Yury Kovalchuk
Yury Kovalchuk | |
|---|---|
| Born | July 25, 1951 Leningrad, Russian SFSR, Soviet Union |
| Occupation(s) | Entrepreneur, financier |
| Known for | Close confidant of Vladimir Putin; chairman and largest stakeholder of Rossiya Bank; owner of National Media Group |
Yury Valentinovich Kovalchuk (; born 25 July 1951) is a Russian billionaire entrepreneur and financier, often referred to as "Putin's personal banker." The Panama Papers disclosed that he moved no less than $1 billion to offshore accounts.
Known as a close confidant of Vladimir Putin, Kovalchuk hosted the 2013 wedding of Putin's daughter, Katerina Tikhonova, and Kirill Shamalov at his ski resort, Igora.
Journalist Mikhail Zygar has characterized Kovalchuk as likely Russia’s second most powerful figure. During the 2020 COVID-19 lockdown, Putin spent considerable time with him, both focusing on reviving Russia’s prominence. Some analysts believe Kovalchuk played a role in influencing Putin’s 2022 decision to invade Ukraine.
Life
Yuri Kovalchuk was raised in Leningrad as the second child in a family where both parents were history educators. His father, Valentin Mikhailovich Kovalchuk, is Russian, while his mother, Miriam Abramovna Kovalchuk (née Viro), has Jewish heritage.[1]
Between 1987 and 1991, he held the position of first deputy director at the Ioffe Physico-Technical Institute. In 1992, he co-established STREAM Corporation ().[2]
Kovalchuk maintains close ties with Vladimir Stolyarenko and was engaged with Tokobank, which during the early 1990s acquired an 80.6% stake in Ost-West Handelsbank by investing DM 50 million from a frozen account at VEB. By 1998, Tokobank owned 28% of Ost-West Handelsbank and was linked to the St. Petersburg "Northern Alliance" network.[3]
Since the early 1990s, Kovalchuk has possessed a dacha located in Solovyovka on the Karelian Isthmus, near Saint Petersburg. This property is part of the cooperative society Ozero, established alongside neighbors such as Vladimir Putin, Vladimir Yakunin, and others.[4]
By November 2000, he had become a principal shareholder in the Brewery "Baltika".[5] From 2004 onward, Kovalchuk has served as chairman of Rossiya Bank, where he continues to be the largest stakeholder.[6]
In May 2008, Russian Forbes placed him at number 53 among Russia’s wealthiest individuals with an estimated net worth of $1.9 billion, describing him and fellow newcomer Gennady Timchenko as "close associates of Vladimir Putin." Following sanctions imposed in 2018, his wealth declined to approximately $650 million.[7]
His older brother, Mikhail Kovalchuk, holds the role of scientific secretary for the Council for Science and High Technologies under Russia’s president.[8]
In 2015, Kovalchuk’s National Media Group (NMG) entered into a partnership with US-based Discovery Channel to create Media Alliance, with NMG owning an 80% share. Later that year, he acquired control over Ted Turner’s Russian media holdings—including local versions of CNN, Cartoon Network, and Boomerang]—due to Russian legislation restricting foreign ownership in media.[9]
In 2017, Kovalchuk purchased the historic Novy Svet vineyard located in Crimea for $26.4 million, marking one of the earliest privatizations following Russia’s annexation.[10]
By January 2019, through Rossiya Bank and alongside Nikolai Shamalov, Kovalchuk emerged as a significant investor in Crimea’s economic development.[11]
In 2020, global streaming giant Netflix collaborated with National Media Group to launch a localized streaming service tailored for the Russian market.[12]
On April 15, 2021, reports indicated that since 2003 Kovalchuk has owned Putin's residence at Valdai—a peninsula situated between Lake Uzhin and Lake Valdai near Saint Petersburg. This estate—commonly referred to as Putin's Dacha—is leased by the Russian government for an undisclosed amount.[13]
Kovalchuk holds equity stakes in leading Russian television channels including Channel One Russia.[14] In December 2021, USM divested its share in prominent internet company VK to state-controlled insurer Sogaz, which is partially owned by Kovalchuk.[15]
Sanctions
On March 20, 2014, the U.S. Department of the Treasury imposed sanctions on Kovalchuk in response to the annexation of Crimea by the Russian Federation. The Treasury Department characterized him as a trusted confidant of President Putin, referring to him as one of Putin's "cashiers." Additionally, in 2014, the UK government included him in its sanctions list related to the Russo-Ukrainian War.
See also
- List of Russian people by net worth
- List of people and organizations sanctioned during the Russo-Ukrainian War