Portuguese 
English 
Spanish 
3 min of reading 
0 comments 
Oil, Gas, and Mining Sectors Drive New Billionaire Record in Russia, Highlighting the Strong Connection Between Wealth and Support for the Kremlin
Amid the war in Ukraine and Western economic sanctions, Russia has registered unexpected economic growth. The latest data shows an increase in the number of billionaires in the country, revealing a new portrait of the Russian elite. The numbers were released by Forbes in early April and confirm what had already been pointed out by the growth of Russian GDP.
GDP Grows Even Under Sanctions
In 2022, the year of the invasion of Ukraine, Russia’s economy shrank by 1.2%, according to the International Monetary Fund (IMF).
The sanctions imposed by the United States, Europe, and allies were severe and targeted strategic sectors of the country. However, in the following years, the Russian economy showed unexpected strength.
-
A major turn in the Justice system suspends tax increases and directly impacts oil and gas companies in Brazil by affecting costs, contracts, and financial planning, leaving uncertain what could happen to the sector if these costs had increased.
-
Brava Energia begins drilling in Papa-Terra and Atlanta and could change the game by reducing costs in oil while increasing production and strengthening competitiveness in the offshore market.
-
Petrobras surprises the world again by announcing a new discovery in the pre-salt with excellent quality oil.
-
Offshore industrial demand in Macaé skyrockets with the recovery of oil and gas and could grow by up to 396% by 2026 in the Campos Basin.
Russian GDP grew by 3.6% in 2023. The same growth was repeated in 2024. The main driver of this recovery was the increase in exports of oil, natural gas, fertilizers, and other products.
The main destinations for these exports were China, India, and Brazil, countries considered geopolitical allies of Russia.
More Billionaires Than Ever
According to Forbes, the number of Russian billionaires increased from 120 in 2024 to 140 in 2025. This is a record in the magazine’s survey. Russia ranked behind only four countries: the United States (902 billionaires), China (450), India (205), and Germany (171).
Moscow stood out on the list. The Russian capital increased from 74 to 90 billionaires. This made the city the second in the world with the most billionaires, behind only New York, which has 123 names on the list.
Direct Relationship with Power
In the Russian system, it is practically impossible to accumulate large fortunes without maintaining good relations with the Kremlin. This pattern became evident among the names included in Forbes’ list.
The richest among Russians is Vagit Alekperov, founder of Lukoil. His net worth is US$ 28.7 billion. In 1990, Alekperov was appointed Deputy Minister of Oil and Gas Industry.
After the collapse of the Soviet Union, he benefited from the privatization process and founded Lukoil. The company is now the largest non-state oil company in Russia.
Alekperov left the presidency of Lukoil in 2022 after suffering sanctions from the United Kingdom and Australia. Nevertheless, he retained his shares. As a result, he received over US$ 2.2 billion in dividends between 2023 and the first quarter of 2024, according to Bloomberg.
Although Lukoil called for an end to the war at the beginning of the conflict, the company directly assisted the Russian military effort.
According to a Reuters report, Lukoil was one of five companies that provided more than 75% of the key chemicals used in Russia’s explosives factories. The company stated that it does not manufacture explosives or any related components.
Fortunes Tied to the Kremlin
The second richest Russian is Alexei Mordashov, with US$ 28.6 billion. He owns the steel and mining giant Severstal. Mordashov is also subject to international sanctions. Nevertheless, his businesses continue to thrive.
He has made generous payments to allies of the Putin government. He is also a partner in a financial institution that was considered the “personal bank” of high-ranking Russian government officials after the annexation of Crimea.
Mordashov even personally paid a German writer to produce a book about Vladimir Putin. This direct connection with power remains an important factor in the trajectories of Russian billionaires.
New Billionaires Follow the Same Path
Among the newcomers on the list, the pattern is repeated. Vikram Punia, of Indian descent, is one of the new billionaires on Forbes. He owns the pharmaceutical company Pharmasyntez, one of the main suppliers of medicines with contracts with the Russian government. His fortune is US$ 2.1 billion.
Fortune in Times of War
Even with the conflict in Ukraine still ongoing, the Russian economic elite continues to grow. Forbes data shows that, for many billionaires in the country, the war has not hindered the increase of their wealth — on the contrary, it has ended up being a factor that further boosted businesses tied to power.
With information from Gazeta do Povo.
Seja o primeiro a reagir!