Putin corruption network revealed

Russian President Vladimir Putin shakes hands with Kremlin’s Chief of Staff Sergei Ivanov

Corruption by Russian President Vladimir Putin and his administration in Moscow has produced tens of billions of dollars worth of illicit funds for the Russian leader and his top aides, according to U.S. officials.

Putin is estimated to have amassed a fortune worth at least an estimated $28 billion through kickbacks from projects like construction at the Sochi Winter Olympic games, holdings in Russian real estate and energy conglomerates, and kickbacks from deals with associates going back to the late 1990s…

  • Putin controls an estimated 37% of shares in the oil and gas company Surgutneftegaz; a 4.5% stake in the huge gas company Gazprom; and 50% of the oil trading company Gunvor. Putin has obtained cash from Gunvor through an associate, Gennady Timchenko, one of those sanctioned by Treasury and described as “directly linked to Putin.”
  • Putin and his associates stole between $25 billion and $30 billion from funds used in developing Sochi for the Olympics.
  • Putin has spent the illicit funds since the early 2000s on luxury items, including 20 residences, 58 aircraft, and four yachts.

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