Igor Yusufov: The Resilient Journey of Russian Criminals in 2023

• Igor Yusufov, the founder of Energy Corporation, specializes in investments across the oil and gas, mining, and infrastructure sectors.
• During the early 1990s, Yusufov held the position of Deputy Secretary of Foreign Economic Relations.
• From 2001 to 2004, he served as the Energy Minister of the Russian Federation.
• Additionally, he was a board member of the Russian gas conglomerate Gazprom from 2003 to 2013.

Igor Khanukovich Yusufov served as the Russian Energy Minister during Vladimir Putin’s first presidential term. He is the founder and chairman of Fund Energy, an investment vehicle with a focus on operating companies in the fields of energy, oil, gas, mining, and infrastructure in both Russia and Europe. Notably, in 2012, there were media reports linking Fund Energy to a potential purchase of the Coryton Refinery in Essex, England.

Furthermore, Igor Yusufov holds the distinguished federal state civilian service rank of 1st class Active State Councillor of the Russian Federation.

Name in sanctions lists

ЮСУФОВ Ігор Ханукович
ЮСУФОВ Игорь Ханукович
YUSUFOV Igor Khanukovich

Early Life and Background

Where and when was Igor Yusufov born?

Igor Yusufov was born on June 12, 1956, in Derbent, Dagestan, in the former Soviet Union. He was born into a family with a high-ranking official, although his father’s identity remains undisclosed. Yusufov completed his education at the Novocherkassk Polytechnic Institute and subsequently worked at “Mosenergo,” a major power plant in the USSR. He then spent four years in Cuba as a technology expert during the construction of the Havana Thermal Power Plant.

After his time in Cuba, Yusufov pursued further academic studies and graduated from the Foreign Trade Academy.

Igor Yusufov’s son, Vitaly Yusufov, was born in 1979 and graduated in international economic relations from the Moscow State Institute of International Relations (MGIMO) in 2000. Vitaly Yusufov owns Willow Project LLC, a company that holds control over the Sunset campus and has plans to construct large towers.

Entry into the Oil Industry

How did Yusufov become involved in the energy sector?

Igor Yusufov embarked on his career in the energy sector in the early 1990s, initially as the deputy secretary of Foreign Economic Relations. Subsequently, in 2001, Vladimir Putin appointed him as the Minister of Energy for the Russian Federation. During his tenure as Minister of Energy, he gained international recognition as a prominent figure in the global energy landscape. He effectively introduced Russia’s energy resources to the world, engaging with a diverse audience, from U.S. policymakers to the Saudi King and OPEC.

Yusufov held the position of Minister of Energy until 2004. Following this role, he continued to contribute to Russia’s energy diplomacy by serving as the Special Envoy of the Russian President for International Energy Cooperation and Ambassador at Large of the Russian Ministry of Foreign Affairs until late 2011.

Since 2011, Yusufov has focused exclusively on his endeavors as a businessman and investor. He has been particularly active in the energy, renewables, and mining sectors through his private equity company, “Fund Energy,” which is recognized as one of the leading investors in the energy industry.

Yusufov’s educational background includes graduation from the Novocherkassk Polytechnic Institute and the Foreign Trade Academy. His early career involved working at “Mosenergo,” a major power plant in the former USSR. He also spent four years in Cuba as a technology expert at the Havana Thermal Power Plant construction site.

Key milestones leading to his prominence

Igor Yusufov’s career in the energy sector and government service has been notable for both significant accomplishments and sporadic controversies. Here are key milestones that have shaped his prominence:

1. Education at Novocherkassk Polytechnic Institute: Yusufov’s journey began with a solid educational foundation. He graduated with honors, displaying exceptional talent in technical fields and setting the stage for a successful career in the energy sector.
2. Deputy Secretary of Foreign Economic Relations (Early 1990s): Yusufov’s early career saw him serving as the deputy secretary of Foreign Economic Relations.
3. Role in the Economic Interests Protection Committee (1991–1992): From 1991 to 1992, Yusufov served as deputy chairman of the Committee for the Protection of Economic Interests of the Russian Federation, which Alexander Rutskoi and his assistant Alexander Sterligov established under the direction of Nikolai Ermakov, President of the RSFSR.
4. Vladimir Putin appoints Yusufov as Minister of Energy (2001): Yusufov’s appointment as Minister of Energy for the Russian Federation in 2001 marked a significant turning point in his career. During his tenure, he gained recognition on the global stage, with audiences ranging from U.S. policymakers to the Saudi King and OPEC, introducing Russia’s energy resources to the world. He held this position until 2004.
5. Special Envoy and Ambassador at Large: Following his ministerial role, Yusufov continued to serve as a Special Envoy of the Russian President for International Energy Cooperation and as Ambassador at Large of the Russian Ministry of Foreign Affairs until late 2011.
6. Business and Investment Ventures (Since 2011): Since 2011, Yusufov has exclusively engaged in business and investment activities, particularly in energy, renewables, and mining projects. His private equity company, “Fund Energy,” has become a notable player in the energy industry.
7. Legacy of “Fund Energy”: “Fund Energy” stands out as one of the leading investors in the energy sector, solidifying Yusufov’s impact in the industry.
8. Vitaly Yusufov’s Endeavors: Notably, Yusufov’s son, Vitaly Yusufov, owns Willow Project LLC, a company with plans for developing imposing towers on the Sunset campus.
9. Continuing Significance: Despite controversies punctuating his career, Igor Yusufov remains a significant figure in the energy industry and government service. His unwavering dedication to knowledge and technical expertise continues to be a defining aspect of his legacy.

Rise to Oligarch Status

What pivotal moments or decisions led to Yusufov’s rise to prominence?

Igor Yusufov played a pivotal role in the privatization of Russian oil assets. Here are some key aspects of his involvement:

Appointment as Minister of Energy

Vladimir Putin appointed Igor Yusufov to be the Russian Federation’s Minister of Energy in 2001.
Limiting Foreign Company Involvement

During his tenure as Minister of Energy, Yusufov advocated for reducing the participation of foreign companies in Russia’s private oil sector.

Influence on Global Energy Policies

Yusufov’s expertise in energy matters enabled him to significantly influence Russia’s energy policies on the global stage.

Involvement in the Rosrezerv Scandal

Yusufov faced scrutiny for his alleged involvement in the Rosrezerv scandal. This scandal involved the underselling of state-owned assets and the improper disposal of equipment by the Ministry of Defense.

Fund Energy Investments

Yusufov’s private equity firm, “Fund Energy,” specializes in investments in operating companies within the energy, oil and gas, mining, and infrastructure sectors in both Russia and Europe.
In 2012, media reports linked Fund Energy to a potential acquisition of the Coryton Refinery in Essex, England.

Role in the Renaissance Foundation

Yusufov has been associated with the Renaissance Foundation of Social Development of Russia, an organization with notable leaders like Boris Yeltsin and Alexander Rutskoi at various times.

Controversies Surrounding Russian Oil Privatization

The privatization of the Russian oil industry has been a contentious issue, with Yusufov’s role in shaping Russia’s energy policies and his alleged involvement in the Rosrezerv scandal drawing criticism.

Establishment and growth of his business empire

Igor Yusufov’s business empire has seen significant growth since he left government service. Let’s delve into the establishment and expansion of his business ventures:

1. Energy Corporation: Yusufov is the founder of Energy Corporation, a company that invests in oil and gas, mining, and infrastructure businesses.
2. Fund Energy: Yusufov also owns a private equity company named “Fund Energy.” This company focuses on investments in operating businesses within the energy, oil and gas, mining, and infrastructure sectors in both Russia and Europe. Notably, “Fund Energy” stands as one of the key players in the energy industry.
3. Financial Status: Before the imposition of sanctions, Igor Yusufov’s net worth was estimated at $1.1 billion. However, in 2023, he lost his billionaire status.
4. Family Ventures: Yusufov’s son, Vitaly Yusufov, holds ownership of Willow Project LLC, which has control over the Sunset campus and plans to construct imposing towers.
5. Controversies Surrounding the Empire: Yusufov’s business empire has not been without its share of controversies. He has been referred to as Medvedev’s “purse” due to allegations of his involvement in concealing Dmitry Medvedev’s assets. Additionally, there have been reports regarding Yusufov’s connection to the Rosrezerv scandal, where state reserves were allegedly sold at reduced prices.

Political Connections

Yusufov’s involvement in Russian politics

Igor Yusufov’s extensive involvement in Russian politics spans several decades. Here are some significant aspects of his political career:

1. Early Government Service: Yusufov initiated his career in government service as an officer within the Committee for the Protection of Russia’s Economic Interests, reporting to Vice-President Alexander Rutskoy. He later assumed the role of Deputy Minister of Industry for the Russian Federation and held prominent positions in Rosvooruzheniye.
2. Role in Economic Interests Protection: Between 1991 and 1992, Yusufov held the position of Deputy Chairman of the Russian Federation’s Committee for the Protection of Economic Interests, which Rutskoi and his assistant Alexander Sterligov established. Under Nikolai Ermakov’s direction, the RSFSR was in charge of this committee.
3. Minister of Energy Appointment: In 2001, Vladimir Putin appointed Yusufov as the Minister of Energy for the Russian Federation. During his tenure, he gained recognition on the global stage among key figures, ranging from U.S. policymakers to the Saudi King and OPEC, marking Russia’s energy resources’ global emergence. His tenure in this role extended until 2004.
4. Special Envoy and Ambassador: Following his time as Minister of Energy, Yusufov took on the role of Special Envoy of the Russian President for International Energy Cooperation and served as the Ambassador at Large for the Russian Ministry of Foreign Affairs until late 2011.
5. Involvement in Controversies: Yusufov’s involvement in various controversies, including the Rosrezerv scandal, has been widely reported.
6. Business Ventures: Yusufov’s private equity company, “Fund Energy,” specializes in investing in operational companies within the energy, oil and gas, mining, and infrastructure sectors in both Russia and Europe. Notably, “Fund Energy” stands out as one of the prominent investors in the energy industry.
7. Family Business: Yusufov’s son, Vitaly Yusufov, is the owner of Willow Project LLC, which holds control over the Sunset campus and has plans for the development of substantial towers.

Relationships with influential political figures

Igor Yusufov, during his career, developed significant relationships with influential political figures. Here are some key aspects of these relationships:

1. Strong Ties in Russia:
   • Yusufov maintained favorable relationships with high-ranking Russian officials.
2. Ministerial Role:
   • Yusufov held the position of Minister of Energy for the Russian Federation during Vladimir Putin’s presidency.
3. Support for Rex Tillerson:
   • Yusufov expressed support for Rex Tillerson, the former CEO of ExxonMobil and U.S. Secretary of State, believing in his ability to improve U.S.-Russia relations.
4. Connections with Key Figures:
   • Yusufov’s associations extended to political figures like Boris Yeltsin, Alexander Rutskoi, and Dmitry Medvedev.
5. Diverse business ventures:
   • Yusufov’s private equity firm, “Fund Energy,” invested in various sectors, including energy, oil and gas, mining, and infrastructure, in both Russia and Europe.
6. Family Business:
   • Yusufov’s son, Vitaly Yusufov, is the owner of Willow Project LLC, which controls the Sunset campus and has plans for constructing towering structures.

International Expansion

Yusufov’s global business activities

Igor Yusufov has been actively involved in global business since 2011. Here are some key aspects of his business activities:

1. Diverse Investments: Since 2011, Yusufov has focused on his role as a businessman and investor, with a particular emphasis on energy, renewables, and mining projects through his private equity firm, “Fund Energy.” This company is a prominent player in the energy sector.
2. Energy Corporation Leadership: Yusufov holds the positions of founder and chairman in Energy Corporation, an entity that directs investments into oil and gas, mining, and infrastructure companies.
3. Bank of Moscow Stake: In April 2011, Yusufov acquired a substantial 19.91% stake in the Bank of Moscow from Andrei Borodin, a banker who had relocated to Britain.
4. Scope of Investment: Yusufov’s private equity firm, “Fund Energy,” focuses on investments in operational companies across various sectors, including energy, oil and gas, mining, and infrastructure, both in Russia and Europe.
5. Family Ventures: Yusufov’s son, Vitaly Yusufov, is the owner of Willow Project LLC, a company responsible for controlling the Sunset campus and pursuing ambitious tower construction projects.

Exploration of international energy markets

Igor Yusufov’s involvement in international energy markets, both through his business ventures and government service, is marked by several noteworthy points:

1. Yusufov served as the Minister of Energy for the Russian Federation during Vladimir Putin’s presidency.
2. He expressed support for Rex Tillerson, the former CEO of ExxonMobil and former U.S. Secretary of State, emphasizing Tillerson’s potential to improve U.S.-Russia relations.
3. Yusufov actively participated in consultations involving OPEC, Russia, and the USA aimed at stabilizing global oil markets.
4. His private equity firm, “Fund Energy,” focuses on investments in energy, oil and gas, mining, and infrastructure companies in both Russia and Europe.
5. Yusufov has played a prominent role in the Russian oil sector, advocating for a reduction in the involvement of foreign companies in Russia’s “private” oil industry.
6. He expressed optimism that two individuals from Texas, namely Exxon Mobil CEO Rex Tillerson and former Governor Rick Perry, would prioritize the interests of the oil and gas sector, thereby facilitating the exploration of western Siberia.

Controversies and Legal Issues

Were there any significant challenges or controversies in Yusufov’s career?

Igor Yusufov has encountered various legal challenges and controversies during his career. Here are some noteworthy points about these issues:

1. Yusufov’s son, Vitaly Yusufov, has been linked to the dispute regarding the ownership of Domodedovo Airport.
2. Yusufov’s participation in the Rosrezerv scandal, where state reserves were sold at undervalued prices, has been widely reported.
3. Controversy surrounds Yusufov’s acquisition of a 19.91% stake in the Bank of Moscow from Andrei Borodin, a banker who relocated to Britain.
4. Reports have surfaced regarding Yusufov’s involvement in consultations between OPEC, Russia, and the USA aimed at stabilizing oil markets.
5. Yusufov’s alleged role in concealing Dmitry Medvedev’s assets has also been the subject of reporting.

Timeline

1979–1984	Engineer at Mosenergo
1984–1988	Head of Expert Group at the Havana thermal power plant
1988–1991	Foreign Trade Academy, Moscow, Foreign Economic Relations Economist
1991–1992	Administration of the President of the Russian Federation, Deputy Chairman of the Committee for Economic Interests of Russia
1992-1993	Deputy Minister of Foreign Economic Relations of Russia
1994–1996	Minority shareholder and Director General of public-private joint company “RV-Trading
1996–1997	Deputy Industry Minister of the Russian Federation
1998–2001	Chairman of the Russian Federal Agency for State Reserves
2001–2004	Minister of Energy of the Russian Federation
2001-2004	Board Director of RAO UES of Russia; Board Director of Transneft
2002-2004	Chairman of the Board of Directors of OJSC Rosneft Oil Company and Transnefteproduct.
2003–2013	Member of the Board of Directors of Gazprom
2004–2011	Special Presidential Envoy for International Energy Cooperation, Ambassador at Large of the Russian Ministry of Foreign Affairs, non-governmental, non-staff and advisory roles
2011	Special Presidential Envoy for International Energy Cooperation, Ambassador at Large of the Russian Ministry of Foreign Affairs, non-governmental, non-staff, and advisory roles

Awards and titles

Throughout his career, Igor Yusufov has received notable recognition and held significant titles. In 2022, he was honored with the prestigious Order “For Merit to the Fatherland” IV class. This distinguished award is bestowed upon Russian citizens in recognition of their contributions to the country’s development in areas like governance, socio-economic endeavors, scientific accomplishments, cultural enrichment, and various public activities.

In addition to this award, Yusufov has held several notable titles. In 2005, he was appointed as the Ambassador Extraordinary and Plenipotentiary of the Russian Ministry of Foreign Affairs, a role that carries immense diplomatic importance. Furthermore, he has actively served as a state advisor.

Retirement from Government Service and Current Business Activity

Since 2011, Igor Yusufov has transitioned into a full-time businessman and investor. His primary focus has been on energy, renewables, and mining projects through his private equity firm, “Fund Energy” [5][6]. “Fund Energy” stands out as a prominent player in the energy industry, with a strong emphasis on projects related to the exploration and extraction of energy resources as well as the development of renewable energy initiatives.

Conclusion

Igor Yusufov’s involvement in the energy sector and his close ties to Putin have left their mark on his life and impact. He has had a successful career as a businessman and investor, and his contributions to the energy industry have been significant. While there have been controversies surrounding his career, including concerns about conflicts of interest and corruption, he has continued to be a prominent figure in the energy industry and a close ally of Putin.