Members of Putin’s inner circle routinely handed control of Russia’s largest expropriated companies

A Novaya Gazeta Europe data investigation published on Thursday has revealed that most CEOs appointed to lead Russia’s largest nationalised companies are people with close ties to Vladimir Putin as the Kremlin continues its sweeping asset redistribution in favour of a small, politically loyal elite.

Analysing data on the 50 largest nationalised companies currently awaiting sale by the Federal Property Management Agency (Rosimushchestvo), Novaya Europe found that in most cases their CEOs had been replaced since state expropriation, typically by Kremlin-linked individuals connected to the relevant sector.

The investigation found that at least 11 companies on the list were controlled by structures associated with Arkady Rotenberg, a childhood friend of Putin who has remained his close confidant and business associate. The CEOs of three additional nationalised companies were appointed from other Rotenberg-linked entities.

Ten more companies were headed by individuals linked to Dmitry Patrushev, the son of former FSB chief and close Putin associate Nikolay Patrushev. 

Another company was placed under the leadership of a former executive from Sibur, one of whose principal shareholders is Putin associate Gennady Timchenko. Two other companies were handed over to former managers from Polyus, controlled by Suleiman Kerimov, a Putin-linked senator and billionaire.