Gutseriev and Friends

There was an article in Bloomberg yesterday that outlined the current trajectory the Gutseriev family is on, buying up troubled Russian banks.

There are many pieces to this story, but I’d like to highlight one that nobody seems to be paying attention to. As Russia falls into further and further financial difficulty, the oligarchs are being called upon to bail out the state. This is the system. The oligarchs are nothing more than glorified state bankers. The money they have is not theirs, they are only holding it for the Russian state. They collect some interest on it, but when the state needs aid, the oligarchs must pay up in one way or another. We saw this with Sistema’s Yevtushenkov last year. While it’s still unclear what exactly went on behind the scenes, it appears that Yevtushenkov was not willing to abide by the terms of the contract, and was made an example of.

Meanwhile, the assets are being consolidated into the hands of specific oligarchs. From what I have been able to determine, the oligarchs who are ‘benefiting’ most from the current crisis are as follows:


The main shareholders of Otkritie are:

VTB (whose majority shareholder is the Russian state) holds a 10% stake in the company.

*Leonid Fedun is the chairman of the board of directors at IFD Kapital Group.



  • Mikhail Gutseriev
  • Mikhail Shishkhanov

B&N has been buying up assets since at least 2012.

Credit Bank Moscow


Bokarev seems to have been the main beneficiary of the Gunvor restructuring.

Tinkoff Bank