Russian Oligarchs

Albert Avdolyan : Biography ( Updated 2024 )

Albert Avdolyan, born on November 8, 1970, is a Russian-Armenian Oligarch who gained Maltese citizenship in 2016 through an investment-based naturalization program. Specializing in telecommunications, he is renowned as the founder and proprietor of the Mobile WiMAX company and holds shares in Yota. Avdolyan is recognized as a pivotal figure in advancing 4G technology within Russia.

Albert Avdolyan
Albert Avdolyan

Early Life and Education of Albert Avdolyan

Albert Avdolyan was born on 1970-11-08 in Krasnodar, Russia .

Family Of Albert Avdolyan

Albert Avdolyan married Elena Avdolian ( Born : 1973-07-07 ) and has four children. His sons are Albert Avdolyan and Gaspar Avdolyan, and his daughters Alexandra Avdolyan and Elvira Avdolian.

Name Of ChildrenDate Of Birth
Albert Avdolyan
Gaspar Avdolyan1991-09-13
Alexandra Avdolyan
Elvira Avdolian1996-05-04

Marriage of Gaspar with Lolita Osmanova, the 22-year-old daughter of the Russian energy oligarch Eldar Osmanov was a much sought social event in 2017.

Albert Avdolyan Son's Marriage
Albert Avdolyan Son’s Marriage

Lolita divorced Gaspar in 2020 after she went in a relationship with a Bulgarian professional tennis star Grigor Dimitrov.

Albert Avdolyan, of Armenian descent and holding Russian citizenship with a residence in Moscow, obtained Maltese/EU citizenship in 2015. He secured citizenship not only for himself but also for his family members, including his wife Elena Avdolian, sons Albert and Gaspar Avdolyan, and daughters Alexandra and Elvira Avdolian.

Their names appeared on the Malta Government Gazette’s list of individuals who acquired Maltese citizenship through various means, such as naturalization and marriage, published on August 2. Although their familial connection is evident, the list doesn’t immediately distinguish them as a family unit due to the arrangement of names in alphabetical order by first name instead of surname. Additionally, while the male members carry the surname Avdolyan, the female members are listed under Avdolian.

Business of Albert Avdolyan


In 2007, Albert Avdolyan and Sergey Adoniev, co-owner of Telconet Capital Fund, founded Scartel Telecommunications Company. The following year, in 2008, the company pioneered wireless Internet access using WiMAX technology, introducing the Yota brand in Russia. Initially launched in Moscow and St. Petersburg, the network expanded to Ufa, Krasnodar, Sochi, Nicaragua, and Belarus by 2009. In 2011, Yota achieved another milestone by becoming Russia’s first LTE operator.

In 2012, Megafon and Skartel collaborated to establish Garsdale Services Holding. Subsequently, in 2013, Albert Avdolyan and Sergey Adoniev divested from Garsdale by selling their shares to the Holding, with Telconet Capital Fund retaining a 13.5% stake.

Hydrometallurgical Plant

In the autumn of 2018, Albert Avdolyan invested in a conglomerate of enterprises involved in mineral fertilizer and ligature production, including the Hydrometallurgical Plant, Southern Energy Company, and Intermix Met, situated in Lermontov, Stavropol Territory. The Hydrometallurgical Plant, which had ceased operations in 2017 due to previous owner debts, was revitalized after a new investor restructured its debts and settled wage arrears, resuming operations on November 14, 2018.

Subsequent modernization efforts led to increased annual revenue. This conglomerate later became known as Almaz Group, with its divisions renamed Almaz Fertilizers, Almaz Energo, and Almaz Tech. Avdolyan divested from the fertilizer business in 2022, selling it to Almaz Group management, citing the successful restructuring and security of the enterprises as the rationale for the sale

A-Property entity of Yakut Fuel and Energy Company (YATEC)

In 2019, Albert Avdolyan’s A-Property entity acquired Yakut Fuel and Energy Company (YATEC), previously controlled by Ziyavudin Magomedov. YATEC faced financial challenges in 2018, accumulating a total debt of RUB 14 billion while maintaining an EBITDA of RUB 3 billion. Subsequently, the Arbitration Court of Yakutia implemented a four-month monitoring procedure for the company, lasting until mid-May 2019[15]. In September 2019, the YATEC Board of Directors approved the transfer of the company’s ownership to A-Property. Currently, A-Property holds the majority stake, owning 20.16% of YATEC’s ordinary shares.

Elga Coal Deposit

In early 2020, Albert Avdolyan, through his company A-Property, acquired a 51% stake in Elgaugol, LLC, Elga-Doroga, LLC, and Mechel-Trans-Vostok LLC from Mechel, PJSC. These entities operate the Elga coal deposit, one of Russia’s largest coking coal deposits situated in southeastern Yakutia.

Upon settling the debt owed by the previous owner to VEB RF, Avdolyan’s team initiated an investment program aiming to increase coal mining by ninefold, processing by tenfold, and expand the capacity of the Elga-Ulak railway. In December 2020, A-Property exercised its option to acquire the remaining 49% of the Elga project from Gazprombank, thus securing full ownership (100%) of the Elga coal complex.

Under new management, YATEC announced plans to invest over RUB 4.7 billion in industrial safety, environmental initiatives, maintenance, repairs, and gas production infrastructure renovations. Presently, YATEC shares are traded on the Moscow Exchange, with a market capitalization exceeding RUB 100 billion

ELSI Coal ( Elga-Sibanthracite Management Company, LLC )

In July 2022, A-Property Development, led by Albert Avdolyan, successfully consolidated the shares of the Sibanthracite group. Following this, in August 2022, A-Property announced the merger of coal asset management into a unified entity called Elga-Sibanthracite Management Company, LLC (ELSI). ELSI swiftly rose to become one of the top three coal mining and transportation companies in Russia.

ELSI’s operations span across various regions including the Republic of Sakha (Yakutia), Khabarovsk Krai, Primorsk Krai, Novosibirsk, Kemerovo, and Amur Oblasts.

In the Republic of Sakha (Yakutia), the Elga Coal Complex oversees the extraction, processing, transportation, and sale of coking coal. Novosibirsk and Kemerovo Oblasts house assets such as Razrez Kolyvansky, JSC, Razrez Vostochny, LLC, Razrez Kiyzassky, LLC, and Razrez Verkhneteshsky, LLC.

Amur Oblast boasts the Ogodzhinskoye deposit, the largest deposit in the Far East, while Port Vera serves as a crucial port facility in Primorsk Krai.

Additionally, projects in the Khabarovsk Krai, including Port Vera and the Pacific Railway, contribute to ELSI’s extensive portfolio and strategic presence in the region.

Pacific Railway

The Pacific Railway (PR) is a monumental infrastructure endeavor undertaken by the ELSI coal company. Stretching over 531 km, the railway will traverse the Republic of Sakha (Yakutia) and the Khabarovsk Territory, connecting the Elga coal deposit with the Port Elga offshore coal terminal near Cape Manorsky on the coast of the Sea of Okhotsk[30].

The PR project entails the construction of 1 intermediate depot and 18 rail junctions, resulting in a total of 626 km of railway track. This sets a new benchmark for private railways in Russia. Anticipated to be operational by 2026[30], the PR will significantly enhance coal transportation capabilities.

Presently, coal delivery relies on the Elga-Ulak railway line, recently upgraded in 2022 to span 386 km and increase throughput capacity fivefold. Following completion of the PR and other infrastructure projects in the Khabarovsk Krai, the company’s railway network will expand to about 1,200 km.

The PR will accommodate 18 pairs of freight trains daily, facilitated by 15 locomotives and 1.2 thousand wagons[33]. With an estimated investment of RUB 146.6 billion, the project is entirely self-funded.

Construction in challenging climatic conditions and remote locales parallels historic undertakings like the BAM and Trans-Siberian Railway, underscoring the scale and significance of the PR initiative.

Impact of his charitable contributions on society

In 2013, Albert Avdolyan established the “New Home” Charitable Foundation, dedicated to aiding disabled children, orphans, and seriously ill children. One of its key projects is the development of an educational complex with a foster family village called “Point of the Future” in Irkutsk. Avdolyan’s philanthropic efforts extend to significant contributions, including the largest private donation to aid flood victims in Krymsk. Additionally, he has provided assistance to flood victims in Irkutsk and generously covered the publication expenses for a book honoring fellow countrymen who perished in the Great Patriotic War. Avdolyan’s charitable initiatives underscore his commitment to supporting vulnerable communities and preserving historical legacies.

Albert Avdolyan’s Controversies

Albert Avdolyan’s business dealings have been linked to some controversies, including:

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