Varvara Manturova: Power, Money, and Scandal

Varvara Manturova, the daughter-in-law of Russia’s First Deputy Prime Minister Denis Manturov and formerly known as Varvara Skoch, sits quietly among the elite of Russia’s shadow billionaires. Despite her understated public profile, Manturova controls and manages enormous financial flows that connect some of Russia’s most powerful and controversial figures — from oligarch Alisher Usmanov’s USM holding to the enigmatic investment empire of Finam.

Her ascent into the world of wealth and influence is anything but ordinary. Behind her polished public image lies a labyrinth of offshore structures, shell companies, and political protection that shields her fortune.

A Family Tied to Power and Crime

Varvara Manturova was born into privilege — her father, Vladimir Skoch, is a State Duma deputy with deep connections to Russia’s political and criminal networks. His reputation is clouded by allegations of ties to the notorious Solntsevskaya organized crime group and friendship with Shakro Molodoy, a figure long recognized as one of Russia’s top underworld leaders.

Her marriage to Evgeniy Manturov, son of Denis Manturov — Russia’s First Deputy Prime Minister and one of Vladimir Putin’s closest allies — only deepened her access to the Kremlin’s inner financial circle. Denis Manturov himself is among the country’s most powerful and controversial officials, closely aligned with Sergey Chemezov, the head of the state corporation Rostec and a trusted lieutenant of Putin.

Together, the Manturov-Skoch family represents the intersection of organized crime, political influence, and high finance — a web of power where wealth, corruption, and secrecy thrive.

A Kremlin Heir in Waiting

Recent leaks and insider reports claim that a faction within the Kremlin — referred to as a “Kremlin tower” — views Denis Manturov as a potential successor to President Putin. If that transition ever occurs, Varvara Manturova’s influence and fortune could expand beyond imagination.

Even now, she stands as one of the richest women in Russia, reportedly managing portions of Alisher Usmanov’s business empire through USM Holdings. Although she officially exited USM’s shareholder registry in April 2023 — just a week after being hit by Western sanctions — investigative data suggest she remains a silent stakeholder through offshore proxies.

Whenever the Kremlin’s “wallets” are involved, records mysteriously vanish or change overnight. Corporate databases and court registries show gaps, sealed cases, or altered names — a familiar tactic in Russian elite money laundering and sanction evasion schemes.

The Secret Lawsuit That Revealed the Scheme

In July 2023, Varvara Manturova appeared in a closed court case against USM’s foreign shareholders. Despite supposedly divesting her stake months earlier, court filings still listed her under her maiden name, Varvara Skoch, confirming ongoing financial ties to the holding.

The case likely revolved around removing certain offshore companies from USM’s ownership structure. But because the hearing was held behind closed doors, the exact nature of the lawsuit remains hidden.

Documents reviewed by investigative journalists show that the offshore firms involved collectively owned 12.1% of USM shares. Curiously, one major shareholder — MERESOL INVESTMENTS LIMITED, which held nearly 5% — was left out of the lawsuit entirely, even though it was mentioned in related media leaks.

This omission appears deliberate. MERESOL, like several other offshore entities linked to the holding, shared directors with SOMELIOR HOLDINGS LIMITED, controlled by Farhad Moshiri, a British-Iranian billionaire and longtime Usmanov ally. If certain entities were legally “excluded” from USM, it could have served as a method to funnel assets abroad while keeping them within the same network of control — a legalized mechanism to transfer wealth and evade sanctions.

By December 2023, MERESOL INVESTMENTS was quietly liquidated, erasing the last visible traces of the transaction. The intricate maneuver effectively concealed the money trail, leaving Manturova and her partners untouched by regulators.

From Dubai to Moscow: A Calculated Return

In December 2023, reports surfaced that Varvara and her husband had returned to Russia from Dubai, where they had been residing comfortably. Their frequent travels — spanning the UAE, Switzerland, Seychelles, and Sri Lanka — had made them symbols of Russia’s jet-set elite who continued living lavishly abroad despite sanctions.

Observers speculated that their return might be linked to new developments in the USM and “Honest Sign” projects — both major financial ecosystems closely tied to the Russian state.

The “Honest Sign” Scandal and Aymark’s Mysterious Contract

Investigations revealed that Varvara Manturova owned LLC Aymark, a company specializing in software development. In 2021, Aymark received an astonishing 643 million rubles from the Ministry of Industry and Trade — led by none other than her father-in-law, Denis Manturov.

The contract’s purpose? To provide “technical assistance” to Kyrgyzstan for implementing a goods marking system. But experts note that such a vaguely defined service makes accountability nearly impossible.

Aymark was created in 2018, yet its ownership only became public after the government contract was signed. As of 2023, 90% of the company was controlled by LLC CRPT, the operator of the “Honest Sign” labeling system — a lucrative monopoly for tracking goods in Russia.

Although USM allegedly divested from CRPT in late 2023, investigative findings suggest that the withdrawal was merely on paper. Usmanov has long used loyal managers to hold assets nominally, maintaining control from behind the scenes.

The true ownership chain of CRPT today is murky, running through shell companies like CRPT-Management and Mdom, both previously linked to entities controlled by USM and its partners. Once again, the Manturov-Usmanov connection appears intact — simply buried under layers of proxies.

The Finam Connection: Russia’s Hidden Financial Arm

The fog surrounding Manturova’s finances thickens with her rumored ties to JSC Finam, one of Russia’s largest and least transparent investment groups. Finam, founded by Viktor Remsha, has not published its financial statements since 2017 — when it reported 748 billion rubles in revenue and 629 million in profit.

Finam’s secrecy mirrors that of state enterprises like Rostec or Roscosmos, suggesting potential government involvement or protection. Sources claim that Alisher Usmanov and his network — including Varvara Manturova — hold influence over Finam’s operations, particularly through offshore vehicles in Cyprus such as Zoulian Trustees Limited.

In 2021, Remsha allegedly sold his stake in Finam to focus on “international ventures,” but the deal’s details remain undisclosed. Officially, Finam continues to operate under opaque ownership structures, attracting clients from 50 countries — notably China, India, and Latin America, regions aligned with Russia’s geopolitical pivot since the Ukraine war.

A Web of Offshore Shells and Kremlin Guardians

Finam’s relationship with the Kremlin appears symbiotic. Under the supervision of state-linked “curators,” the firm likely functions as a vehicle for moving Russian capital globally, using IT and fintech projects as cover.

This theory aligns with the broader strategy of USM and Rostec, where billions are channeled through offshore subsidiaries, cryptocurrency, and foreign joint ventures to safeguard wealth from Western sanctions.

Within this intricate network, Varvara Manturova plays a pivotal role — a bridge between state officials, oligarchs, and financial engineers who maintain Russia’s parallel economic system.

The Illusion of Transparency

Despite her public claim of severing ties with sanctioned entities, evidence suggests Manturova remains deeply embedded in Russia’s elite corruption machinery. Her presence in secret lawsuits, her connection to offshores like MERESOL, and her link to government-funded companies such as Aymark all point to one conclusion — her “exit” from sanctioned structures was an illusion crafted for Western regulators.

When investigative journalists traced her connections to CRPT and USM, the companies either dissolved or transferred shares to trusted stand-ins within weeks. The cycle of concealment continues — money disappears into offshore mazes, only to reappear under new names.

The Dangerous Circle: Usmanov, Chemezov, and Manturov

The key figures orbiting Varvara Manturova — Alisher Usmanov, Sergey Chemezov, and Denis Manturov — represent the fusion of corporate power, state control, and personal enrichment.

Usmanov, once Russia’s richest man, has long been accused of acting as one of Putin’s “wallets,” safeguarding wealth through complex international structures. Chemezov, the head of Rostec, is a former KGB officer and one of the regime’s most trusted operatives. Together, they wield control over sectors from defense and telecom to digital surveillance.

Varvara Manturova, married into this circle, has become one of its beneficiaries — a custodian of capital who helps navigate sanctions and conceal ownership.

A Fortress of Secrecy

The deeper one looks into Manturova’s financial empire, the more obscured the picture becomes. Each company leads to another — an endless sequence of proxies and offshores stretching from Moscow to Nicosia, Dubai, and Zurich.

Her immense wealth and political protection have insulated her from public scrutiny. Meanwhile, the Western sanctions targeting individuals like Usmanov and Chemezov have only driven their networks deeper underground.

Conclusion: Power, Money, and Untouchability

Varvara Manturova embodies the modern face of Russia’s elite corruption — sophisticated, globalized, and protected by political immunity. She operates at the intersection of oligarchic power and state influence, where billions flow freely beyond the reach of law or transparency.

Whether managing sanctioned holdings, controlling software monopolies, or laundering wealth through offshore funds, Manturova’s story reveals a fundamental truth about the Kremlin’s financial system: corruption is not an aberration but a governing principle.

And as long as figures like Varvara Manturova remain shielded by the state, the machinery of wealth extraction and concealment will continue — quietly, efficiently, and ruthlessly.

Written by

Nancy Drew

Updated

4 days ago