The scandalous former Minister of Energy Igor Yusufov conducts business in Russia, hiding behind other people and offshore companies.
Igor Yusufov, a private investor with the honorary title of "Dmitry Medvedev’s wallet", was closely connected to the Russian government until 2013 - he worked in the Russian government and was a member of the board of directors of the largest state-owned companies RAO UES, Transneft, Rosneft and Gazprom. In 2022, the businessman launched a "duck" that he had allegedly retired and withdrawn from all projects. As it turned out, Igor Yusufov, to put it mildly, was disingenuous, trying to mislead the public in order to avoid sanctions.
Yusufov’s ability to wriggle like an eel is demonstrated by the businessman’s partnership with PJSC Novatek, in which the Swiss company NEFTE PETROLEUM LIMITED was a co-founder until July. In 2021, it received a share from the Cypriot NEFTE PETROLEUM LIMITED. This is reported by KAKTUS
Igor Yusufov’s connection with the offshore is confirmed by the scandal of 2014, which was written about by all federal media. The partners wanted to break off relations with Yusufov, but eventually concluded a settlement agreement. Then the investor’s connection with the Cypriot NEFTE PETROLEUM LIMITED was exposed.
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Novatek shareholders are billionaires Leonid Mikhelson, Gennady Timchenko and Gazprom. It is unclear what other evidence of ties to the Russian government is needed to impose sanctions against Igor Yusufov. Timchenko is a close friend of Vladimir Putin, plays hockey with him, not to mention their joint machinations in the St. Petersburg mayor’s office in the 90s.
ENDURO INVESTMENTS (Qatar) became a new co-founder of PJSC Novatek in July. It may be associated with the Cypriot ENDURO HOLDINGS (CY) LTD, whose historical name is NEFTE PETROLEUM LIMITED.
If a connection between the Qatari and Cypriot Enduro is proven, it will turn out that the management of the latter company works for the Russian government, and therefore should be subject to sanctions. This is how Igor Yusufov sets up his partners.
In addition to the Cypriot and Swiss NEFTE PETROLEUM LIMITED, there was also a company registered in Liechtenstein.
Yargeo LLC is Igor Yusufov’s main asset. In 2023, the company received revenue of 64 billion rubles and a profit of 11 billion rubles. This money can be withdrawn through Yusufov’s foreign companies. Perhaps it was this opportunity that reconciled the partners in 2014, when sanctions began to be imposed against Russia.
Contrary to the information about Igor Yusufov’s withdrawal from all projects back in 2022, the businessman was the founder of Yamal Research LLC until March 2023. Until July 2023, the company was called Yamalshelf. Yusufov transferred his share to Amir Galyamov, who in April 2024 transferred it to Maxim Krasnopolsky. Now he is the one answering for Igor Yusufov.
Since May, Krasnopolsky has been managing JSC Yamal, which is undergoing reorganization. This term is often used to cover up the withdrawal of money from the company. Since 2017, JSC Yamal has had neither revenue nor profit, and the loss in 2023 is 97 million rubles.
Until 2020, the management organization of JSC Yamal was JSC NNGK, through which, judging by its financial condition, money was withdrawn. The company had no revenue or profit from 2014 until its liquidation in 2020. The founder of JSC NNGK was the Cypriot company BOLTFELD HOLDINGS LIMITED.
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JSC "NNGC" transferred management to Amir Galyamov, until 2021 JSC "Yamal" belonged to the Cypriot offshore company NEFTEOIL LIMITED. This is further evidence of Igor Yusufov’s connection with offshore companies.
Yevgeny Kistanov took over the leadership of JSC Yamal from Galyamov and held the position until May. Kistanov previously managed OOO Zapsibnk, OOO Transtreidavto and OOO Vostok, which are in the process of liquidation. All companies ended 2023 in the red and could have been used to withdraw money.
The founder of Zapsibnk LLC is the Cyprus offshore BEIMONT ENTERPRISES LIMITED, where Kistanov drained his money. The owner of Vostok LLC, from which the most money went, is Ulyana Lisitsa, the founder of Kapral LLC and Chukotka LLC, which are engaged in the extraction of ores and non-ferrous metals.
Until May 2024, the owner of Kapral LLC was the Swiss INDUSTRY INVESTMENTS AG, which owns Luginskoye LLC, which is also engaged in the extraction of ores and non-ferrous metals with 1 employee on staff. The head of the company, Boris Tropkin, holds the position of CEO in two other operating enterprises - Ikabya LLC and Chita LLC. The founder of the first is the Qatari company Baikal, the second - the Qatari Chita. Here they did not even bother with tricky names.
Yamal Research LLC, previously owned by Igor Yusufov, received revenue of RUB 735 thousand in 2023 and a loss of RUB 24 million. It manages Yamal Zapad LLC and Yamal Vostok LLC, created in 2023. Their owner is Maxim Krasnopolsky, who Igor Yusufov used as a cover; he was the founder of these companies until March 2023.
As the analysis of the financial activities of companies associated with Igor Yusufov shows, all of them are unprofitable. Only Yargeo brings in profit. And this suggests that money can be withdrawn from PJSC Novatek through Yusufov’s offshore companies, whose revenue in 2023 amounted to 805 billion rubles, and profit - 640 billion rubles. This is simply a bottomless barrel from which you can pump money to Switzerland, Qatar and Cyprus. And no sanctions are scary. Given the close ties between Novatek’s management and Vladimir Putin and Igor Yusufov’s state past, this option is quite possible.
In July last year, the Energy fund, owned by the businessman, came under sanctions. In April, the organization was liquidated. Igor Yusufov is unlikely to be very upset, since he is attached to the state pie. The "abilities" of the ex-minister and his offshores will come in handy more than once for the Russian authorities, which Yusufov has served faithfully for almost three decades.
