An investigative report conducted by Russian-Latvian newsgroup Meduza and the Organized Crime and Corruption Reporting Project (OCCRP) unveiled a network of companies and non-profit organizations worth over $4.5 billion in luxury assets that are potentially linked to Russian President Vladimir Putin.

Putin consciously tries to cultivate an image of self-denying patriotism among the Russian public. However, such an image could not have been further from the truth. For years, journalists and anti-corruption watchdogs have tried to piece together evidence and leaks that point to the Russian dictator’s enormous wealth.

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The Russian president has been linked to several luxury properties across Russia, including a supposed billion-dollar palace estate along the Black Sea, acres of surrounding vineyards, the Igora Ski Resort, and Villa Sellgren located north of St. Petersburg. However, time and again, Putin avoided direct relation to the properties.

Russian opposition leader Alexei Navalny claimed a palace worth $1 billion was built for Putin’s personal use. However, during the investigation of the estate on the Black Sea, Putin’s billionaire friend and former judo sparring partner, Arkady Rotenberg, claimed ownership of the property.

A palace worth 1 billion allegedly built for Putin in Gelendzhik near the Black Sea (Organized Crime and Corruption Reporting Project). Source:
A palace worth 1 billion was allegedly built for Putin in Gelendzhik near the Black Sea (Organized Crime and Corruption Reporting Project). Source:

Vineyards surrounding the estate, which Navalny claimed resulted from an excessive hobby of the Russian president, were split between two other associates: a son of one of his childhood buddies and Russian oligarch Gennady Timchenko.

Another property, the villa in St. Petersburg, known to the locals as “Putin’s Dacha,” was claimed by Sergey Rudnov, whose late father, Oleg Rudnov, was a former close associate of Putin.

Each time a luxury asset has been linked to Putin, be it an estate or a superyacht, the Russian president picks one from his long list of associates to step up and claim them. This strategy has proven effective as most attempts to confirm Putin’s vast wealth have been futile, at least before this report.

The Multi-billion Dollar Wealth

The investigation conducted by Meduza and the OCCRP revealed a network of 86 independent companies of unrelated industries, communicating and coordinating in a secured email domain “”