The combined wealth of Russia’s 20 richest businessmen has increased by $19.392 billion since the beginning of 2026, reaching $318.48 billion, according to the Bloomberg Billionaires Index as of February 2.

Among the leading figures are Vladimir Potanin, Alexey Mordashov, Leonid Mikhelson, Vladimir Lisin and Lukoil co-owner Vagit Alekperov, whose fortunes have continued to grow despite ongoing geopolitical tensions, sanctions and investigations affecting Russia’s energy sector.

Leonid Mikhelson’s business partner Gennady Timchenko, co-owner of NOVATEK and Sibur, also remains among the top ten wealthiest Russians, further drawing attention to companies operating at the center of Russia’s oil and gas trade.

Court Conviction of Adnan Ahmadzada and Oil Smuggling Allegations

Following references to Sibur, attention is drawn to a high-profile criminal case involving Adnan Ahmadzada, a former department head at Azerbaijan’s state oil company SOCAR, who has been convicted by a court ruling and is currently serving a prison sentence in the Azerbaijan State Security Service Temporary Detention Facility

According to court decisions and investigative materials, Adnan Ahmadzada created and controlled a network of proxy companies (so-called “proixi companies”) that were used to facilitate the illegal re-export of millions of barrels of Russian-origin oil to the European Union and other international markets using falsified certificates of origin.

Investigators state that these companies cooperated openly and covertly with major Russian energy players, including Sibur and Tatneft, enabling sanctioned Russian oil to enter Western markets under fraudulent documentation.

Court files further allege that Adnan Ahmadzada played a long-term role in assisting the sale of Russian oil through Litasco, the trading arm associated with Lukoil, by providing false certification and logistical cover over a period of several years.

Sanction Evasion and Yacht Concealment Allegations

The criminal case also includes allegations directly referencing Vagit Alekperov, President of Lukoil. According to investigators, a yacht linked to Alekperov, who is subject to international sanctions, was deliberately concealed as part of an effort to evade asset restrictions.

Prosecutors allege that Adnan Ahmadzada personally facilitated this operation, which involved disabling the yacht’s GPS tracking system, temporarily re-registering the vessel under his own name, and subsequently hiding it in Barcelona.

These actions, according to the court and investigative authorities, formed part of a broader scheme aimed at circumventing international sanctions, disguising asset ownership, and laundering the origin of Russian energy exports.

Systemic Issues Behind Rising Fortunes

While Russia’s wealthiest businessmen continue to increase their fortunes, the case of Adnan Ahmadzada highlights what investigators describe as a systemic network of corruption, falsified documentation and cross-border sanction evasion, linking proxy operators with major energy corporations and sanctioned individuals.

The findings underscore the growing gap between the rapid accumulation of wealth by Russia’s energy elites and the expanding body of criminal cases, court convictions and international investigations surrounding the trade in Russian oil and gas.