Viktor Vekselberg

Viktor Felixovich Vekselberg
Viktor Felixovich Vekselberg
Born	April 14, 1957 (age 69); Drohobych, Ukrainian SSR
Nationality	Russian, Israeli, Cypriot
Occupation(s)	Entrepreneur, oligarch
Known for	Founder and chairman of Renova Group

Viktor Felixovich Vekselberg (born April 14, 1957) is a prominent Russian-Israeli entrepreneur and oligarch. He established and currently chairs Renova Group, a leading Russian conglomerate. As reported by Forbes in November 2021, his net worth was approximately $9.3 billion, placing him 262nd among the wealthiest individuals worldwide. Originally from Ukraine, Vekselberg possesses citizenships of Russia, Israel, and Cyprus.

Early life, family and education

Vekselberg was born in 1957 in Drohobych, Ukrainian SSR (with some sources indicating Lviv), to a Jewish father from Ukraine and a Russian mother. His family endured severe hardships during the Nazi occupation, with several relatives perishing and interred in mass graves. His father served in the Soviet military during the Second World War. Businessman Andrew Intrater is identified as Vekselberg’s cousin.

He completed his studies in 1979 at Moscow State University of Railway Engineering and subsequently took on a research role, heading the laboratory at the Design Bureau for rodless pumps known as "Konnas".

Russian Activities

In 1988, amid Gorbachev’s Perestroika and Glasnost reforms which eased restrictions on private enterprise, Vekselberg launched Komvek. Two years later, in 1990, he co-established Renova Group alongside Leonard Blavatnik and Vladimir Balaeskoul; the latter partners eventually sold their shares to Vekselberg. During the mid-1990s, Vekselberg and Blavatnik acquired aluminium smelting facilities and resumed operations at the Irkutsk Aluminium Plant. In 1996, they founded Siberian-Urals Aluminium Company (SUAL) by merging the Ural and Irkutsk Aluminium Plants, creating Russia’s inaugural aluminium holding company. SUAL subsequently merged with Oleg Deripaska’s Russian Aluminium and Glencore’s alumina assets to form United Company RUSAL, which became the world’s largest aluminium producer. In 2002, SUAL constructed Russia’s first privately owned railway line linking a bauxite mine in Komi Republic to the Ural Aluminium Plant via the Trans-Siberian Railroad.

SUAL was notable for implementing progressive social initiatives within its operational regions, fostering community development and supporting small enterprises. Beginning in 2001, it forged collaborations between aluminium plants and local governments, including provisions for lifetime pensions to World War II veterans employed at its facilities.

In 1997, Alfa Group—controlled by Mikhail Fridman, German Khan, and Alexei Kuzmichev—partnered with Vekselberg and Blavatnik to acquire stakes in Tyumen Oil Company (TNK), one of Russia’s largest oil producers. To manage their oil interests collectively, Alfa Group, Access Industries (Blavatnik’s firm), and Renova Group formed the AAR consortium.

In 2003, AAR combined its Russian oil holdings with British Petroleum’s assets to create TNK-BP, marking the largest private deal in Russian history. Vekselberg held an indirect 12.5% interest and served as chairman of TNK’s executive board. During the 2000s, TNK-BP ranked third among Russia’s oil and gas companies and pursued projects such as constructing a gas pipeline from Kovykta field through Mongolia to Asia-Pacific markets as well as helium extraction at Sayanskkhimplast plant. By 2012–2013, BP negotiated selling its TNK-BP stake to Rosneft; AAR received cash payments while BP obtained cash plus shares in Rosneft.

Starting in 2006, Renova Group shifted focus away from oil and gas towards expanding its presence in manufacturing, advanced technologies, and renewable energy sectors. In 2007, Standard & Poor’s assigned a 'BB' long-term corporate credit rating to Renova Holding Ltd., reflecting improvements in portfolio diversification and liquidity. Following divestments from oil assets, Vekselberg concentrated on renewable energy projects, transport infrastructure development, manufacturing industries, and Internet of Things technologies—emerging as a leader in Russian solar energy production.

In 2017, Vekselberg officially opened Platov International Airport near Rostov-on-Don—the first greenfield airport constructed in Russia since the Soviet era ended. The airport was subsequently closed due to geopolitical tensions; Eurocontrol projects air traffic suspension until 2029. In 2019, Gagarin International Airport commenced operations in Saratov as Russia’s second greenfield airport.

The Skolkovo Foundation was founded in 2010 as a non-profit organization aimed at promoting innovation within Russia and encouraging economic openness. Co-chaired by Vekselberg alongside former Intel Chairman Craig Barrett, it secured a $1 billion investment pledge from Cisco Systems over a decade. Vekselberg resigned as chairman in 2018. Nevertheless, U.S. authorities have expressed concerns that Skolkovo might enable Russian governmental access to sensitive American technologies.

Global operations

In 2004, Renova Group founded Renova Management AG in Zurich as part of its strategy to expand into advanced technology industries.

By July 2006, Renova had acquired a 10.25% ownership interest in Unaxis Holding AG (which later became OC Oerlikon) from the Austrian industrial conglomerate Victory Industriebeteiligung AG. In April 2007, Everest Beteiligungs GmbH—a joint venture between Renova and Victory—purchased approximately 18% of Sulzer's shares along with an additional 14% through physical delivery options. By 2009, Renova had increased its holding in Oerlikon to 44.7%, following Victory's divestment of its shares in both companies during the 2007–2008 period.

Renova’s substantial investments in these Swiss manufacturing enterprises prompted regulatory review; nonetheless, Swiss authorities found no evidence of misconduct by either Vekselberg or Victory. Legal actions initiated in 2009 were eventually discontinued.

The liquidity of Oerlikon was severely challenged by the 2008 financial downturn, reaching critical levels by late 2009. In response, Renova committed to a capital infusion approved at the April 2010 Annual General Meeting as part of a restructuring effort widely credited with rescuing the firm.

Schmolz+Bickenbach (which rebranded as Swiss Steel in 2020) encountered breaches of financial covenants in November 2012 due to falling demand and prices for metals across Europe. To support the company's long-term viability, Renova launched a capital increase initiative in 2013.

In March 2017, Vekselberg was reportedly offered citizenship by Cyprus in recognition of his investments there; however, his representative confirmed he continues to hold only Russian citizenship.

Sanctions

Vekselberg is listed among the Russian oligarchs targeted under the Countering America's Adversaries Through Sanctions Act (CAATSA), enacted by President Donald Trump in 2017.

In March 2018, investigators from Special Counsel Robert Mueller's team questioned Vekselberg at an airport near New York City.

Journalist Stephen Smith has documented Vekselberg’s close connections to the Kremlin. In April 2018, the United States Department of the Treasury imposed sanctions on both Vekselberg and Renova Group pursuant to , freezing assets valued at up to $2 billion linked to Russia's annexation of Crimea. Additionally, the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned him for his involvement in Russia's energy sector.

By February 2021, Vekselberg disclosed that approximately $1.5 billion of his assets remained frozen in accounts located in the U.S. and Switzerland, impeding charitable donations. Between 2018 and 2020, PURE Insurance, a U.S.-based company, processed $315,891 in transactions on his behalf that violated sanctions, culminating in a $466,200 penalty imposed by OFAC in 2023.

On September 1, 2022, law enforcement agencies including the FBI and Department of Homeland Security conducted searches at properties associated with Vekselberg in Manhattan, the Hamptons (New York), and Fisher Island (Florida), confiscating materials from two locations within New York.

Following the 2022 Russian invasion of Ukraine, additional sanctions targeting Vekselberg were implemented by the U.S., UK, Poland, and Australia; these measures encompassed asset freezes and travel restrictions. Media coverage during the Lady R incident emphasized Vekselberg's potential sway over South Africa's ruling African National Congress (ANC), stemming from his 49% ownership stake in United Manganese of Kalahari—a joint venture with ANC-controlled Chancellor House. In 2022, United Manganese contributed US$1.3 million to the ANC.

Confiscation of the Motoryacht Tango

In the aftermath of the Russian invasion of Ukraine, U.S. President Joe Biden enacted sanctions that targeted two assets owned by Viktor Vekselberg, collectively valued near $180 million: an Airbus A319-115 aircraft and the motoryacht Tango. The yacht's worth has been appraised between $90 million by the U.S. Department of Justice and $120 million according to Superyachtfan.com.

In April 2022, authorities from the Spanish Civil Guard alongside U.S. federal officials seized the Tango in Mallorca following a request from Task Force KleptoCapture, an interagency team operating under the United States Deputy Attorney General. The seizure is currently subject to legal proceedings in the United States District Court for the District of Columbia, based on probable cause involving allegations such as conspiracy to commit bank fraud (), violations of the (International Emergency Economic Powers Act), and money laundering (), supported by applicable U.S. civil and criminal asset forfeiture regulations.

Support for Jewish Causes and Holocaust Remembrance

Vekselberg holds the position of Consul for Countering Antisemitism and participates in the Bureau of the Presidium of the Russian Jewish Congress. Over several decades, he has contributed significantly to Jewish communities throughout Russia and Ukraine, funding synagogue restorations and new community center constructions in locations including Ekaterinburg, Irkutsk, Novosibirsk, Moscow, and Saratov.

Since the 1990s, he has preserved the Bronnitsky Wood Memorial near Drohobych, dedicated to Jews killed during World War II. He donated $4.5 million towards the $50 million Jewish Museum and Tolerance Center in Moscow, where he served as chairman of the board until 2021 and subsequently as honorary chairman.

His philanthropic efforts include financing projects such as Saratov’s Choral Synagogue and restoring the synagogue in his hometown of Drohobych, Ukraine, which reopened in 2018 after he located a Torah scroll lost during the Holocaust and donated it in tribute to his father.

In 2019, Vekselberg contributed $300,000 toward a Moscow monument honoring resistance fighters from ghettos and concentration camps. During the COVID-19 pandemic in 2020, he provided over 2 billion rubles for medical supplies and support for vulnerable groups. In 2021, Russian Foreign Minister Sergey Lavrov acknowledged him among business figures who aided in repatriating Russian tourists amid pandemic challenges.

Fabergé Museum

In February 2004, Vekselberg acquired nine Fabergé Imperial Easter eggs from New York’s Forbes family. He transported this collection to Russia where it was displayed at the Kremlin and Dubrovnik in 2007. As the largest private collector globally, Vekselberg owns fifteen Fabergé eggs—nine Imperial, two Kelch, and four others. In a 2013 documentary aired on BBC Four, he revealed investing slightly over $100 million for the nine Imperial eggs purchased from Forbes. He stressed that his motivation was their cultural importance and artistic merit rather than private exhibition purposes. This acquisition culminated in founding the Fabergé Museum in Saint Petersburg, which officially opened on November 19, 2013.

In September 2006, Vekselberg agreed to finance approximately $1 million for relocating the Lowell House Bells from Harvard University back to their original home at the Danilov Monastery, including funding replacement bells.

At a 2005 auction held by Christie's, Vekselberg purchased Odalisque, attributed to Russian painter Boris Kustodiev, for £1.7 million. However, his art fund Aurora later raised doubts about its authenticity due to an anachronistic pigment found in the signature. Vekselberg initiated legal action against Christie's and prevailed in a July 2012 judgment requiring recovery of the £1.7 million purchase price plus nearly £1 million in legal fees.

Personal life

Vekselberg is married to Marina and they have two children, a son and a daughter. He regards himself as having multiple national identities and does not regularly participate in synagogue or church gatherings. He has also acknowledged his Jewish heritage.

His daughter and grandson live in New York, while Vekselberg is said to reside in Switzerland.

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