Gennady Timchenko facts for kids

Quick facts for kids Gennady Timchenko
Геннадий Тимченко
Timchenko in 2018
Born	Gennady Nikolayevich Timchenko (1952-11-09) 9 November 1952 (age 72) Leninakan, Armenian SSR, Soviet Union (now Gyumri, Armenia)
Citizenship	Russia Finland Armenia
Occupation	Businessman
Spouse(s)	Elena
Children	3
Awards	Legion of Honour (Chevalier)

Gennady Nikolayevich Timchenko (Russian: Геннадий Николаевич Тимченко, also spelled Guennadi Timtchenko; born 9 November 1952) is a very rich Russian businessman. He is known as an oligarch, which means he has a lot of power and wealth. He started and owns a company called Volga Group. Before that, he was a co-owner of Gunvor Group, a big oil trading company.

Timchenko has been good friends with Russian leader Vladimir Putin since the early 1990s. In 1991, Putin gave Timchenko a special license to export oil. Timchenko then started Gunvor, which has sold billions of dollars worth of Russian oil.

His company, Volga Group, owns a large part of the natural gas company Novatek. Documents known as the Pandora Papers showed that a Timchenko company got huge loans. These loans came through hidden companies that made it hard to see who owned them. Timchenko faced restrictions from the US because Russia took over Crimea in 2014. He was about to face more restrictions from the United Kingdom just before the Russian invasion of Ukraine in February 2022.

In March 2022, Timchenko was one of the richest people in the world. He had about $10.3 billion. He is also famous for being the head of the Kontinental Hockey League. He is also the President of the SKA Saint Petersburg ice hockey club. He is a citizen of Russia, Finland, and Armenia.

Early Life and Education

Timchenko was born in 1952 in Leninakan, which is now called Gyumri in Armenia. His father was a soldier in the Soviet military. Gennady lived in East Germany from 1959 to 1965. There, he learned to speak German. He also lived in the Ukrainian SSR. In 1976, he finished his studies at the Mechanical Institute of Saint Petersburg. He became an electrical engineer.

Starting His Business Career

In 1977, Timchenko began working as an engineer. He worked at the Izhorsky plant near Saint Petersburg. This plant built power generators. The company later moved him to their trade department.

From 1982 to 1988, he worked as a senior engineer. He was part of the Ministry of Foreign Trade. In 1988, Russia started to open up its economy. He was promoted to Deputy Director of a state-owned oil company called Kirishineftekhimexport. This company was based at the Kirishi refinery.

In 1991, Timchenko moved to Finland. He was hired by a Finnish company, Urals Finland Oy. This company imported Russian oil to Europe. He later became a Finnish citizen.

In 1995, Urals Finland Oy changed its name to International Petroleum Products Oy (IPP). Timchenko became the CEO of IPP OY. In 1997, he helped start a global trading company called Gunvor. He started it with a Swedish businessman named Torbjörn Törnqvist. Timchenko sold his share of Gunvor in March 2014. This was just one day before the US placed restrictions on him.

In 2007, Timchenko started his own private investment fund. It is called the Volga Group (Volga Resources Group). This group now holds his Russian and international businesses. These businesses are in energy, transport, and other areas.

Redut Private Military Company

Redut is a Russian private military company. It is also known as Redoubt or Redut-Antiterror. This company protects the business operations of Russian companies. Redut is currently involved in the Russian invasion of Ukraine. Because of this, it has faced restrictions.

Gennady Timchenko and Oleg Deripaska are said to be major supporters of Redut. The company reportedly received armored vehicles and protective gear from them. Redut has provided services for Timchenko's companies. This includes protecting convoys and oil facilities in Syria.

Gunvor Group and Volga Group

Timchenko was a co-founder of the Gunvor Group. This company is based in Cyprus. It deals with trading and moving oil and gas around the world. On March 19, 2014, Timchenko sold his part of Gunvor. He sold it to the other co-founder, Torbjörn Törnqvist. This sale happened the day before the US put him on a list of people facing restrictions. This was because Russia took over Crimea. Timchenko said he sold his share because he expected these restrictions. He wanted to make sure Gunvor Group could keep working smoothly.

In 2007, Timchenko started the Luxembourg-based fund Volga Resources. This fund brings together all of Timchenko's businesses. In June 2013, it was renamed Volga Group. Timchenko said his group would focus on building new projects in Russia. The group invests in energy, transportation, and other areas. Its most important investments are in the gas company Novatek and the chemical company Sibur.

Airfix Aviation

In April 2014, Timchenko sold a part of a Finnish company called IPP Oy. This company owned most of a Finnish aviation company, Airfix Aviation. This was a small part of the Volga Group's businesses.

Timchenko faced international restrictions after Russia took over Crimea in April 2014. IPP Oil Products (Cyprus), which is linked to Timchenko, is also under these restrictions. The US government has listed Volga Group as a company facing restrictions.

International Restrictions

In March 2014, the U.S. Treasury put Timchenko on a special list. This list includes people from Russia's leadership who face restrictions. These restrictions freeze any money he has in the United States. They also ban him from entering the US.

On February 22, 2022, the UK government announced restrictions on Timchenko. This was after Russia recognized the independence of certain regions and sent troops there. On February 28, 2022, the European Union also put Timchenko on a list. All his money and property were frozen. Canada also put restrictions on him. On March 4, 2022, the Italian police took his yacht Lena. It was in the port city of Sanremo. His wife and daughter are also on the list of people facing restrictions.

Personal Life and Citizenship

Timchenko is married to Elena, and they have three children. As of March 2014, Timchenko lives in Moscow. His family lives in Switzerland. His daughter Ksenia is married to Gleb Frank. Gleb is the son of Sergey Frank, who used to be a transport minister.

In an interview, Timchenko said he became a Finnish citizen in 1999. This was helpful for him to travel in the 1990s. He said he never hid having two passports. He has paid taxes in Switzerland and Finland. He said he always sent money he owed to Russia. He knew this money helped Russian doctors, teachers, and soldiers. The US government lists him as a citizen of Russia, Finland, and Armenia.

Wealth and Business

Forbes magazine says Timchenko is one of the richest people in Russia and the world.

In 2012, his wealth was estimated at $24.61 billion. Timchenko also owns property in Geneva, Switzerland. In 2009, he bought the yacht Lena for $18 million. His income grew a lot from 1999 to 2001. In 2001, he reported an income of EUR 4.9 million. He moved to Switzerland in 2002 because of high taxes. In June 2022, Forbes estimated his wealth at $23.1 billion. This made him the 64th richest person in the world.

Sports and Public Activities

In July 2013, Timchenko and two brothers, Arkady Rotenberg and Boris Rotenberg, bought Helsinki's Hartwall Areena. They also bought a part of Jokerit, a Finnish ice hockey team. Jokerit then joined the Kontinental Hockey League for the 2014–15 season.

In 1998, Timchenko helped start the Yawara-Neva Judo Club. In 2007, he and a company called Surgutex started the Kluch charitable foundation. This foundation helps create foster homes. In 2008, Gennady and Elena Timchenko started the Neva Foundation in Geneva. This foundation supports cultural projects in Switzerland and Russia.

In 2010, they created the Ladoga Foundation. This fund helps older people. It also helps restore historical buildings and supports medical technology. In September 2013, the Ladoga Foundation was renamed the Elena and Gennady Timchenko Foundation. This foundation now handles all their charity work.

In 2011, Timchenko became the Chairman of the Economic Council of the Franco-Russian Chamber of Commerce. The same year, he became Chairman and President of SKA Saint Petersburg, a top ice hockey team. In 2012, he became Chairman of the Board of Directors of the Continental Hockey League (KHL). He is also on the board of the Jewish Museum and Tolerance Center in Moscow.

In 2020, Timchenko gave 2.9 billion rubles to help fight the COVID-19 pandemic.

Hobbies and Sports Interests

Timchenko enjoys playing and watching tennis. His former company, IPP, has sponsored a tennis tournament in Finland since 2000. He has also sponsored Russian tennis players. He is also said to sponsor a sailing team.

In April 2011, Timchenko became Chairman of the Board of Directors of SKA Saint Petersburg. In May of the same year, he became the club's President. In July 2012, he became Chairman of the Board of Directors of the Continental Hockey League KHL. The Timchenko Foundation helps develop ice hockey and chess for young people. In 2013, he helped sponsor and organize the Alekhine Memorial. This is a very important international chess tournament.

Awards and Recognition

In 2013, he was given the title of Chevalier of the Légion d'honneur. This is a high award from France. He received it for helping create a Russian art exhibition in the Louvre museum. He also supported the Russian Museum in Saint Petersburg. And he helped organize the Alekhine Memorial chess tournament.

See also

In Spanish: Guennadi Tímchenko para niños

• List of Russian billionaires
• Russian oligarchs