Arkady Rotenberg is a Russian oligarch who has made a fortune in the construction industry. He is a close friend and former business partner of Russian president Vladimir Putin.
He has been blacklisted by the United States and the European Union due to the Ukrainian crisis. Despite this, Rotenberg continues to be one of Russia’s wealthiest men.
Who Are Russian Oligarchs?
Russian oligarchs are a class of wealthy businessmen who have amassed their fortunes thanks to the privatization of state-owned assets that took place during the 1990s. Many of these men made their fortunes in the energy sector, and as a result, they have come to be known as the “oligarchs.”
However, there are also oligarchs who have made their money in other industries, such as aluminum production or banking. While the exact number of oligarchs is difficult to determine, it is estimated that there are around 100 men who fit this description.
The rise of the Russian oligarchs coincided with the Presidency of Boris Yeltsin. In the early 1990s, Yeltsin embarked on a program of economic reform that included privatizing state-owned enterprises.
This process was often corrupt, and it led to a small group of individuals amassing enormous wealth. In many cases, these men used their new-found riches to buy political influence, and they quickly came to wield considerable power within Russian society.
Today, Russian oligarchs continue to play an important role in the country’s politics and economy. Many of them own large stakes in major Russian companies, and they wield considerable influence over the country’s business elite.
Additionally, several oligarchs have been elected to Russia’s parliament, and they play an active role in shaping the country’s laws and policies. Given their immense wealth and political clout, it is clear that the Russian oligarchs are a powerful force within Russian society.
Arkady Rotenberg As A Russian Oligarch
Arkady Rotenberg is a Russian billionaire and close confidant of President Vladimir Putin. He is the co-owner of SGM Group, a holding company with interests in construction, banking, electrical power supply lines, and gas and oil pipelines. Forbes magazine estimates his net worth to be $1.4 billion.
His life story can be divided into:
1. His Early Life
Rotenberg was born in Leningrad (now St. Petersburg) on December 15, 1951, into a Jewish family. His father was an engineer and his mother was a doctor. He has two brothers: Igor, who is also a billionaire, and Boris, who is a businessman and former member of the Russian parliament.
2. His Education
Arkady graduated from the Lesgaft National State University of Physical Education in 1974 with a degree in judo. He later became a world-renowned judo coach and opened his own judo school which produced several Olympians.
3. His Marriage And Children
Rotenberg has had two wives. He was married to Svetlana, and they have three children: Igor, Liliya, and Paul. Igor is also a businessman while Liliya is a doctor and Paul is a hockey player.
He married Natalya Školkova in 2005. Školkova is also a businesswoman and the owner of a chain of restaurants. Natalya and their two children, Varvara and Arkady Jr., live in The UK. They divorced in 2015 in The UK.
The Rotenberg Brothers are considered to be one of the most powerful families in the Russian Federation.
4. His Businesses
In the early 1990s, Rotenberg and his brother Igor started a construction company called Mostotrest. The company quickly became the largest construction company in Russia, thanks in part to its close ties to the Kremlin.
Mostotrest has been involved in some of Russia’s most high-profile construction projects, including the 2014 Winter Olympics in Sochi and the 2018 FIFA World Cup. The company has also been contracted to build several gas and oil pipelines, including the controversial Nord Stream II pipeline.
In addition to his construction business, Rotenberg also owns stakes in an offshore company, and several Russian banks, including Sberbank and VTB Bank. He is also the owner of a large stake in the Italian soccer team A.C. Milan.
Rotenberg’s close relationship with President Putin has been well documented. The two men have known each other since they were teenagers and Putin was his judo sparring partner.
Since then, Mr. Rotenberg has served as a key member of Vladimir Putin’s inner circle, and he is one of the few people who has the Russian president’s ear on a regular basis.
5. His Politics
In addition to his business dealings, Rotenberg has also been active in Russian politics. He served as the head of the judo federation in St. Petersburg from 1996 to 1998.
In 2001, he was elected to the Russian parliament, and he served as a member of the lower house until 2003. He has not held any political office since then, but he remains an influential figure within the Russian government.
Sanctions Placed On Arkady Rotenberg
- In 2014, the United States placed sanctions on Rotenberg in response to Russia’s annexation of Crimea. The sanctions froze all of his assets that were held in US banks and prohibited Americans from doing business with him.
- The European Parliament also placed sanctions on Rotenberg, freezing his assets within the EU and banning him from traveling to member countries.
- Another sanction placed on him is the Canadian Controlled Goods Program, which prohibits him from shipping anything to or from Canada.
Despite the sanctions, Rotenberg has continued to do business in Russia and abroad. His construction company has been awarded several new contracts in Iraq and Turkey, and he recently purchased a large stake in a Chinese energy company.
Additionally, Rotenberg has continued to do business with both the Russian government and international companies. He was even involved in the construction of a new bridge between Russia and Crimea, which opened in May 2018.
The sanctions have had little effect on Rotenberg’s vast wealth, and he remains one of Russia’s richest men.
Final Words
Arkady Rotenberg is a Russian oligarch with close ties to Vladimir Putin. He has amassed a fortune through his construction company and his stakes in several Russian banks. In addition to his business dealings, Rotenberg has also been active in Russian politics.