Yelena Baturina

Yelena Baturina
Yelena Baturina
Born	March 8, 1963 (age 63); Moscow, Russia
Occupation(s)	Entrepreneur, philanthropist
Known for	Founder of Inteco, Russia's wealthiest woman (until 2020)

Adapted from the English Wikipedia article Yelena Baturina, available under CC BY-SA 4.0Updated 11 August 2025

Yelena Nikolayevna Baturina (; born March 8, 1963) is a billionaire entrepreneur and philanthropist originally from Russia, now residing in Austria. She was married to Yury Luzhkov, who served as the mayor of Moscow from 1992 until 2010, until his passing in 2019.

Baturina established the investment and construction firm Inteco in 1991. As reported by Forbes, she held the title of Russia’s wealthiest woman with a net worth of $1.2 billion until February 2020, when Tatyana Bakalchuk overtook her with $1.4 billion.

By 2024, Baturina ranks 2,287th on the Forbes list of billionaires, possessing an estimated fortune of $1.3 billion largely derived from real estate and investments. She stands as the 100th richest individual in Russia and the fourth wealthiest female billionaire in the country.

Biography

Born and raised in Moscow, Baturina began her professional journey as a design technician at the Frazer industrial tool factory, where her parents were also employed.

1980–1982: Technician-designer and senior design engineer at Frazer plant;
1982–1989: Researcher at Moscow’s Institute of Integrated Economic Development; head of Secretariat at the Russian Union of United Cooperatives; senior expert at Mosgorispolkom’s Commission on cooperative activities;
Since 1989: Engaged in private entrepreneurship;
1991–1994: Director of LLP "Inteco";
1994–2011: President of CJSC "Inteco";
2006–2011: Deputy head of the interdepartmental working group overseeing the national project "Affordable and Comfortable Housing" under the Russian President.

Baturina met Luzhkov in 1987 during their tenure at Mosgorispolkom; they wed in 1991. Luzhkov assumed Moscow’s mayoralty in 1992 but was dismissed by President Dmitry Medvedev in 2010 amid corruption allegations.

After Luzhkov’s removal, Baturina moved to London, citing educational opportunities for their daughters as motivation. In a 2010 statement, Luzhkov explained that the relocation was intended to shield their family from possible political reprisals while maintaining support for their business ventures despite governmental pressures.

In 2009, The Sunday Times erroneously claimed Baturina had acquired Witanhurst, a large North London estate, through an offshore entity. She successfully pursued a defamation lawsuit; Times Newspapers issued an apology and paid damages in 2011.

Inteco

In 1989, together with her brother Victor, Baturina initiated her first business focusing on computer software and hardware. Two years later, in 1991, she founded Inteco ("Inteko" in Russian), which began as a plastics manufacturing company before transitioning into construction. By 1994, Inteco had taken over a plastics factory and secured a contract in 1998 to supply 85,000 seats for Moscow's Luzhniki Stadium at prices reportedly half those of competitors.

During the mid-1990s, Inteco broadened its operations into construction materials such as advanced facade systems, cement, brickwork, poured concrete, architectural design services, and real estate development. In 2001, Inteco gained controlling interests in DSK-3, a major Moscow housebuilding plant. Following upgrades, DSK-3's annual housing output reached approximately 500,000 square meters. This acquisition marked Inteco’s significant expansion into construction.

Although Inteco was once believed to hold about one-fifth of Moscow's construction market share, analysts indicated its share of government contracts between 2000 and 2010 was below 2%, with principal public contracts awarded to firms like MFS-6 and Glavmosstroy. In 2002, Inteco launched "Strategy Construction Company" to specialize in monolithic building construction and acquired cement plants including "Podgorensky cementnik" and "Oskolcement."

By 2005, Inteco divested its cement assets—estimated at around US$800,000—to Eurocement Group to concentrate resources on construction initiatives. In 2006, Baturina was appointed Deputy Head of the inter-ministerial group responsible for the national project "Affordable and Comfortable Housing for Russian citizens." Soon after this appointment, Inteco sold DSK-3 to focus on monolithic residential buildings and commercial property development.

Revenue from these asset sales was reinvested into high-yield shares of leading Russian corporations such as Gazprom and Sberbank, enabling Inteco to repay development loans ahead of schedule during the financial crisis of 2009 when loan interest rates surged from approximately 10.8% to around 18%, causing many developers to collapse.

Inteco further expanded its cement production portfolio by acquiring Verkhnebakansky Cement Plant and Atakaytsement factory located in Krasnodar region. By 2007, Inteco comprised numerous subsidiaries across plastics manufacturing, construction materials production, and real estate sectors with total revenues reaching $1 billion.

In late 2008, Inteco was designated among Russia’s strategic enterprises alongside giants such as Gazprom and Russian Railways. The following year it collaborated with Spanish architect Ricardo Bofill to develop innovative mass housing systems. In 2010, Inteco commenced construction on Moscow State University’s second academic building.

By that year, Baturina ranked among Russia's top taxpayers with tax contributions totaling four billion rubles for fiscal year 2009. She retained ownership of 99% of Inteco whose project portfolio exceeded seven million square meters alongside cement production capacity surpassing 600 thousand tons annually. Additionally in 2010 she sold Russian Zemelny Bank to foreign investors.

Major completed developments under Baturina’s leadership include residential complexes such as "Shuvalov" (270,000 m²), "Grand Park" (400,000 m²), "Volga" (400,000 m²), the multifunctional "Fusion Park" complex featuring the "Autoville" automobile museum (100,000 m²), Moscow State University’s Fundamental Library (60,000 m²), and Humanities academic building (100,000 m²).

Following her husband’s exit from public office, Baturina began divesting domestic assets. Mikail Shishkhanov together with Sberbank Investments acquired full ownership (100%) of Inteco; while financial details remain undisclosed estimates place the deal near $1.2 billion. The transaction excluded cement plants; one was subsequently sold to Lev Kvetnoy for roughly seventeen billion rubles.

Hotel business

The chain's initial property was the luxurious Grand Tirolia Golf & Ski Resort in Kitzbühel, Austria, a five-star establishment completed in 2009 with an investment of around €35–40 million. Situated within the Eichenheim golf club, it became well-known as Austria's "Home of Laureus," hosting the annual Laureus sports journalism awards. In 2018, this hotel was acquired by an Austrian investor for approximately €45 million.

In 2010, Baturina unveiled the New Peterhof Hotel in Saint Petersburg, which received multiple accolades for its architectural design. Two years later, after significant renovations, she reopened the Quisisana Palace in Karlovy Vary, Czech Republic. This historic late 19th-century building merges Neo-Renaissance and Neo-Gothic architectural elements and is affiliated with the Small Luxury Hotels of the World network.

Baturina purchased Dublin’s Morrison Hotel from NAMA in 2013 for €22 million, subsequently investing an additional €7 million to refurbish the 138-room property located on Lower Ormond Quay. The hotel was later sold in 2022 to Zetland Capital for €65 million.

Grand Tirolia Hotel and Resort, Kitzbühel

The flagship hotel of the chain, completed in 2009 and located within Kitzbühel’s Eichenheim golf club. Ownership transferred to an Austrian investor in 2018.

Quisisana Palace, Karlovy Vary

Reopened in September 2012 as a boutique hotel featuring 19 rooms and suites, along with a restaurant and wellness facilities, following extensive restoration of the 19th-century structure.

New Peterhof, St. Petersburg

Inaugurated in June 2010.

Baturina has announced intentions to broaden her hotel holdings by establishing clusters in current markets such as Ireland, Northern Italy, Austria, Germany, the Baltic States, Russia, and Kazakhstan.

Development business

At the end of 2015, Baturina opened an office in New York to oversee a US$10 million investment targeting commercial real estate in central Brooklyn and to explore opportunities for residential land conversion.

In November 2016, her firm initiated a European development venture by acquiring coastal land in Limassol, Cyprus. Construction commenced on the upscale Symbol Residence project in 2019 with an investment surpassing EUR 40 million; completion was scheduled for 2021.

Membrane Construction

During autumn 2015, Baturina’s enterprises became strategic investors in Hightex GmbH, a global leader in membrane construction headquartered in Rimsting, Germany.

Renewable energy

Since 2014, Baturina's Investment Group has been active in renewable energy projects throughout Europe, allocating over €20 million to solar power plants across Southern Europe. In 2018, the group initiated Cyprus's first ESCO (Energy Services Company) project, thereby expanding its presence within the renewable energy sector.

Brother

In 2007, Viktor Baturin—co-founder of Inteco alongside Elena Baturina—filed a lawsuit against the company seeking US$120 million for wrongful termination; however, his claims were rejected by the court. Viktor subsequently encountered several legal challenges: in 2011 he received a suspended sentence related to real estate fraud; in 2013 he was convicted for attempting to cash forged Inteco promissory notes valued at over 5 billion rubles and was released in 2016 after serving part of his sentence. In 2017 he faced charges of large-scale fraud and falsifying evidence; arrested in 2021, he admitted guilt in 2022 and was sentenced in November 2023 to six years imprisonment along with a fine of 500,000 rubles.

Allegations of Criminal Associations

Confidential US diplomatic cables disclosed claims made by Ambassador John Beyrle suggesting that Elena Baturina was connected to significant criminal organizations, particularly the Solntsevskaya Bratva. Beyrle referenced journalist Sergei Kanev, who alleged that Baturina maintained ties with the criminal underworld and that her spouse, Yury Luzhkov, managed a "corruption pyramid" entangling multiple layers of Moscow's criminal and law enforcement agencies. The cables further indicated that Luzhkov’s business network profited from city funds funneled into obscure projects involving former Soviet states. Both Baturina and Luzhkov categorically rejected these statements, labeling them as "complete nonsense."

Philanthropic Activities

Beginning in the 1990s, Elena Baturina has dedicated her philanthropic efforts toward fostering sustainable social change by applying design-thinking principles and supporting creative professionals.

Her global initiatives operate through the BE OPEN Foundation, founded in 2012 and legally registered in Switzerland. This foundation acts as a cultural and social hub that links established experts with emerging talents through various platforms such as conferences, contests, exhibitions, and workshops. BE OPEN collaborates with leading designers, international brands, academic institutions, and governmental entities including the Government of India, Greater London Authority, Milan Municipality, and EXPO Universal Exposition.

Baturina contributed two years as a Trustee on the Board of the Mayor’s Fund for London and currently holds the position of vice-president at Maggie’s, a UK-based charity offering practical and emotional assistance to individuals battling cancer. She is also a member of Maggie’s London Board, where she helps oversee fundraising initiatives.

BE OPEN Foundation

Founded in 2012 with funding from Elena Baturina, BE OPEN is a cultural and social project aimed at promoting creative leadership via conferences, competitions, exhibitions, master classes, and artistic events.

This international multidisciplinary initiative brings together leading thinkers—including philosophers, designers, artists, and entrepreneurs—with emerging talent to foster collaboration between creative sectors and business/media industries to stimulate innovation.

Unveiled during Milan Design Week 2012 in partnership with design magazine Interni, BE OPEN has played a prominent role at major design gatherings worldwide such as Fuori Salone, Design Basel, Design Miami, and the London Design Festival. Highlighted projects include the immersive House of the Senses (2013) and the Garden of Wonders exhibition (2015), which reinterpreted discontinued perfume brands.

In 2014, with support from Indian government ministries, BE OPEN promoted local designers in Delhi to advance innovation within traditional crafts. The foundation also partners with London’s Mayor’s Fund and Greater London Authority on charitable programs.

Public events organized by BE OPEN frequently honor winners of student competitions through exhibitions and award ceremonies. Since 2019, it has administered a multi-year competition series aligned with the United Nations Sustainable Development Goals (SDGs), collaborating with entities such as Cumulus Global Association of Art and Design Education and Student Energy. Participants receive cash awards, honorable mentions, and opportunities to engage at international forums like COP28 Dubai and COP29 Baku.

These contests aim to raise awareness among young creatives about pressing sustainability issues by focusing on specific SDGs:

SDG#12 Second Life in Design (2019/2020) emphasized responsible production and consumption by encouraging circular economy concepts.
SDG#11 Design for Sustainable Cities (2020/2021) centered on sustainable urban development highlighting shared economies and harmony between nature and culture.
SDG#2 Design to Nurture the Planet (2021/2022) addressed zero hunger through initiatives related to food security, nutrition, and sustainable farming.
SDG#7 Better Energy by Design (2022/2023) promoted ideas for accessible clean energy solutions.
SDG#13 Design Your Climate Action (2023/2024) sought to inspire innovative approaches to combat climate change.
SDGs for 2050: Designing Futures (2024/2025) engages youth in revising SDG strategies to reflect contemporary challenges and encourage actionable sustainability plans.

Through these efforts, BE OPEN establishes itself as an influential platform bridging creative innovation with global sustainability objectives.

BE OPEN Art

In 2020, BE OPEN introduced the nonprofit digital gallery BE OPEN Art, aiming to enhance the visibility of emerging artists globally and facilitate connections between creators and collectors, particularly addressing the obstacles brought by the COVID-19 pandemic.

By 2023, BE OPEN Art broadened its scope with the launch of BE OPEN Regional Art, a quarterly competition series designed to support emerging talents whose artworks embody their distinct regional, cultural, and ethnic backgrounds. Each competition runs for three months, offering monetary awards to winners and organizing public exhibitions featuring selected regional pieces.

The BE OPEN Regional Art initiative has spotlighted emerging artists from diverse areas including the Eastern Mediterranean, Caribbean, Central and Southern Africa, Southeastern, South and Central Asia, the Middle East, Central America, and Oceania.

In June 2023, an exhibition showcasing selected works from the Eastern Mediterranean was held at the Centre of Visual Arts and Research in Nicosia. This event gathered participating artists alongside representatives from Cyprus’s government, academia, arts community, and business sectors, underscoring the project’s contribution to fostering regional art markets.

Personal life

Baturina married Yury Luzhkov in 1991. Their daughters, Elena and Olga, were born in 1992 and 1994 respectively. In 2010, Luzhkov revealed that they had sent their daughters to study in London as a precaution against possible persecution by Russian authorities. Elena Baturina owns a residence in Aurach, Austria, where she spends a significant portion of her time.

The family is reported to possess a property in London's upscale Kensington district, purchased in 2013 through an offshore company registered in Gibraltar, with an estimated value exceeding £25 million as of 2018. In interviews, Baturina has discussed maintaining her relationship with Luzhkov, attributing their connection partly to their shared "Soviet upbringing."

Since a public business conflict in 2007, Baturina has had no contact with her brother. She was involved in a libel lawsuit against her brother’s former financial director; after failing to attend court proceedings in 2019, she was labeled a "fugitive," though the subpoena was eventually withdrawn. This case was reportedly linked to a financial claim made by A1 investment company.

Her brother Viktor Baturin has faced several fraud allegations since 2017 and was detained in 2021. He pleaded guilty in 2022 to charges of fraud and evidence tampering and was sentenced in 2023 to six years imprisonment along with a fine of 500,000 rubles.

Between 1999 and 2005, Baturina held the position of President of the Equestrian Federation of Russia, successfully obtaining funding aimed at advancing equestrian sports across the country.

In 2012, she established the BE OPEN Foundation to promote creativity and innovation. BE OPEN maintains close cooperation with the Mayor's Fund for London, where Baturina served as a trustee from 2017 until 2019.

Personal wealth

According to the Sunday Times Rich List in 2021, Baturina’s net worth was estimated at £1.133 billion. Her wealth hovered around $1.2 billion during 2018 and 2019. Forbes reported in 2020 that she was overtaken as Russia’s wealthiest woman by Tatyana Bakalchuk, founder of Wildberries, whose net worth reached $1.4 billion.

Forbes valued her fortune at US$4.2 billion in 2008, up from US$3.1 billion in 2007, US$2.3 billion in 2006, and US$1.1 billion back in 2004. The financial crisis of 2008 caused her wealth to decline to roughly US$1 billion, prompting her request for government assistance for Inteko. By 2012, her net worth had stabilized around US$1.1 billion.

During the early 2000s, Baturina owned hotels located in Sochi on the Black Sea coast as well as over 72,000 hectares of farmland in Belgorod Oblast. She also operated a factory producing one million cans of sweetened condensed milk annually. Subsequently, she acquired hotels in Dublin (through an Austrian foundation), Austria itself, and the Czech Republic, though currently only the Dublin property remains under her ownership.

She possesses a private jet and claims ownership of one of the largest private collections of Russian Imperial porcelain, particularly pieces from Nicholay I’s reign. In April 2011, she donated approximately forty rare porcelain items to Moscow’s "Tsaritsyno" museum. Until the early part of the last decade, she owned the historic "Veedern" horse breeding estate; since 2020 it has been owned by Alexander Luzhkov and specializes in breeding Hanoverian and Trakehner horses.

In 2011, Baturina succeeded in a libel case against "The Sunday Times" concerning false allegations about her purchase of the London Witanhurst estate; this resulted in a public apology and retraction by the newspaper.

Honours and awards

In 2003, Baturina was honoured with the State Prize of the Russian Federation for Science and Technology. Inteco, along with its various initiatives, has been recognized with multiple prestigious awards. These include the "Russian Building Olympus" accolade for "Architecture and Design Planning" in 2008, the "Brand of the Year/EFFIE 2007" distinction, and the national award for "Construction and Real Estate" in 2008. Additionally, at the 13th Business Initiative Directions (BID) international conference held in Paris in 2009, the company received the International Star of Leadership award for quality. The same year, it was also named "Company of the Year" with a national prize recognizing it as the "Best Investment and Construction Company in Russia." Further recognitions include the International Award for Technology & Quality presented in Madrid in 2010 and the International Construction Award earned in France in 2011.

External links