Gennady Timchenko
Gennady Timchenko | Founder, Volga Group | $23.4B
as of 7/02/24
Gennady Timchenko is a Russian billionaire known for his extensive involvement in the energy and commodities sectors. As the co-founder of Gunvor Group one of the world's largest independent commodity trading companies, private investment firm Volga Group, and a key player in various Russian enterprises, he has significant influence over global energy markets.
Personal Information:
Full Name: Gennady Nikolayevich Timchenko
Name in the language of origin: Геннадий Николаевич Тимченко
Date of Birth: November 9, 1952
Place of Birth: Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia)
Zodiac: Scorpio
Marital Status and Family: Married to Elena Timchenko; they have three children.
Wife: Elena Timchenko
Daughter: Ksenia Timchenko
Daughter: Natalia Browning
Relatives:
Son-in-law: Gleb Frank (Ksenia’s husband) son of Sovcomflot General Director Sergei Frank. Together with the brother of the governor of the Moscow region, Maxim Vorobyov, Frank is the main owner of the Russian Fishery Company and the Russian Aquaculture company, which breeds salmon and trout.
Father of the Son-in-law: Sergey Frank, CEO of Sovcomflot
Background and Early Life:
Family Background: His father was a Soviet military officer, which led to a nomadic childhood across various parts of the Soviet Union.
Ancestry: Russian.
Early Influences: Soviet military environment and the political-economic changes in post-Soviet Russia.
Influences: Soviet economic structures and the emerging capitalist market in Russia during the 1990s.
Books that impacted the most: No specific books documented.
Educational Background:
Education: Graduated from the Leningrad Mechanical Institute (now Baltic State Technical University) with a degree in electrical engineering.
Professional Career:
Current Occupation:
Chairman of the Board of Directors at Volga Group
Key positions in multiple energy and infrastructure companies
Career History:
Worked at the Izhorsky plant near St. Petersburg.
Moved to the oil industry in the 1980s.
Co-founded Gunvor Group in 2000. Gennady Timchenko sold his stake in the company to a partner in March 2014.
Career Milestones:
Key Achievements:
Co-founding Gunvor Group and transforming it into a major player in global oil trading.
Establishing Volga Group, a private investment vehicle focusing on energy, transportation, and infrastructure projects.
Innovations and Contributions:
Pioneering trading strategies in the post-Soviet oil market.
Industry Impact:
Significant influence in the global oil trading market and Russian economic landscape.
Net Worth and Assets:
Estimated Net Worth: Approximately $22 billion (as of 2023)
Key Assets: Gunvor Group, Volga Group, Novatek, and various other investments in energy and infrastructure:
23% shares of the gas production company Novatek;
63% shares of the construction company Stroytransgaz;
30% shares of the Kolmar coal mining company;
89% shares of the Sakhatrans company;
50% shares of the Sukhodol company, which is building a coal terminal in Primorye;
50% shares of the gas production company Petromir;
80% shares of the railway company Transoil;
15.3% shares of the gas processing and petrochemical company SIBUR Holding;
24.8% shares of the insurance company SOVAG AG (Germany);
10.3% shares of Rossiya Bank;
100% shares of drinking water manufacturer Aquanika LLC;
40% shares of apple producer Alma Holding.
Investments: Energy, infrastructure, transportation, and real estate.
Stock Records: Holds significant stakes in Novatek (NVTK.ME) and Sibur (SIBN.MM).
Business Interests:
Primary Business: Commodity trading and energy.
Known Board of Directors Positions:
Independent Director of Novatek
Independent Director of Sibur
On July 10, 2012, he was elected to the post of Chairman of the KHL Board of Directors.
In 2013, he became a member of the board of trustees of the Russian Geographical Society.
In May 2014, he was elected vice-president of the Russian Olympic Committee.
In 2014, he became a member of the Board of Trustees of the Russian Chess Federation.
He is co-chairman of the Economic Council of the Franco-Russian Chamber of Commerce and Industry.
Other Ventures: Volga Group investments in various sectors including energy, transportation, infrastructure, and real estate.
Arena Events Oy: In July 2013, together with the Rotenberg brothers, he founded the company Arena Events Oy, which bought 100% of the shares of the Helsinki Hartwal Arena. In addition, businessmen bought a stake in the Jokerit club, a six-time Finnish ice hockey champion. Since 2014, Jokerit has been playing in the KHL.
Leadership Style and Business Philosophy:
Leadership Approach: Strategic, with a focus on long-term investments and partnerships.
Business Philosophy: Emphasis on diversification and sustainability in investments.
Philanthropy and Social Contributions:
Charitable Donations: Involved in various philanthropic activities through the Timchenko Foundation.
In 2016, Gennady Timchenko donated a collection of 141 paintings to the National Museum of the Chechen Republic.
In 2020, Gennady and Elena Timchenko donated 2.9 billion rubles to fight the coronavirus pandemic.
Foundations and Initiatives: Timchenko Foundation focuses on health, culture, sports, and active aging.
Through the Timchenko Foundation and the Neva Foundation, established together with his wife Elena, he is engaged in the development of ice and chess sports among young people.
Philanthropic Goals: Enhancing social welfare and supporting cultural initiatives in Russia.
Environmental Stewardship: Investments in sustainable energy and infrastructure projects.
CSR: Corporate Social Responsibility initiatives through his business ventures and foundation.
Lifestyle and Interests:
Main Residence: Geneva, Switzerland, and Moscow, Russia.
Personal Values: Strong focus on family and cultural heritage.
Hobbies and Interests: Ice hockey, yachting, tennis, art collecting and philanthropy.
Tennis: Gennady Timchenko loves to play and enjoys tennis. Through its company IPP, starting in 2000, it organized the IPP Open tennis tournament in Finland. According to unconfirmed reports, he financed the Finnish national team that took part in the Davis Cup matches, and also provided sponsorship to a number of Russian tennis players.
Social Circles: High-profile Russian business and political figures, international business community.
Membership in Private Clubs and Social Organizations: Not widely publicized.
Associates:
Business Connections:
Leonid Mikhelson: Business partner and CEO of Novatek
Alexei Miller: CEO of Gazprom
Dmitry Pumpyansky: Chairman of TMK
Vladimir Putin: Russian President and long-time associate
Igor Sechin: CEO of Rosneft
Viktor Vekselberg: Russian businessman, Chairman of Renova Group.
Igor Zyuzin: Russian industrialist, Chairman and CEO of Mechel.
Roman Abramovich: Russian billionaire, Co-Owner of Millhouse Capital
Viktor Rashnikov: Russian businessman, Chairman of Magnitogorsk Iron and Steel Works.
Patrick Pouyanne: French businessman, Chairman and CEO of TotalEnergies.
Sergei Shoigu: Russian politician, Minister of Defence of the Russian Federation.
Arkady Rotenberg: Russian businessman, Co-owner of Stroygazmontazh.
Yury Kovalchuk: Largest shareholder of Rossiya Bank
Roman Rotenberg: Russian businessman, Vice President of SKA St. Petersburg.
Vladimir Potanin: Russian businessman, President of Norilsk Nickel.
Alexei Mordashov: Russian businessman, CEO of Severstal.
Herman Gref: Russian economist, CEO of Sberbank.
Torbjörn Törnqvist: Swedish businessman, Co-founder and CEO of Gunvor Group.
Ziyavudin Magomedov: Russian businessman, Co-owner of Summa Group.
Christophe de Margerie: Late French businessman, Former CEO of Total S.A.
Alisher Usmanov: Uzbek-born Russian billionaire, Founder of USM Holdings.
Pyotr Aven: Russian businessman, Former President of Alfa-Bank.
Kirill Dmitriev: Russian investor, CEO of Russian Direct Investment Fund (RDIF).
Andrey Kostin: Russian banker, President and Chairman of VTB Bank.
Regis Monfront: French businessman, Deputy CEO of Société Générale.
Peter Charow: American businessman, Vice President of BP Russia.
Timchenko's business relationships are often with key figures in the Russian energy sector and government.
Personal Connections:
Sergey Frank, CEO of Sovcomflot
Igor Butman: Russian saxophonist, Jazz musician and bandleader.
Gerhard Schroeder: Former Chancellor of Germany.
Vyacheslav “Slava” Fetisov: Russian former professional ice hockey player, NHL Hall of Famer.
Pavel Bure: Russian former professional ice hockey player, NHL Hall of Famer.
Alexei Kasatonov: Russian former professional ice hockey player, NHL and Soviet national team.
Political and Social Influence:
Political Affiliations: Close ties to the Russian government and Vladimir Putin.
Advocacy: Advocates for policies favorable to the energy sector and Russian economic interests.
Significant Political Statements: Generally maintains a low public profile regarding political statements.
Future Plans and Projects:
Upcoming Ventures: Continued expansion in energy and infrastructure through Volga Group.
Forecasts: Expected to maintain significant influence in the global energy market.
Legacy: Known for his contributions to the Russian economy and energy sector.
Available Data on Possessions:
Yachts: 38m (126ft) San Lorenzo, luxury yacht 'Lena', valued at $17 million, with annual running costs of around $2 million, vessel was frozen by Italian Tax Authorities in 2022 due to US sanctions against Timchenko.
Private Jets: Gulfstream G650, In 2021 the aircraft was sold as the legal owning entity was put on a US sanctions list.
Cars: High-end brands such as Mercedes-Benz and Bentley.
Art: Owns an extensive art collection including works by prominent Russian and international artists. He is interested in collecting art in the style of socialist realism.
Real Estate and Residences: Properties in Switzerland, Russia, and France.
French Riviera Property, Le Lavandou, France, France
Villa in Geneva, Switzerland
Collectables: Collects rare artifacts and memorabilia related to Russian history and culture.
Expensive Accessories: Known for luxury watches and custom-made suits.
Public Persona and Influence:
Media Presence: Rarely appears in media; prefers to maintain a low profile.
Public Speaking: Limited public speaking engagements.
Public Appearances: Attends key industry conferences and business summits.
Recognition and Awards: Recognized for contributions to the Russian energy sector and philanthropy.
Medal “For Services to the Republic of Karelia” (June 8, 2020, Republic of Karelia, Russia) - for services to the Republic of Karelia and its residents, great contribution to the socio-economic development of the republic and active work as part of the State Commission for preparations for the celebration of the 100th anniversary anniversary of the formation of the Republic of Karelia.
Knight of the Legion of Honor (2013, France).
Gratitude from the President of the Russian Federation (September 10, 2016) - for services in the field of physical culture and sports, great contribution to the development of domestic hockey.
Future Plans and Projects:
Upcoming Ventures: Further investments in sustainable energy and infrastructure.
Forecasts: Continued influence in global energy markets and Russian economic development.
Legacy: Renowned for his strategic business acumen and philanthropic efforts.
Political and Social Influence:
Political Affiliations: Close to the Russian political elite.
Advocacy: Supports policies that enhance Russia's position in global energy markets.
Significant Political Statements: Avoids public political discourse, focusing on business and philanthropy.
Other Information:
Unique Contributions: Pioneering efforts in post-Soviet oil trading, significant philanthropic impact in Russia.
Media Search Results for Gennady Timchenko
Biographical Books
Currently, there are no biographical books specifically dedicated to Gennady Timchenko available in public databases.
Controversies and Legal Issues
Controversies
Gennady Timchenko, co-founder of the Gunvor Group and owner of the Volga Group, is a close associate of Russian President Vladimir Putin. His business dealings have attracted significant scrutiny, particularly regarding his rapid wealth accumulation and ties to the Russian government. One major controversy involves the U.S. Department of the Treasury's assertion that Putin has investments in Gunvor and may have access to Gunvor funds.
Legal Issues
Timchenko has faced numerous legal issues, primarily related to international sanctions.
In March 2014, following the Crimean status referendum, the U.S. Treasury put Timchenko on the Specially Designated Nationals List (SDN), a list of individuals sanctioned as “members of the Russian leadership’s inner circle.” The sanctions freeze any assets he holds in the United States and ban him from entering the U.S. Timchenko is on the list of Russian "oligarchs" named in the CAATSA unclassified report.
On 22 February 2022, the UK government announced sanctions on Timchenko after Russia recognised the independence of the Donetsk and Luhansk people's republics and deployed troops to the republics. On 28 February 2022, in relation to the 2022 Russian invasion of Ukraine, the European Union blacklisted Timchenko and had all his assets frozen.
Sanctioned by Canada under the Special Economic Measures Act (S.C. 1992, c. 17) in relation to the Russian invasion of Ukraine for Grave Breach of International Peace and Security.
On October 19, 2022, Gennady Timchenko was added to the Ukrainian sanctions list.
On March 4, 2022 the Italian police seized his yacht Lena in the port city of Sanremo. The yacht was also placed on a United States sanctions list; his wife and daughter are also named to the sanctions list.
On November 16, 2023, Gennady Timchenko filed a lawsuit to appeal the court decisions of the European Court of General Jurisdiction regarding the sanctions imposed on the businessman. Previously, the court had already once denied Timchenko and his family members a similar claim.
Scandals
Timchenko was implicated in the Pandora Papers, which revealed his use of offshore entities to manage his wealth. These disclosures have raised questions about the legality and ethics of his financial strategies.
Allegations
There have been allegations regarding Timchenko's involvement in money laundering through the U.S. financial system, particularly concerning Gunvor's oil trading activities. Although Gunvor has denied these allegations, the U.S. Attorney's Office issued subpoenas related to these activities.
Criticisms
Critics have targeted Timchenko for his close ties with Putin and his role in facilitating the Russian government's financial operations. His business practices, including the use of offshore tax havens and aggressive investment strategies, have also drawn criticism.
Public Conflicts
Timchenko has not been involved in many public conflicts, largely maintaining a low profile. However, his associations and business dealings have led to significant political and legal challenges.
Statements by Ivan Rybkin and Stanislav Belkovsky: In February 2004, one of the leaders of the opposition party Liberal Russia, Ivan Rybkin, stated that Putin was involved in shady business activities with Timchenko, and that Timchenko actually had control over the Russian oil giant "Surgutneftegaz". In 2007, in the run-up to the parliamentary elections, political technologist Stanislav Belkovsky claimed that Putin controlled 4.5% of Gazprom shares and 37% of Surgutneftegaz shares, as well as half of the Gunvor company. Journalists from The New Times found no evidence of this fact. In an interview with Forbes in October 2012, Gennady Timchenko stated that he indeed has a small stake in Surgutneftegaz. These shares were acquired at the initial stage of formation of the company and do not make Timchenko a “co-owner” of the company. Surgutneftegaz traded through Gunvor due to the fact that the latter had a tangible competitive advantage over other companies.
In October 2013, a representative of Gennady Timchenko confirmed that the entrepreneur’s share in Surgutneftegaz does not exceed 0.01% and, according to various sources, ranges from $5 to $10 million.
Lawsuit against The Economist: In November 2008, the British weekly The Economist published an article “Grease my palm” (in Russian-language media the title was translated as “Give it to your paw”), in which it alleged a qualitative increase in corruption in Russia during the presidency of V.V. Putin. The article mentioned the success of the Gunvor company, which coincided with the YUKOS case. In connection with the publication, Timchenko filed a lawsuit. In January 2009, the newspaper changed the text of the article on its website: Gunvor and Timchenko were no longer mentioned in it. The lawsuit ended with a settlement agreement (before the start of the debate between the parties), according to which the newspaper published an explanation with the following content: “When speaking about Russian corruption in the article, The Economist did not mean that Timchenko received business through bribes or through other corruption schemes; Rosneft sells through “Gunvor” only accounts for about 30-40% of the produced oil, and not “the majority” (English bulk), as was said in the article;
The Economist accepts Gunvor's assurances that neither Vladimir Putin nor other important political figures in Russia own any shares of Gunvor's property.
Lawsuit against Nemtsov and Milov: In June 2010, Boris Nemtsov and Vladimir Milov released a million copies of the report “Putin. Results. 10 years”, in which there was a mention that the businessman allegedly owes his fortune to his close and long friendship with Vladimir Putin[76]. Gennady Timchenko sued the authors of the report and demanded a refutation of this information, the exclusion of all 12 mentions of his name from the Internet version of the report, publication of a refutation in the Kommersant newspaper, as well as compensation for moral damage - 300 thousand rubles and payment of a state duty of 800 rubles.
Disputed quotes that the plaintiff asked to refute: “Putin’s old friends, who were nobody before he came to power - Gennady Timchenko, Yuri Kovalchuk, the Rotenberg brothers - turned into dollar billionaires”; “For what reasons do state oil companies export a significant portion of oil through the company Gunvor, which is owned by Putin’s friend Gennady Timchenko?”; “There is reason to believe that all these Timchenkos, Kovalchuk’s, Rotenberg’s are nothing more than nominal owners of large property, and the real beneficiary is Putin himself.”
In February 2011, the Zamoskvoretsky court partially recognized the plaintiff’s correctness in two of the three phrases disputed by the plaintiff, obliging the authors of the report to refute the allegations that “Timchenko is an old friend of Putin,” as well as that “Putin is the ultimate beneficiary of Timchenko’s companies.” According to the court decision, the defendants must publish a refutation in the Kommersant newspaper within ten days, and also pay Timchenko 100 thousand rubles. every. Nemtsov and Milov appealed the decision of the Zamoskvoretsky court to the Moscow City Court.
In March 2011, the Moscow City Court did not satisfy the complaint of politicians Boris Nemtsov and Vladimir Milov against the decision of the Zamoskvoretsky Court.
Curious Information
Little-known Biography Facts
Timchenko was born in Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia), in 1952. His father was in the Soviet military and served in the Second World War. He lived for six years of his childhood (from 1959 to 1965) in the German Democratic Republic (learning to speak German) and in the Ukrainian SSR.
Connections with the KGB. According to a statement by an anonymous state security officer who gave an interview to the Vedomosti newspaper, Gennady was an agent in the First Main Directorate of the KGB of the USSR. Gennady Timchenko himself, in an interview with the American publication The Wall Street Journal, said that he had never had anything to do with the KGB and was not an employee of the special services.
Citizenship: According to the Vedomosti newspaper, in his interview with The Wall Street Journal, Timchenko said that in 1999 he renounced Russian citizenship to obtain Finnish citizenship. In 2003, Finland passed a law allowing dual citizenship. After this, Timchenko apparently restored his Russian citizenship, since in an interview with Forbes on October 26, 2012, Gennady Timchenko stated that he has both Russian and Finnish citizenship. In an interview on August 1, 2014, Timchenko admitted having Finnish citizenship.
Unusual Experience
Timchenko has played a prominent role in Russian sports, particularly ice hockey. He owns a stake in SKA Saint Petersburg and has been involved in the development of the Kontinental Hockey League (KHL).
Gossip and Rumors
There have been persistent rumors about Timchenko's financial connections to Putin, often citing his rapid rise in wealth and his critical role in managing Russian oil exports.
Mentions in Conspiracy Theories
Timchenko is often mentioned in conspiracy theories due to his close relationship with Putin. These theories speculate about the extent of his influence within the Kremlin and his role in facilitating covert financial operations for the Russian government (OCCRP) (ICIJ).
Psycho-emotional Profile of Gennady Timchenko
Emotional State and Mood: Gennady Timchenko, a prominent Russian businessman, maintains a composed and stable emotional state. His resignation from the Board of Directors at PAO NOVATEK in 2022 indicates a significant transition, possibly reflecting a period of introspection and adjustment. Overall, his mood seems steady, with predominant emotions being calmness and confidence, given his continued influence and business activities.
Personality Traits: Timchenko exhibits traits of both introversion and conscientiousness. Despite his high-profile status, he tends to avoid the public eye, indicating a preference for privacy. He is highly conscientious, shown through his strategic management of businesses and investments. His temperament is resilient and strategic, allowing him to navigate complex political and economic landscapes effectively.
Stress Levels and Coping Mechanisms: Timchenko likely experiences moderate to high stress levels due to the political and economic pressures associated with his business dealings in Russia. His coping mechanisms include maintaining a low profile and focusing on long-term strategic planning. His resignation from NOVATEK’s board suggests a proactive approach to managing stress by stepping back from roles that may add pressure.
Self-Esteem and Self-Concept: Timchenko’s self-esteem appears to be high, supported by his significant achievements and status as one of Russia’s wealthiest individuals. He views himself as a capable and influential leader, with a strong self-concept centered around his business acumen and strategic influence in the energy sector.
Interpersonal Relationships: Timchenko maintains professional and personal relationships with influential figures, including President Vladimir Putin. His network likely includes close business associates and family members who provide social and professional support. These relationships are characterized by loyalty and mutual benefit, essential for maintaining his business empire.
Behavioral Patterns: Timchenko is characterized by strategic decision-making and a preference for maintaining a routine. He avoids impulsive actions, focusing instead on well-considered decisions. His behavior reflects a methodical approach to managing his business interests and personal life, with no indications of maladaptive behaviors.
Psychological Well-being: Overall, Timchenko’s psychological well-being appears stable. His ability to manage high-stress roles and maintain a low-profile lifestyle contributes to his mental health. There are no reported symptoms of mental health conditions, suggesting good psychological resilience.
Cognitive Functioning: Timchenko demonstrates high cognitive functioning, with strong strategic planning and problem-solving skills. His success in the energy sector indicates a sharp, analytical mind capable of managing complex business operations and navigating political challenges.
Past Experiences and Trauma: Significant life events, such as his business ventures in the volatile Russian market and managing international scrutiny, have shaped Timchenko’s resilience and strategic outlook. There is no public information suggesting past trauma significantly impacts his current functioning, indicating effective management of any adverse experiences.
Motivations and Goals: Timchenko is driven by both intrinsic and extrinsic motivations. His goals include maintaining and growing his business ventures, contributing to the Russian economy, and sustaining his influence in the energy sector. His resignation from NOVATEK’s board suggests a focus on strategic career management and personal well-being.
Physical Health and Its Impact: There is limited public information on Timchenko’s physical health, but his active involvement in business and maintaining a demanding lifestyle suggest he prioritizes his well-being. Effective physical health likely contributes positively to his psychological well-being, enabling him to manage stress and responsibilities effectively.
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