stake in Sberbank, with his net worth estimated at $17.5 billion, ranking him as the 36th wealthiest individual globally. Nevertheless, by mid-2008, he had divested all his holdings in both Gazprom and Sberbank.

Polymetal

In November 2005, Kerimov's company Nafta Moskva acquired JSC Polymetal, one of Russia’s leading gold and silver mining firms. In 2007, he listed Polymetal on the London Stock Exchange and proceeded to sell 70% of his shares in 2008, shortly before gold prices reached their peak in 2011. By that same year, Kerimov had completely relinquished control over Polymetal.

Role in the 2008 financial crisis

Foreseeing that Russia would experience a more severe impact than Western markets during the 2008 financial crisis, Kerimov strategically reduced his holdings in Gazprom and other Russian blue-chip companies to foster stronger relationships with Western financial institutions. He injected billions into prominent banks such as Morgan Stanley, Goldman Sachs, Deutsche Bank, and Credit Suisse to bolster them against short-selling pressures, aiming to secure advantageous lending arrangements. His investments were substantial enough to elicit a direct request from the United States Department of the Treasury urging him to maintain his stakes during the crisis.

Polyus Gold

Following setbacks caused by the 2008 financial crisis, Kerimov redirected his focus toward acquiring controlling interests in firms. In 2009, Nafta Moskva purchased a $1.3 billion (37%) stake in OAO Polyus Gold, Russia’s largest gold producer, from Vladimir Potanin. This holding eventually increased to 40.2%. Polyus Gold conducted its initial public offering on the London Stock Exchange in 2012.

In 2015, Kerimov transferred his Polyus Gold shares to his son, Said Kerimov, who later contemplated acquiring the remaining shares to consolidate full ownership.

Property developer PIK Group

In early 2009, Kerimov secured a 25% share in Russia’s major construction firm PIK Group as it sought capital amid $1.98 billion debt and significant capital depreciation. Subsequently, Nafta Moskva boosted its stake to 38.3%.

Kerimov exited his position in PIK Group in December 2013 by selling his shares to property investor Sergei Gordeev and businessman Alexander Mamut, who also holds interests in precious metals miner Polymetal.

Uralkali

In June 2010, Suleyman Kerimov, together with partners Alexander Nesis and Filaret Galchev, purchased a 53% ownership in the Russian potash leader Uralkali from Dmitry Rybolovlev for an estimated $5.3 billion. Uralkali and Belaruskali jointly established the Belarusian Potash Company (BPC), which operated as a duopoly controlling approximately 70% of the world’s potash supply. The acquisition was primarily financed by Kerimov through substantial borrowing from Russia’s VTB bank.

By July 2013, Uralkali withdrew from the BPC cartel, ramping up production to full capacity and reducing prices to expand market presence. This decision triggered a 25% decline in global potash prices, bringing them down to roughly $340 per tonne. The price drop adversely affected Canadian producers and posed a significant economic threat to Belarus, with potential annual losses reaching $1 billion.

Following Uralkali’s exit announcement, Belarusian Prime Minister Mikhail Myasnikovich summoned Kerimov and Uralkali executives to Minsk. While Kerimov did not attend, CEO Vladislav Baumgertner appeared but was subsequently arrested on allegations of power abuse. Belarus launched criminal probes targeting additional Uralkali personnel as well as Kerimov himself. Baumgertner was held by Belarusian KGB authorities until changes in Uralkali’s ownership were finalized, after which he was extradited back to Russia. Belarus issued a wanted notice for Kerimov and sought an Interpol Red Notice; however, Interpol declined the request citing political motivations. Eventually, Belarusian authorities dropped all charges against Kerimov and terminated the investigations.

In December 2013, Kerimov divested 21.75% of Uralkali shares to Russian financier Mikhail Prokhorov for $3.7 billion and sold an additional 19.99% stake (valued at about $2.9 billion) to Uralchem, significantly altering the company’s shareholder composition.

Media portrayal of business style

Forbes characterizes Kerimov as one of Russia’s most discreet billionaires, having consistently avoided media interviews for over two decades.

According to The Moscow Times, Kirill Vishnepolsky—former deputy editor of Forbes Russia—dubbed Kerimov the "Russian Warren Buffett" due to his shrewd investment approach. A senior banker in Moscow highlighted Kerimov’s rapid and inventive decision-making abilities as well as his talent for anticipating market moves several steps ahead, making him a formidable figure even among experienced Russian investors. Industry sources also note that Kerimov frequently employed high leverage in his investment strategies.

FC Anzhi Makhachkala

In 2011, Kerimov took ownership of FC Anzhi Makhachkala, his hometown football club competing in the Russian Premier League.

By March 2012, he earmarked over €230 million for summer transfers with the objective of securing qualification for the UEFA Champions League within three seasons.

In addition to acquiring players, Kerimov funded construction of the 30,000-capacity Anzhi Arena and invested in teams from Anzhi’s Youth Football Academy.

A strategic adjustment occurred in August 2013 when the club’s annual budget was cut by $50–70 million from $180 million, shifting focus toward selling foreign players and recruiting younger domestic talent.

On 28 December 2016, Kerimov sold FC Anzhi to Osman Kadiyev.

Dispute involving Nafta Moskva

Following Kerimov's acquisition of Nafta Moskva, a conflict arose with entrepreneur Andrei Andreev, whose holdings were moved to Nafta Moskva, Millhouse Capital, and Basic Element. This disagreement resulted in legal action but was resolved amicably by July 2004.

Ownership issues related to the Moskva Hotel

Under Kerimov's control, Nafta Moskva obtained a 25% share in the Hotel Moskva project, a reconstruction of the Stalin-era luxury hotel that had been demolished in 2004. The transaction was finalized by January 2010. In the same year, Russian parliamentarian Ashot Egiazaryan accused Kerimov and Moscow city authorities of using intimidation and legal tactics to force him to surrender his 25% ownership. Egiazaryan sought asylum in the United States and initiated lawsuits across courts in Cyprus, London, and the U.S., alleging coercion in the transfer of shares. Kerimov’s counsel maintained that Egiazaryan relinquished his stake through a lawful business agreement amid financial difficulties.

During judicial proceedings, Kerimov’s assets were temporarily frozen, which affected Uralkali’s $39 billion joint acquisition bid with China’s Sinochem Group for Potash Corp of Saskatchewan. In February 2011, the Nicosia district court lifted the asset freeze due to a lack of demonstrated urgency by the claimants. Egiazaryan’s attorney clarified that this decision did not address the substantive issues of the case.

The hotel reopened in 2014 under the Four Seasons brand. In October 2015, Kerimov sold his share to businessmen Yury and Alexey Khotin for an undisclosed amount.

French investigation into tax evasion

In November 2017, French authorities detained Kerimov at Nice airport over suspicions of tax evasion related to luxury real estate acquisitions on the French Riviera via shell companies. These charges were dismissed in June 2018. Nevertheless, French prosecutors reopened the investigation in March 2019, placing Kerimov under formal inquiry for alleged involvement in tax fraud. He was released on bail set at €20 million and planned to contest the fraud allegations.

Sanctions imposed

In April 2018, the United States sanctioned Kerimov along with 23 other Russian nationals amid tensions over Ukraine. He is included among Russian oligarchs targeted under the Countering America's Adversaries Through Sanctions Act (CAATSA), signed into law by President Donald Trump in 2017. Furthermore, on 15 March 2022, the UK government imposed sanctions on Kerimov in relation to the Russo-Ukrainian War.

Political career

Kerimov served as a deputy in the State Duma during its 3rd Convocation from 1999 to 2003 and was part of the Committee for Security. Between 2003 and 2007, he remained on this committee while also acting as Deputy Chairman of the Committee for Physical Education, Sports and Youth. He entered parliament representing the Liberal Democratic Party, led by Vladimir Zhirinovsky.

Since 2008, Kerimov has represented the Republic of Dagestan in the Federation Council. Complying with a Russian law prohibiting officials from owning foreign securities or accounts, he transferred his holdings in 2013 to trusts managed by the Suleyman Kerimov Foundation—a Swiss-registered charitable organization—enabling him to maintain his position in the Federation Council while retaining beneficiary rights. Subsequently, his son Said became the sole beneficiary of these trusts. Kerimov secured re-election to the Federation Council in September 2016.

Dispute with Ramzan Kadyrov

In October 2024, Chechen leader Ramzan Kadyrov declared a blood feud against Kerimov along with two State Duma members—Bekkhan Barakhoev and Rizvan Kurbanov—accusing them of conspiring to assassinate him. This declaration followed a meeting with Chechen security officials and referenced an incident at the Wildberries headquarters. The episode underscores persistent rivalries among influential regional figures in Russia.

Personal background

Kerimov's father was employed as a lawyer specializing in criminal investigations, while his mother worked as an accountant at the Savings Bank of Russia. He is married and has three children.

In October 2011, Kerimov utilized his network to attract prominent Western financial executives such as Jamie Dimon (JPMorgan), Richard Parsons (Citigroup), and Stephen Schwarzman (Blackstone) to Moscow, bolstering then-President Dmitri Medvedev's initiative to position Moscow as a global financial hub.

Financial standing

Back in 2006, Forbes listed Kerimov among the top 100 wealthiest individuals worldwide and ranked him eighth among Russia's richest. His net worth reached $6.9 billion in 2014, fluctuating between $6.5 billion in 2012 and $7.1 billion in 2013.

By 2020, a surge in gold prices nearly doubled his fortune, momentarily making him Russia’s wealthiest entrepreneur. His family’s assets, chiefly derived from a 77% ownership in gold producer Polyus, were valued at $24.7 billion in August 2020, dropping to $20.9 billion by the end of that year and further declining to $11 billion by 2022. Kerimov retains significant stakes through offshore entities.

He owns the villa known as Villa Hier located in Cap d’Antibes, France. In 2006, he endured severe burns following a notable car crash involving a $650,000 Ferrari Enzo in Nice.

Renowned for extravagant spending on entertainment, Kerimov has engaged performers such as Christina Aguilera, Shakira, Amy Winehouse, and Jessie J for exclusive private functions.

Between 2005 and 2015, he possessed one of the largest private yachts globally—the Ice, constructed by German shipyard Lürssen. Measuring , with speeds up to , Ice earned the Superyacht of the Year award in 2006 before being sold to Equatorial Guinea’s Ministry of Defence in 2015.

In 2022, reports connected Kerimov to the superyacht Amadea, which was confiscated by Fijian authorities at Lautoka Port amid legal proceedings linking it to him. Subsequently, Fiji’s High Court authorized U.S. officials to seize the vessel. Among the items found onboard was a potential Fabergé egg. In February 2024, U.S. officials announced plans to auction Amadea due to its substantial upkeep expenses—estimated at $7 million annually—including crew wages ($360,000 per month), maintenance ($165,000 per month), and fuel costs ($75,000 per month).

Charitable activities

Kerimov established the Suleyman Kerimov Foundation in 2007, which supports the construction of mosques and churches and annually finances thousands of pilgrims traveling to Mecca for Hajj. He invested $100 million into building the Moscow Cathedral Mosque.

His philanthropic efforts include funding the restoration of Zarechenskaya secondary school near Moscow and backing the Sirius educational center dedicated to gifted children in Sochi and Dagestan.

Kerimov serves as chairman of the supervisory board for the Russian Wrestling Federation and is a member of the supervisory board at the Gorchakov Foundation. In recognition of his contributions to wrestling, FILA awarded him its "Gold Medal" in 2013.

On March 20, 2017, President Vladimir Putin honored Kerimov with the Order "For Merit to the Fatherland", II class, acknowledging his notable influence on parliamentary development and legislative processes.

See also

• List of Russian billionaires