Soup 22, November 18, 2022
Gennady Timchenko
How did Putin get so rich? In today’s #vatnik soup I’ll be introducing one of his money men, oligarch Gennady Timchenko. Timchenko has a special place in Finnish people’s hearts, as he also has Finnish citizenship and has been doing a lot of business in 🇫🇮.
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For his oil business, Timchenko found Gunvor group which would export Russian oil worth of billions of dollars. He sold his share of the company to other co-founder, Swedish billionaire Torbjörn Törnqvist a day before he was sanctioned by the US Treasury in 2014.
The Pandora papers also revealed a group of offshore companies that can be connected to both Timchenko and Putin (see OCCRP report:
Mysterious Group of Companies…
In November 2022, the head of the Anti-Corruption Foundation Maria Pevchikh revealed Timchenko’s shady phosphate businesses in Syria that involved the current commander of the Russian troops in Ukraine, General Surovikin, PMC Wagner and the Syrian army.
This was yet another scheme that circumvents the sanctions set on Russia. OCCRP’s report on it is a very interesting read:
Timchenko was sanctioned already in 2014, and further sanctions were announced after Russia’s 2022 invasion of Ukraine. 6/9
Timchenko was sanctioned already in 2014, and further sanctions were announced after Russia’s 2022 invasion of Ukraine. 6/9
In June 2022, Forbes estimated Gennady’s net worth to be around 23, 1 billion USD. The US Treasury claims that Timchenko has Russian, Armenian and Finnish citizenships. Like most oligarchs, Gennady has also moved his family to live luxurous life in Europe. 9/9