Putin’s nephew’s net worth estimated at $1.2 billion

The Russian news outlet “Proekt” estimates that Mikhail Shelomov, the 51 year-old son of Vladimir Putin’s cousin, has a net worth of $1.2 billion. This is the value of his share in the Sogaz insurance company and in Rossiya Bank, which he owns through the company “Accept”.

Shelomov also holds another 2.1% package of shares in Rossiya Bank through the company “Platinum”. He told Novaya Gazeta previously in an interview that his president uncle has nothing to do with the Accept company.

Between 2002 and 2017, Shelomov worked as a “specialist on various matters” in the state-owned shipping company Sovcomflot. According to Proekt’s sources, his position there was organized by Igor Sechin, former deputy head of the presidential administration.

In 2004, the Russian gas monopoly Gazprom sold nearly 76% of Sogaz to Lirus, a subsidiary of Rossiya Bank, and to Accept, which belongs to Shelomov. This happened after Putin and his nephew met personally on the Silver Whisper cruise liner one year earlier, during a meeting of the leaders of the Commonwealth of Independent States.

Proekt’s journalists claim that Accept is only a front, and that the true owners of the business are people from Putin’s close circle. Accept’s registered office is at house number 38 on the street 11-Ya Liniya Vasilyevskogo Ostrova in St. Petersburg (the company has no signboard on the building). The same house serves as the office of the “Rossiya Bank Management Company”, whose telephone number strangely coincides with that of the firms Arkonn and BusinessRoss, which belong to Yury Kovalchuk, a friend of Putin and shareholder of Rossiya Bank.

Rossiya Bank was previously managed by the Igora resort, where the wedding of Putin’s daughter Katerina Tikhonova and businessman Kirill Shamalov was held.

In the town of Zerechye in Russia’s Tver province, Shelomov has a “rickety clapboard house, surrounded by a short fence, with white carved trims”. Shelomov goes there for “a few days” every week, and according to the neighbors, his wife lives in the house all summer.

Previously it was reported that Putin’s relative lives with his family in a cottage village on Glukharskaya Ulitsa on the outskirts of St. Petersburg. The cadastral value of the home is approximately $316,000.

  Putin, Russia, Shelomov