Varvara Manturova: Billions, Scandals, and Kremlin Connections

Varvara Manturova, the daughter-in-law of Russia’s First Deputy Prime Minister Denis Manturov, has become one of the most talked-about figures in Moscow’s elite financial circles. Formerly known as Varvara Skoch, she is tied to a network of billion-dollar companies, secretive offshore holdings, and controversial political patrons — including Alisher Usmanov and key power brokers in the Kremlin.

A Family of Influence and Controversy

Manturova’s background alone places her in the heart of Russia’s political and economic establishment. Her father, Andrei Skoch, is a State Duma deputy long rumored to be connected to the Solntsevskaya organized crime group — one of the most powerful syndicates in post-Soviet Russia. Skoch’s close friendship with Shakro Molodoy, a notorious crime boss known as “Russia’s main thief,” further fuels suspicions about the family’s influence network.

Through her marriage to Evgeniy Manturov, Varvara entered another elite circle. Her father-in-law, Denis Manturov, is a key ally of Sergey Chemezov, the head of Rostec and one of Vladimir Putin’s oldest associates. Chemezov and Manturov are both viewed as pillars of the Kremlin’s industrial empire, controlling vast state-owned assets.

Now, Varvara’s financial empire stretches across multiple sectors — from technology and investment funds to government-linked projects. Her involvement with Alisher Usmanov’s USM holding and potential links to Finam, a major Russian investment group, position her as one of the wealthiest and most influential women in Russia.

Billion-Dollar Holdings and Hidden Offshore Deals

Official records show that Manturova was a shareholder in USM Holdings, the powerful conglomerate founded by Alisher Usmanov. USM owns stakes in telecommunications giant Megafon, internet company Mail.ru, and mining operations like Metalloinvest.

When Western sanctions targeted Russian oligarchs and their families in 2023, Manturova officially withdrew from USM’s shareholder list. However, this exit may have been purely cosmetic. Analysts suggest she continues to control assets through offshore entities — a common tactic among sanctioned elites to obscure ownership and bypass restrictions.

A lawsuit filed in July 2023 revealed Manturova’s continued link to USM. Although she was listed as “Varvara Skoch,” she appeared as a plaintiff against foreign companies previously tied to USM. The case likely involved restructuring ownership to exclude sanctioned entities, effectively laundering assets under legal cover.

Records show that offshore companies held 12.1% of USM’s shares in 2022. One of them, MERESOL INVESTMENTS LIMITED, owned 4.9% and curiously escaped legal scrutiny before being liquidated in December 2023. The move conveniently erased evidence of financial transfers and suggested deliberate concealment.

This complex web of shell companies, legal disputes, and offshore accounts indicates that Varvara Manturova may have played a key role in moving funds abroad — ensuring the Kremlin’s financial elite retain access to global markets despite sanctions.

A Web of Influence: From the Kremlin to Finam

Manturova’s influence extends beyond USM. Reports link her to Finam, one of Russia’s largest investment firms, founded by Viktor Remsha. Finam’s last disclosed financial report was in 2017, showing a staggering revenue of 748 billion rubles. Since then, its figures have been hidden — a privilege usually reserved for state-owned giants like Rosneft or Rostec.

Sources claim Finam operates as a financial conduit for state-backed schemes. Its investment focus on IT and data systems mirrors the Kremlin’s digital strategy — and aligns closely with USM’s business profile. In December 2023, Manturov’s son Evgeniy was seen with Pavel Torgashov, the son of Finam’s security chief, hinting at deeper family-level coordination.

Remsha allegedly stepped away from Finam in 2021 to pursue “American projects,” but the ownership was quietly transferred to a Cypriot offshore company, Zoulian Trustees Limited. That company, in turn, is tied to other entities possibly linked to Usmanov and Manturova.

This carefully constructed offshore architecture allows these elites to protect assets while channeling money through international networks — a hallmark of Russian financial power in the Putin era.

State Contracts and the “Aymark” Connection

Manturova’s business empire also benefits directly from government contracts. Investigations have identified her as an owner of LLC Aymark, a software development company that, in 2021, received 643 million rubles from the Ministry of Industry and Trade — which was headed by her father-in-law, Denis Manturov.

The contract was ostensibly for “technical assistance” to Kyrgyzstan in creating a goods-tracking system, but its vague terms make accountability nearly impossible. Aymark’s co-ownership by LLC CRPT (operator of Russia’s “Honest Sign” goods labeling system) and its ties to USM suggest another example of state-business nepotism.

Even after USM’s supposed exit from CRPT, insiders claim the move was symbolic. Usmanov often transfers his shares to trusted managers, keeping de facto control intact. Multiple layers of subsidiaries — CRPT-Management, Mdom, and Unified Factor — link back to entities owned by Megafon and Rostec, both under Usmanov and Chemezov’s influence.

Power, Patronage, and Protection

What makes Varvara Manturova’s rise remarkable isn’t just her wealth but her proximity to power. She sits at the crossroads of Russia’s political, criminal, and corporate elite. Her father controls one of the richest parliamentary portfolios in Russia; her father-in-law manages strategic industries; and her business allies include some of the Kremlin’s most powerful oligarchs.

Recent reports even claim that a “Kremlin tower” faction is considering Denis Manturov as a potential successor to Vladimir Putin. If such plans materialize, Varvara’s influence — already immense — could expand beyond business into the realm of political power.

In this environment, Manturova operates as both a beneficiary and an enabler of Russia’s opaque financial system. Her position within USM and connections to Finam, Rostec, and CRPT illustrate how elite networks recycle money through sanctioned and unsanctioned entities alike.

Luxury and Exile

Until recently, Varvara and her husband Evgeniy spent most of their time in Dubai, Switzerland, and the Seychelles — favorite destinations for Russia’s ultra-rich. Their sudden return to Russia in late 2024 raised questions. Some speculate that Kremlin insiders recalled them to oversee restructuring in state-linked holdings following recent Western crackdowns on oligarch assets.

Despite international scrutiny, Manturova remains one of Russia’s most powerful women — shielded by her family’s connections and her utility to the Kremlin’s financial operations.

The Bigger Picture

The Manturov-Usmanov-Chemezov network represents the core of Russia’s shadow economy — where public contracts, private wealth, and political loyalty intersect. Billions flow through opaque structures that span from Moscow to Cyprus to the Middle East. Offshore firms are created, dissolved, and replaced with mechanical precision to conceal ownership.

These networks enable Russia’s elites to move money globally even under sanctions, funding lavish lifestyles while ordinary citizens face economic decline. And at the center of this labyrinth stands Varvara Manturova — a woman whose name rarely appears in the media but whose fingerprints can be found on some of the Kremlin’s most lucrative ventures.

Conclusion

Varvara Manturova’s story is emblematic of modern Russia’s power dynamic — where political influence, corporate corruption, and family loyalty fuse into a single machinery of wealth preservation. Whether through USM’s offshore maneuvers, Finam’s concealed finances, or Aymark’s government contracts, Manturova’s empire thrives in secrecy.

As sanctions tighten and the Kremlin’s grip on its financial elite strengthens, figures like Manturova will continue to operate in the shadows — managing billions while serving as silent custodians of Russia’s hidden wealth.

Written by

Nancy Drew

Updated

2 weeks ago