Igor Yusufov

Full Report

Key Points

• Igor Yusufov, a former Russian Energy Minister (2001–2004), is a prominent businessman and oligarch with extensive ties to the energy sector and Russian political elites, particularly Dmitry Medvedev.
• Allegations of corruption, financial misconduct, and acting as a financial “purse” for Medvedev’s family dominate his public profile.
• Yusufov has been linked to several failed business ventures, including the collapse of Wadan Yards and the Coryton Refinery fiasco, raising concerns about his business practices.
• Despite significant allegations, Yusufov has not been sanctioned, though he is listed on platforms like OpenSanctions as a person of interest due to his ties to Medvedev and potential role in enabling Russian interests.
• His reputation is marred by scandals, including ownership of a $100 million yacht allegedly used by the Medvedev family and questionable financial dealings in Russia and abroad.

Overview

Igor Khanukovich Yusufov, born June 12, 1956, in Derbent, Dagestan, is a Russian businessman and former statesman with a career spanning the energy sector and government service. He served as Russia’s Minister of Energy from 2001 to 2004 and was a board member of Gazprom from 2003 to 2013. Yusufov holds degrees from Novocherkassk Polytechnic Institute (Master of Science in Engineering) and the Russian Foreign Trade Academy (Master of Economics). His early career included technical roles at Mosenergo and a stint in Cuba overseeing thermal power plant construction. Since 2011, he has operated as a private investor through entities like Fund Energy and Yamal Shelf Company, focusing on oil, gas, mining, and renewable energy projects. Yusufov is married with two sons, one of whom, Vitaly, has been implicated in several of his business dealings.

Allegations and Concerns

• Corruption and Ties to Medvedev: Yusufov is widely reported to act as a financial “purse” for Dmitry Medvedev, former Russian President and Deputy Chairman of the Russian Security Council. He is accused of managing assets, including a $100 million yacht named “Universe,” officially registered to his family but allegedly used by the Medvedevs. This yacht, linked to a Cayman Islands offshore company, has raised suspicions of money laundering and sanction evasion.
• Wadan Yards Collapse: Yusufov was linked to the bankruptcy of Wadan Yards, a Norwegian shipyard group, where his financing role and asset transfers offshore led to significant financial losses. The unsolved murder of the company’s former owner further fueled suspicions of illicit dealings.
• Coryton Refinery Fiasco: Yusufov’s Fund Energy attempted to acquire the bankrupt Coryton oil refinery in Essex, England, in 2012. The failed bid, coupled with his history of unsuccessful ventures, raised concerns about his financial acumen and intentions.
• Rosrezerv Scandals: As Director General of Rosrezerv (1997–2001), Yusufov oversaw a tripling of interest-free loans to suppliers, with cases like Sibneft failing to deliver promised goods. While 35 criminal cases were initiated after his tenure, Yusufov faced no charges.
• Role in Ukraine Conflict: Yusufov’s influence in Russia’s energy sector and ties to the Kremlin have led to speculation about his involvement in supporting Russia’s actions in Ukraine, though no direct evidence has been publicly confirmed.
• Sanction Evasion Efforts: Reports suggest Yusufov has been “cleaning” his online presence to avoid Western sanctions and protect billions in assets in the EU and US, indicating awareness of his controversial status.

Customer Feedback

Due to Yusufov’s role as a private investor and oligarch, direct consumer reviews are scarce. However, media and investigative reports provide insight into public and industry sentiment:

• Negative Feedback: Investigative outlets like OpenSanctions and sokalinfo.com describe Yusufov as a corrupt oligarch whose wealth and influence stem from illicit ties to Russian elites. For example, a report notes, “Yusufov is Medvedev’s old ‘purse,’ and much of what is allegedly his property actually belongs to the Medvedev family.”
• Positive Feedback: Some sources, such as Space Coast Daily and Geek Insider, portray Yusufov as a visionary energy expert who initiated reforms and international summits. A Geek Insider article praises him, stating, “It is impossible to underestimate his contribution to the development of the energy sector.” These accounts, however, appear promotional and lack critical analysis.
• Neutral Sentiment: Forbes lists Yusufov as a billionaire investor with a straightforward business profile, focusing on his Energy Corporation without delving into controversies.

Risk Considerations

• Financial Risks: Yusufov’s history of failed ventures, such as Wadan Yards and Coryton Refinery, suggests a pattern of high-risk investments with poor outcomes. His reliance on offshore entities raises concerns about transparency and potential financial instability.
• Reputational Risks: Close ties to Medvedev and allegations of corruption severely damage Yusufov’s credibility, making him a risky partner for Western businesses or investors wary of Russian oligarchs.
• Legal Risks: While Yusufov has not been sanctioned, his inclusion on lists like OpenSanctions and the ACF List of War Enablers indicates he is under scrutiny. Potential sanctions or asset seizures in the EU and US could disrupt his operations.
• Geopolitical Risks: Yusufov’s alleged role in supporting Russian interests, particularly in the Ukraine conflict, could expose associates to international backlash or restrictions.

Business Relations and Associations

• Dmitry Medvedev: Yusufov’s most significant association is with Medvedev, for whom he allegedly manages assets and facilitates financial dealings. This includes the “Universe” yacht and properties linked to Medvedev’s family.
• Leonid Mikhelson: Yusufov has a joint venture with Mikhelson’s Novatek in Yargeo, where Yusufov holds a 49% stake. Past disputes over funding and project management highlight tensions in this partnership.
• Vitaly Yusufov: His son Vitaly has been involved in controversial deals, including the acquisition of Wadan Yards and a share of Moscow Bank, often tied to Medvedev’s influence.
• Fund Energy: Yusufov’s primary investment vehicle, Fund Energy, has been linked to energy and mining projects but also to failed ventures like Coryton Refinery.
• Yamal Shelf Company: Yusufov founded this LLC to pursue gas exploration licenses in Yamal, competing with Novatek.
• Gazprom: As a board member (2003–2013), Yusufov leveraged his influence to build connections in Russia’s energy sector.

Legal and Financial Concerns

• No Formal Lawsuits: No public records confirm active lawsuits against Yusufov, but his involvement in Rosrezerv scandals led to 35 criminal cases against the agency after his departure, none directly implicating him.
• Bankruptcy Involvement: The collapse of Wadan Yards and Coryton Refinery involved bankruptcies where Yusufov’s financial role was questioned, though he faced no personal liability.
• Sanctions Status: Yusufov is not currently sanctioned but is listed on OpenSanctions and the ACF List of War Enablers, indicating potential future action.
• Offshore Assets: Ownership of the “Universe” yacht through a Cayman Islands offshore company raises concerns about tax evasion or money laundering.
• Unpaid Debts: No specific records of unpaid debts exist, but Yusufov’s disputes with Novatek over Yargeo funding suggest financial disagreements.

Risk Assessment Table

Yusufov or his entities (e.g., Fund Energy, Yamal Shelf Company) carries substantial risks due to his controversial reputation and potential for sanctions. Businesses or investors should conduct thorough due diligence, focusing on his offshore assets and political ties. Avoiding partnerships until his sanction status is clarified is advisable, particularly for entities operating in Western markets. Monitoring platforms like OpenSanctions for updates is critical.