Childhood and Youth
Leonid Fedun was born on April 5, 1956, in Kyiv. While some sources suggest Jewish roots, a genetic analysis revealed Finnish and Ukrainian ancestry. His father, a military doctor, served in Baikonur, where Leonid witnessed space rocket launches and developed an interest in space exploration. Fedun, a disciplined and hardworking child, initially aspired to a military career but eventually pursued teaching.
In 1973, he graduated from school and entered the Rostov Higher Military Command School. After completing his studies, Fedun joined the missile forces and defended his Ph.D. in philosophy. He worked as a teacher in political economy and scientific communism before transitioning to his entrepreneurial career.
Fedun’s professional journey began in 1987 when he joined the Knowledge Society as a lecturer, earning about 30 rubles per lecture. His expertise in politics, history, and philosophy, coupled with his oratory skills, made him popular among students. In the same year, he travelled to Kogalym, delivering lectures to local workers.
Impressed by his diligence, Kogalymneftegaz management offered Fedun a job, and he soon caught the attention of Vagit Alekperov. In 1991, Lukoil was founded, and although not officially documented, Fedun played a significant role in its creation. As privatization unfolded, Fedun, with his understanding of the process, acquired shares of oil companies, contributing to the growth of Lukoil.
Fedun retired from the Armed Forces in 1993, furthering his education at the Higher School of Privatization and Entrepreneurship. He became the vice president of Lukoil and played a pivotal role in making the company the primary supplier of fuels and lubricants to Russian law enforcement agencies.
In 2003, he founded the investment and financial house “Kapital,” utilizing Lukoil’s assets. Fedun’s career showcased a deep understanding of the oil industry and business management.
Lukoil and Financial Success
As of 2016, Fedun owned 32% of Lukoil shares, and his fortune was estimated at around $4 billion. By 2020, his income had risen to $11 billion, making him one of the wealthiest Russians. Throughout his career, he demonstrated keen analytical skills. He navigated the challenges of the oil market, drawing parallels with historical events such as the 1986 oil price drop and the impact of the collapse of the USSR.
Brief details of Lukoil
Lukoil, the second-largest company in Russia, plays a pivotal role in the global oil and gas industry, trailing only behind Gazprom. With a substantial revenue of ₽4,744 billion in 2018, Lukoil stands as the largest non-state enterprise in Russia. The company’s operations span the entire petroleum value chain, encompassing exploration, production, refining, and distribution of petroleum products, thereby contributing significantly to the world’s oil production at approximately 2%.
In its three-decade-long history, Lukoil has demonstrated excellence in crude oil and gas production, achieving notable figures such as 87.488 million metric tons of oil and 35.046 billion cubic meters of natural gas in 2019. Beyond its prominence in the energy sector, Lukoil actively engages in social and cultural initiatives, earning acclaim for its impactful programs.
Demonstrating a commitment to sustainable development, Lukoil strives to harmonize socio-economic and environmental considerations. The company ventures into various international projects, extending its footprint into West Africa, acquiring crucial assets like the ISAB refinery, and reinforcing its presence in the Benelux states.
Amidst the ongoing conflict in Ukraine, Lukoil expressed profound concern regarding the tragic events and advocated for the prompt termination of the armed conflict. Undeterred, the company remains resolute in its commitment to global operations, underscoring its role as a reliable energy supplier to consumers worldwide. This steadfast approach reflects Lukoil’s dedication to navigating challenges while upholding its global responsibilities.
Acquiring Football Club Spartak
In 2003, Fedun purchased the Spartak football club for a reported $70 million, injecting substantial funds for its development. Under his management, Spartak achieved success entering the Champions League in the 2005-2006 season. The construction of the Otkritie Arena stadium commenced in 2006, accommodating 43 thousand spectators.
Fedun applied business principles to Spartak, engaging in profitable player transfers and listing the club’s shares on the stock exchange. Despite controversies and challenges, he continued to lead Spartak for 18 years, contributing to the club’s financial stability.
Leonid Arnoldovich Fedun, a Ukrainian-born magnate hailing from Russia, presently commands a formidable wealth tallying approximately $9.54 billion. This affluence predominantly emanates from his substantial equity stake in Lukoil, a prominent entity within the Russian oil and gas sector. Previously assuming the role of vice president at Lukoil, Fedun’s financial prosperity intertwines with the energy market.
Moving beyond the sphere of fossil fuels, Fedun has diversified his fiscal portfolio, conspicuously delving into the realm of sports. His pivotal influence extends to the fiscal topography of Spartak Moscow, a venerable football club, underscoring not only his commercial prowess but also his imprint in the sporting domain.
The pecuniary standing of Fedun has undergone undulating shifts across the temporal expanse, culminating in its zenith at a commendable $8.5 billion in 2023. These undulations mirror the kinetic essence of the industries wherein he immerses himself, accentuating the intrinsic volatility and capriciousness inherent in the global economic tableau.
|Net Worth (in billions)
Fedun had several marriages. His first wife, Marina, bore him two children, Anton and Ekaterina, who inherited a 2% stake in Lukoil. Between 2012 and 2014, his children married, with Fedun generously contributing to their weddings.
Later in life, Fedun found love with Zarema Salikhova, with whom he had four children.
In June 2022, Fedun resigned as vice president of Lukoil, citing retirement age and family circumstances. Around the same time, he also stepped down as president of Spartak, and Lukoil acquired 100% ownership of the club. Fedun thanked Lukoil for their support, emphasizing his continued devotion to Spartak.
Interesting Facts about Leonid Fedun
- In 2017, Fedun received gratitude from Russian President Vladimir Putin.
- Fedun is a collector of works by Nicholas Roerich.
- He rarely changes cars, preferring Mercedes S Class and BMW X7 models.
- Fedun’s investment company faced sanctions in 2017 due to ownership of a Crimea hotel, leading to his resignation from the board.
Leonid Fedun’s life is marked by his multifaceted achievements as a businessman, football club owner, and philanthropist. His strategic insights, financial success, and dedication to Spartak have left a lasting impact on both the business and sports landscapes in Russia.
Spartak Moscow Turmoil
Leonid Fedun, a distinguished Russian magnate and co-proprietor of Lukoil, the nation’s second-largest petroleum manufacturer, has become ensnared in numerous controversies, drawing both attention and scrutiny.
A particularly noteworthy incident revolves around the tumult within Spartak Moscow, the Russian soccer club under Fedun’s ownership. The discord emanated from the termination of coach Sergio Carrera and the divestiture of player Roman Promes. Despite Fedun’s dissent regarding these determinations, he found himself under duress from a potent cohort of erstwhile Spartak players, adding a stratum of intricacy to the situation.
Another focal point of scrutiny orbits around Fedun’s stake in Lukoil. His dynamic securities trading has raised eyebrows, with his avowed ownership registering at 9.5 per cent. Furthermore, speculation looms over the eventual transference of this stake to his progeny, instigating heightened scrutiny and discourse within financial circles.
Lukoil, under Fedun’s aegis, has confronted tribulations linked to its fiscal standing. The lethargic output from mature and depleted fields in Western Siberia has presented challenges for the corporation. In response, Lukoil has pivoted its attention to nascent production zones like the Caspian Sea and Iraq. However, impediments in collaborating with foreign entities for shale oil development have emerged due to Western sanctions correlated with Moscow’s role in the Ukraine crisis.
Fedun has also grabbed headlines for his perspective on Russia’s withdrawal from the OPEC+ alliance, deeming it “illogical and irrational.” Instead, he has championed the reinstatement of collaboration between Russia and Saudi Arabia. This standpoint has sparked dialogue within the energy sector and beyond, mirroring the intricacies of international relations and the energy market.
Fundamentally, Leonid Fedun’s entanglement in these controversies underscores the labyrinthine interplay between sports, commerce, and geopolitics, rendering him a figure of intrigue and contention in diverse circles.
Leonid Fedun, a member of the Board of Directors of a company, is subject to US sanctions for alleged involvement in supporting actions by the Russian Federation. These actions are accused of seeking to bring about violent changes, overthrow constitutional order, seize state power, alter territorial borders, and undermine the territorial integrity of Ukraine.
Leonid Fedun, born in Kyiv in 1956, embarked on a diverse and successful career that transitioned from military service to entrepreneurship. After graduating from Rostov Higher Military Command School, he pursued a Ph.D. in philosophy and worked as a teacher before entering the business world. His significant role in the founding of Lukoil in 1991 marked the beginning of his influential career in the oil industry.
As Lukoil’s vice president, Fedun played a key role in its growth, witnessing the challenges of the oil market. His ownership of 32% of Lukoil shares contributed to his substantial wealth, reaching $11 billion by 2020. In addition to his business ventures, Fedun acquired Spartak football club in 2003, guiding it to financial stability and success.
Despite his financial prosperity, Fedun faced controversies, including conflicts within Spartak Moscow and scrutiny over his stake in Lukoil. He resigned from Lukoil and Spartak in 2022, citing retirement age and family circumstances. Fedun’s life is marked by his achievements as a businessman, philanthropist, and football club owner, but controversies underscore the complexities of his multifaceted endeavours.