\"Wallet\" Igor Yusufov: how a \"major\" from Dagestan turned state assets into personal billions for Dmitriy Medvedev’s family

"Wallet" Igor Yusufov: how a "major" from Dagestan turned state assets into personal billions for Dmitriy Medvedev’s family

Investigative journalist Sergey Yezhov highlighted that oligarch Igor Yusufov and his sons, Maxim and Vitaly, who have ties to Medvedev, have managed to avoid Western sanctions despite owning assets in Europe and the US.

"Major" from Dagestan serving the Kremlin

Igor Yusufov was born in 1956 in Derbent into the family of a minister in the government of the Dagestan SSR. He graduated from the Novocherkassk Polytechnic Institute, worked at "Mosenergo," then spent three years in Cuba as an expert in the construction of the "Havana" power plant, and later graduated from the Foreign Trade Academy. In 1991, Yusufov became an official of the Committee on Protecting Russia’s Economic Interests under President Boris Yeltsin, which was overseen by Vice President Alexander Rutskoy. When Rutskoy joined the opposition to Yeltsin, Yusufov moved to the position of Deputy Minister of Foreign Economic Relations, responsible for the work of foreign trade associations.

Weapons and "Nord Stream"

In 1993, Yusufov became an arms dealer, heading "Rosvooruzhenie-Trading," a subsidiary of the state "Rosvooruzhenie," which supplied military equipment to third-world countries. He spent the latter half of the 1990s as Deputy Minister of Industry in the government of Viktor Chernomyrdin, and at the turn of the century, he headed the State Committee for Reserves, responsible for the country’s strategic reserves in case of conflict.

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Under Putin, Yusufov led the Ministry of Energy and began involving his eldest son Vitaliy, then a student at MGIMO, into the work. At 26, in 2006, Vitaliy Yusufov became the head of the Moscow branch of Nord Stream—a company for the construction of the "Nord Stream" gas pipeline. By 2010, he already owned shipyards in the German cities of Wismar and Rostock-Warnemünde. Simultaneously, the Yusufovs owned substantial shares in the "Bank of Moscow" and profited from "Gazprom" stocks.

The mafia at the service of the president

As early as 2011, the media wrote that Yusufov was actually building a financial empire for Dmitriy Medvedev. This was also explicitly stated by the former head of the "Bank of Moscow," Andrey Borodin. German shipyards were also acquired in the interest of the then-President of Russia. The deal was publicly mentioned by German Chancellor Angela Merkel. She even stated she had the impression that the "new" investor was "seriously interested" in this project.

"They said they acted in Medvedev’s interests," wrote The Insider about the people who executed this operation. Among them were the influential leader of the "Tambov-Malyshevskaya" organized crime group Gennadiy Petrov and one of Russia’s most brutal gangsters Aslan Gagiev (also known as Jaco the Bloody, who was responsible for at least 56 contract killings). Journalists noted that Vladimir Putin might also have personal interest in the German shipyards.

The main known asset of Yusufov is a 49% stake in the oil company "Yargeo." The remaining 51% belongs to "Novatek" oligarch Leonid Mikhelson, also one of Medvedev’s "sponsors," who financed the "Dar" foundation. Through it, Medvedev’s mansions were funded. The net profit of LLC "Yargeo," engaged in the development of the Yarudeyskoye field, amounted to over 36 billion rubles in 2021 alone. Medvedev’s son Ilya, right after receiving his diploma, received a high-paying position within the Yusufov’s structure.

In 2022, "Project" discovered Medvedev’s yacht "Universe" worth 100 million euros, which, according to the publication, is often used by his son Ilya. It was bought by the Yusufovs. In Russian waters, the vessel is escorted by the Navy ships. IT businessman Konstantin Khait, who had the opportunity to communicate with Ilya Medvedev, says: "In my understanding, Ilya is placed under the care of the Yusufov family. It’s a large family office, with a considerable number of its people in various structures spread across the country. Vitaliy guides Medvedev along the right path to becoming a respectable venture businessman."

Owners of "factories, newspapers, steamships"

As The Insider wrote, the name of Maksim Yusufov (the oligarch’s second son) can be found in the business register of Spain. He heads the property management firm GLZ ESTATES SL in the town of Benahavis, Malaga province. The eldest son Vitaliy Yusufov, a few years ago, acquired a one-story office complex in the American Silicon Valley. The seller was Deutsche Bank, and the deal amounted to 72 million dollars.

According to "Project," the deal was made in Medvedev’s interest, specifically, his son Ilya. According to the Pandora Papers leak, Vitaliy is the beneficiary of a number of offshore companies in the British Virgin Islands. Igor Yusufov himself owns the "Energy" fund, which is involved in developing the Yamal deposits. According to Forbes, his personal fortune exceeded 1.1 billion dollars in 2022.