Gennady Timchenko net worth is $20.8 billion as of 2022. He made his fortune in the oil and gas industry and is now one of the richest people in Russia.
In addition to his business interests, Timchenko is also a major philanthropist, donating millions of dollars to charitable causes each year.
Who Is Gennady Timchenko?
Gennady Timchenko is a Russian businessman and entrepreneur
As of 2022, Timchenko’s net worth makes him one of the richest people in Russia. According to the Bloomberg Billionaires Index, the majority of his wealth comes from his involvement in the oil and gas industry.
Early Life And Education
Timchenko was born on November 9, 1952, in Gyumri, Armenia. His father was a Soviet military officer who served in WWII. He graduated from the Mechanical Institute of Saint Petersburg in 1976 with a degree in electrical engineering.
Career
Gennady Timchenko is a Russian billionaire and businessman with a career in energy and commodities trading. He is the co-founder of the commodity trading company Gunvor Group.
Timchenko’s career began in the Soviet Union, where he worked as an engineer in an engineering research institute. He later moved into the private sector, working for various companies before joining the Swiss commodity trading firm Marc Rich + Co AG in 1992.
In 1997, he and his partners founded Gunvor Group. The company became one of the largest independent oil traders in the world, with operations in over 30 countries. Timchenko has been instrumental in Gunvor’s success, using his experience and connections to secure deals with major oil-producing countries such as Russia and Kazakhstan.
Personal Life
He is married to Elena Timchenko and has three children, Ksenia Timchenko, Marina Timchenko, and Sofia Timchenko. Gennady lives in Russia while his wife and children live in Switzerland.
Timchenko owns dual citizenship as a Russian and as a Finnish.
His Philanthropy
Gennady Timchenko is a Russian billionaire who has been involved in philanthropy for many years. He has donated millions of dollars to charities and causes, including the arts, education, and health care.
In addition, he has also set up several foundations and trusts that support various causes. One of the most notable is the Timchenko Foundation, which provides financial assistance to students from Russia and other countries who wish to study abroad. The foundation also funds medical research and provides scholarships for students with disabilities.
In recent years, Gennady Timchenko has also been active in promoting peace and understanding between Russia and the West. He has made numerous trips to Europe and America, meeting with political leaders and businesspeople to improve relations between the two sides.
As a result of his efforts, he was awarded the Order of Friendship by Russian president Vladimir Putin. Gennady Timchenko’s philanthropy is wide-ranging and impressive, and it has had a positive impact on many people’s lives.
What Is Gennady Timchenko Net Worth?
As of 2022, Gennady Timchenko’s net worth is estimated to be $20.8 billion, according to Forbes. According to Bloomberg’s Wealth Index, his fortune is primarily derived from:
1. Timchenko first made his money through the export of Soviet-era petroleum products.
2. He then transitioned into trading Russian oil and petroleum products on the international market through a state-owned oil company.
3. In the early 2000s, Timchenko partnered with Mikhail Khodorkovsky to purchase a controlling stake in Yukos Oil Company.
4. Later, he became a shareholder in Novatek, Russia’s largest independent natural gas producer.
5. In 2007, he founded Gunvor, a Geneva-based global commodity trading company that quickly became one of the world’s largest oil traders. Gunvor is now majority-owned by Timchenko’s holding company, Volga Group.
6. Timchenko also has investments in a variety of other industries, including forestry, shipping, and private equity. He owns the private investment firm Centraco and has a minority stake in the Swiss soccer club, FC Basel.
7. He is the owner of Sibur, Russia’s largest petrochemical company. Sibur is one of the country’s largest employers, with over 85,000 employees.
8. He holds stakes in numerous banks and media outlets, including RT (formerly Russia Today). RT is a state-funded television network that provides news and information from a Russian perspective.
9. Timchenko has a significant presence in the sports world as well; he is a member of the International Olympic Committee and the owner of the SKA Saint Petersburg hockey team.
10. In addition to his business ventures, Timchenko also actively supports charitable causes; he has donated over $100 million to various philanthropic organizations. He also cleared some sovereign debt abroad.
Sanctions Placed On Gennady Timchenko
Gennady Timchenko has been the target of various sanctions by the United States, the European Union, and Canada. These sanctions were imposed in response to his involvement in the Russian energy sector and his close ties to Vladimir Putin.
- In 2014, the United States placed sanctions on Timchenko’s oil trading company, Gunvor Group in order to defend NATO countries. The US Treasury Department alleged that Gunvor had helped to launder money for the Russian government. As a result of these sanctions, Timchenko was forced to sell his stake in Gunvor.
- In 2015, the European Union placed sanctions on Timchenko and several other Russian individuals and businesses. These sanctions were imposed in response to Russia’s involvement in the conflict in Ukraine. As a result of these sanctions, Timchenko was unable to travel to Europe or do business with European companies.
- In 2018, Canada placed sanctions on Timchenko and several other Russian individuals and businesses. These sanctions were imposed in response to Russia’s involvement in the poisoning of Sergei Skripal. As a result of these sanctions, Timchenko was unable to travel to Canada or do business with Canadian companies.
These are just some of the various sanctions that have been placed on Gennady Timchenko over the years. While these sanctions have had a significant impact on his business dealings, they have not been able to completely stop him from operating his various businesses.
Conclusion
Timchenko’s career has been remarkably successful, and his net worth reflects that. He is one of Russia’s richest men and one of the world’s wealthiest people. Timchenko’s fortune is expected to continue to grow in the years to come as his businesses continue to thrive.
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