Despite the sanctions, Alisher Usmanov, the founder of USM Holding, continued to increase his fortune in 2023. As per The Guardian, his fortune increased by $1.88bn, reaching $20.3bn.
Impact of sanctions
On February 28, 2022, Alisher Usmanov was included in the EU sanctions list along with other Russian businessmen. The ban is imposed on entry into the EU, as well as on the use of assets. In connection with the sanctions, the German authorities confiscated Usmanov’s yacht worth $600 mn, a Maybach for $600,000, and France confiscated two helicopters with an approximate cost of $26 mn.
Legal battle against sanctions
At the end of April of 2022, Usmanov filed a lawsuit against the sanctions imposed by the European Union. In the lawsuit filed in court, the businessman asks for a temporary suspension of sanctions against him until the final decision of the court is made.
In July of 2022, Usmanov announced the risks of bankruptcy of his companies due to the sanctions and expressed concerns for the well-being of his employees and their families in case of continued restrictions. The lawsuit filed by Usmanov and his sister Gulbakhor Ismailova challenges the allegations of support for the war with Ukraine. Also, it requires compensation of about $20,000 to cover the costs of the trial.
Usmanov also called for the acceleration of the trial process, stressing that the sanctions have already caused the disruption of several transactions, threaten the bankruptcy of three of his companies and may negatively affect the well-being of employees and their families. In June, the court rejected Usmanov’s petition, filed by him in May this year.
Sources of income
Alisher Usmanov’s wealth stems from a variety of sources, including his majority ownership of Metalloinvest, a Russian industrial conglomerate he founded to oversee Gazprom’s metals interests. His interests span precious metals, iron ore, steel, natural gas, and media companies. The sale of his 30% stake in London’s Arsenal Football Club in 2018 further added to his finances.
Investments and business ventures
Alisher Usmanov’s journey to wealth is a story of diverse ventures and strategic investments. Starting with producing plastic bags through his company Agroplast, he quickly rose to prominence, becoming a dollar millionaire before the Soviet Union’s collapse. In the '90s, he held key positions in financial institutions like MAPO-Bank and Moscow Aviation Industrial Enterprise. His pinnacle came as the General Director of Gazprom Investholding until 2014. Usmanov’s financial prowess extended to international investments, with stakes in Australian mining companies through USM Holdings.
Noteworthy investments include $200 mn in Facebook in 2009, yielding a billion-dollar profit in 2012, and ventures in companies like Apple, Airbnb, Groupon, and Alibaba. In 2006, he entered the media landscape by purchasing “Kommersant” and acquiring shares in Russian sports and music channels, including a significant stake in UTH, a media holding company. His commitment to innovation was evident in 2021 when Metalloinvest and USM planned to build an eco-friendly HBI plant in Russia.
Usmanov’s career showcases a blend of strategic decision-making, successful investments, and a keen eye for emerging opportunities, contributing to his remarkable net worth and influential business legacy.
Real estate holdings of Alisher Usmanov
Alisher Usmanov’s real estate holdings are marked by luxury properties, including several on the picturesque island of Sardinia. However, in March 2022, one of his villas faced a significant setback as it was seized by Italian police. This action was a result of Usmanov being placed on the EU sanctions list following Russia’s invasion of Ukraine.
In addition to his Sardinian properties, Usmanov is also known to own a $104.14 mn home in London and a mansion in Surrey. Interestingly, both the London home and Surrey mansion were “transferred into irrevocable trusts” back in 2006. This strategic move has potentially safeguarded these assets amidst the current geopolitical tensions.
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