At least 81 people from the pre-war Forbes ranking of the 200 richest Russians have been openly involved in supplying the Russian army and its military-industrial complex, research done by investigative outlet Proekt shows.
Proekt looked into public state contracts that companies partially or fully owned by Forbes-ranking entrepreneurs concluded with defence plants, the Ministry of Defence, and the Russian National Guard between 2014 and 2023. Proekt points out, however, that after 2017, the Ministry of Defence and military plants began to classify many of their contracts, so most of the information found concerns the 2014-2018 period.
“The real number of businessmen working for the war and the sums they received for it may be significantly higher,” Proekt writes.
Among these 81 businessmen, 80 are under sanctions. However, only 14 of them are under sanctions in all Western countries that are allied with Ukraine (EU, USA, UK, Canada, Australia, New Zealand, Switzerland, and Japan), while 34 are under Ukrainian sanctions only.
For instance, the aluminium armour on the BMD-4M airborne assault vehicle, which was used by the Russian army in Bucha, was developed by the Scientific Research Institute of Steel, a quarter of which belongs to Vladimir Yevtushenkov, who ranks 41st in Forbes’ rating.
The JSC KBP Instrument Design Bureau, which produces a number of anti-tank missile systems, has been linked to Igor Kesayev (35th in Forbes’ rating), while its insurance operations are connected to Filipp Gens (124th), and Yury Kovalchuk (47th).
Kalibr missiles
Proekt found at least seven enterprises owned by Forbes-ranking businessmen which are likely linked to the production of Kalibr missiles. Since the start of the invasion, Russia has launched no less than 50 of these missiles against Ukraine, with the real figure likely being higher since this count only includes cases where the missiles were identified.
After the annexation of Crimea in 2014, Alrosa, one of the oldest Russian submarines in the Black Sea, was immediately put under repair in Sevastopol. Among the innovations it received were Kalibr missiles. During repairs, the plant bought metal from the Magnitogorsk Iron and Steel Works belonging to Viktor Rashnikov and electrical equipment from Vladimir Yevtushenkov’s companies. Loans were provided by Rossiya Bank, which is controlled by billionaire Yury Kovalchuk.
Proekt also links various stages of the production of Kalibr missiles to Mikhail Shelkov (whose company supplies the production plant with titanium), aluminium tycoon Viktor Vekselberg, and former Lukoil President Vagit Alekperov.
FAB-500 aerial bomb
Proekt claims that 16 Russian entrepreneurs, including Gennady Timchenko, Oleg Deripaska, Kirill Shamalov, and Farkhad Akhmedov, are linked to the production of the FAB-500 aerial bomb, one of which was infamously used in the Mariupol theatre airstrike.
A further 17 businessmen, according to Proekt’s calculations, were involved in the construction of the aircraft that dropped those bombs.
The businessmen’s reaction
Proekt sent enquiries to the companies or representatives of all the businessmen mentioned in the article and received responses from seven of them. The letters also contained a question about the businessmen’s attitude to the Ukraine war, but no one gave a straightforward answer. Oleg Deripaska’s press office called the war “senseless”.
Vladimir Lisin (3rd in Forbes’ rating) was among those who responded. Proekt writes that Lisin’s Novolipetsk Steel Works (NLMK) supplied steel to the Electromashina Research and Production Association, which manufactures the Okhotnik combat module. NLMK also allegedly supplies the manufacturer of radar stations for the S-400 air defence systems.
Lisin stated, however, that “NLMK has never supplied products for military use in Russia”, adding that his Russian plants “do not have the capacity to produce military-grade steel”.
“We realise that our arguments will once again remain unheard, but given that we produce 3.6 billion construction screws [annually], you will end up writing about ‘combat mosquitoes’,” Lisin’s wry reply to Proekt read.
Representatives of German Khan, a former board member of LetterOne, a Luxembourg-headquartered international investment company founded by Alfa Bank co-owners, said: “As for the attitude of the group’s beneficiaries to current events, keep in mind that back in March 2022, Mikhail Fridman said that ‘war can never be a solution, and the bloodshed, which will cost both nations many lives, must be stopped’ [...] This position is shared by all beneficiaries of the aforementioned companies and their management.”