Timchenko

=<div>Expanded Western sanctions in mid-March coursed through financial markets, hitting the business interests of some of Russia's richest people.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-FT_share_prices-410" style="text-decoration-line: none; background: none;">[406]</a> The Americans centred on the heart of Moscow's leadership,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-411" style="text-decoration-line: none; background: none;">[407]</a> though the EU's initial list shied from targeting Putin's inner circle.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-412" style="text-decoration-line: none; background: none;">[408]</a> As ratings agencies <a href="https://en.wikipedia.org/wiki/Fitch_Ratings" title="Fitch Ratings" style="text-decoration-line: none; background: none;">Fitch</a> and <a href="https://en.wikipedia.org/wiki/Standard%26_Poor%27s" title="Standard & Poor's" style="text-decoration-line: none; background: none;">Standard & Poor's</a> downgraded Russia's credit outlook,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-Bloomberg_downgrade-413" style="text-decoration-line: none; background: none;">[409]</a> Russian banks warned of a sanctions-induced recession,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-414" style="text-decoration-line: none; background: none;">[410]</a> the country braced for capital outflows for the first three months of 2014 to reach $70 billion,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-415" style="text-decoration-line: none; background: none;">[411]</a> more than the entirety of outflows for 2013,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-416" style="text-decoration-line: none; background: none;">[412]</a> and Russian government-bond issues plummeted by three-quarters compared with the same period the previous year.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-417" style="text-decoration-line: none; background: none;">[413]</a> Novatek, Russia's second-largest gas producer, saw $2.5bn in market value wiped out when its shares sank by nearly 10%, rendering Putin's close friend <a href="https://en.wikipedia.org/wiki/Gennady_Timchenko" title="Gennady Timchenko" style="text-decoration-line: none; background: none;">Gennady Timchenko</a>, who has a 23% stake in the company, $575m poorer.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-FT_share_prices-410" style="text-decoration-line: none; background: none;">[406]</a> "I do hope that there is some serious diplomatic activity going on behind the scenes," said one Russian banker,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-418" style="text-decoration-line: none; background: none;">[414]</a> though others were more sanguine on the question of whether the sanctions would have any enduring effect,<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-Bloomberg_downgrade-413" style="text-decoration-line: none; background: none;">[409]</a><a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-419" style="text-decoration-line: none; background: none;">[415]</a><a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-420" style="text-decoration-line: none; background: none;">[416]</a> and Russians, top and bottom, seemed defiant.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-421" style="text-decoration-line: none; background: none;">[417]</a> The official Russian response was mixed.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-422" style="text-decoration-line: none; background: none;">[418]</a>Minister of Economic Development of the Russian Federation <a href="https://en.wikipedia.org/wiki/Alexey_Ulyukaev" title="Alexey Ulyukaev" style="text-decoration-line: none; background: none;">Alexey Ulyukaev</a> said that introduction of sectoral sanctions will lead to a serious decline of the Russian economy: economic growth of Russia will become seriously negative, the growth of volumes of investment will be even more negative, inflation will rise, and government revenues and reserves will go down.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-423" style="text-decoration-line: none; background: none;">[419]</a>As well as differences between the United States and Europe as a whole as to how to respond to the Russian-backed incursion, those same differences have played out among Eastern European countries.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-424" style="text-decoration-line: none; background: none;">[420]</a>A number of Russian citizens reported that they have been denied European visas after they visited Crimea after annexation.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-425" style="text-decoration-line: none; background: none;">[421]</a> A Russian consumer protection watchdog OZPP published a warning for Russian tourists about this risk, explaining that from the international law point of view, Crimea is an occupied territory, after which <a href="https://en.wikipedia.org/wiki/Roskomnadzor" class="mw-redirect" title="Roskomnadzor" style="text-decoration-line: none; background: none;">Roskomnadzor</a> blocked the OZPP website "for threatening territorial integrity of Russian Federation".<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-426" style="text-decoration-line: none; background: none;">[422]</a>In response to having its voting rights revoked, Russia in June 2017 suspended its budget payments to the Council of Europe, with Russian Foreign Minister Sergei Lavrov stating payments would not resume until all rights of Russia's delegation were fully restored.<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-427" style="text-decoration-line: none; background: none;">[423]</a> Council Secretary General Thorbjørn Jagland has suggested lifting the sanctions to avoid the impact of mounting budgetary restraints. However, Council members such as Ukraine and its supporters have argued that readmitting Russia without demanding concessions in return would amount to "caving to Russian 'blackmail'".<a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-428" style="text-decoration-line: none; background: none;">[424]</a><a href="https://en.wikipedia.org/wiki/Annexation_of_Crimea_by_the_Russian_Federation#cite_note-429" style="text-decoration-line: none; background: none;">[425]</a>
=<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko">https://en.wikipedia.org/wiki/Gennady_Timchenko</a>
Gennady Nikolayevich Timchenko (<a href="https://en.wikipedia.org/wiki/Russian_language" title="Russian language" style="text-decoration-line: none; background: none;">Russian</a>: Генна́дий Никола́евич Ти́мченко, also spelled Guennadi Timtchenko; born 9 November 1952) is a Russian <a href="https://en.wikipedia.org/wiki/Billionaire" title="Billionaire" style="text-decoration-line: none; background: none;">billionaire</a> businessman.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Charity1-2" style="text-decoration-line: none; background: none;">[2]</a> He founded and owns the private investment group, <a href="https://en.wikipedia.org/wiki/Volga_Group" title="Volga Group" style="text-decoration-line: none; background: none;">Volga Group</a>, which specializes in investments in energy, transport and infrastructure assets. Previously he was a co-owner of <a href="https://en.wikipedia.org/wiki/Gunvor(oil_trader)" class="mw-redirect" title="Gunvor (oil trader)" style="text-decoration-line: none; background: none;">Gunvor Group</a>. In 2019, Timchenko was ranked 42nd on the Forbes magazine billionaires list, with an estimated fortune of US$22.7 billion.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Forbes-3" style="text-decoration-line: none; background: none;">[3]</a> He is known for being the Chairman of the Board of Directors of the <a href="https://en.wikipedia.org/wiki/Kontinental_Hockey_League" title="Kontinental Hockey League" style="text-decoration-line: none; background: none;">Kontinental Hockey League</a>,<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-CHL-4" style="text-decoration-line: none; background: none;">[4]</a> and President of the <a href="https://en.wikipedia.org/wiki/SKA_Saint_Petersburg" title="SKA Saint Petersburg" style="text-decoration-line: none; background: none;">SKA Saint Petersburg</a> ice hockey club.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-SKA-5" style="text-decoration-line: none; background: none;">[5]</a> He is a citizen of <a href="https://en.wikipedia.org/wiki/Russia" title="Russia" style="text-decoration-line: none; background: none;">Russia</a>,<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Forbes-3" style="text-decoration-line: none; background: none;">[3]</a> <a href="https://en.wikipedia.org/wiki/Finland" title="Finland" style="text-decoration-line: none; background: none;">Finland</a> and <a href="https://en.wikipedia.org/wiki/Armenia" title="Armenia" style="text-decoration-line: none; background: none;">Armenia</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-sano0204-6" style="text-decoration-line: none; background: none;">[6]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-sanctions-7" style="text-decoration-line: none; background: none;">[7]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-tass0814-8" style="text-decoration-line: none; background: none;">[8]</a> He is a <a href="https://en.wikipedia.org/wiki/Consul(representative)#Honorary_consul" title="Consul (representative)" style="text-decoration-line: none; background: none;">honorary consul</a> of <a href="https://en.wikipedia.org/wiki/Serbia" title="Serbia" style="text-decoration-line: none; background: none;">Serbia</a> in Saint Petersburg.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-9" style="text-decoration-line: none; background: none;">[9]</a><div id="toc" class="toc" style="border: 1px solid rgb(162, 169, 177); background-color: rgb(248, 249, 250); padding: 7px; display: table;"><input type="checkbox" role="button" id="toctogglecheckbox" class="toctogglecheckbox" style="direction: ltr; position: absolute; opacity: 0; z-index: -1; display: none;" /><div class="toctitle" lang="en" dir="ltr" style="direction: ltr; text-align: center;"><h2 style="background: none; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: 0px; display: inline; line-height: 1.3;">Contents</h2><label class="toctogglelabel" for="toctogglecheckbox" style="cursor: pointer;" /></div><ul style="margin: 0.3em 0px; padding: 0px; list-style-image: none; list-style-type: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Early_life_and_education" style="text-decoration-line: none; background: none;">1Early life and education</a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Career" style="text-decoration-line: none; background: none;">2Career</a></li><li class="toclevel-1 tocsection-3" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Personal_life_and_citizenship" style="text-decoration-line: none; background: none;">3Personal life and citizenship</a></li><li class="toclevel-1 tocsection-4" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Wealth" style="text-decoration-line: none; background: none;">4Wealth</a></li><li class="toclevel-1 tocsection-5" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Gunvor" style="text-decoration-line: none; background: none;">5Gunvor</a><ul style="margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none; list-style-type: none;"><li class="toclevel-2 tocsection-6" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Investigation" style="text-decoration-line: none; background: none;">5.1Investigation</a></li></ul></li><li class="toclevel-1 tocsection-7" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Volga_Group" style="text-decoration-line: none; background: none;">6Volga Group</a><ul style="margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none; list-style-type: none;"><li class="toclevel-2 tocsection-8" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Airfix_Aviation" style="text-decoration-line: none; background: none;">6.1Airfix Aviation</a></li></ul></li><li class="toclevel-1 tocsection-9" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Sport_business" style="text-decoration-line: none; background: none;">7Sport business</a></li><li class="toclevel-1 tocsection-10" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Public_activities_and_philanthropy" style="text-decoration-line: none; background: none;">8Public activities and philanthropy</a></li><li class="toclevel-1 tocsection-11" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Sports_and_hobbies" style="text-decoration-line: none; background: none;">9Sports and hobbies</a></li><li class="toclevel-1 tocsection-12" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#Awards" style="text-decoration-line: none; background: none;">10Awards</a></li><li class="toclevel-1 tocsection-13" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#See_also" style="text-decoration-line: none; background: none;">11See also</a></li><li class="toclevel-1 tocsection-14" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#References" style="text-decoration-line: none; background: none;">12References</a></li><li class="toclevel-1 tocsection-15" style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#External_links" style="text-decoration-line: none; background: none;">13External links</a></li></ul></div><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Early life and education[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=1&editintro=Template:BLP_editintro" title="Edit section: Early life and education" style="text-decoration-line: none; background: none;">edit</a>]</h2>Timchenko was born in <a href="https://en.wikipedia.org/wiki/Leninakan" class="mw-redirect" title="Leninakan" style="text-decoration-line: none; background: none;">Leninakan</a>, <a href="https://en.wikipedia.org/wiki/Armenian_Soviet_Socialist_Republic" title="Armenian Soviet Socialist Republic" style="text-decoration-line: none; background: none;">Armenian SSR</a>, <a href="https://en.wikipedia.org/wiki/Soviet_Union" title="Soviet Union" style="text-decoration-line: none; background: none;">Soviet Union</a> (now Gyumri, <a href="https://en.wikipedia.org/wiki/Armenia" title="Armenia" style="text-decoration-line: none; background: none;">Armenia</a>), in 1952. His father was in the Soviet military and fought alongside Russian Forces in the second world war. He spent 6 years of his childhood (from 1959–1965) in the <a href="https://en.wikipedia.org/wiki/East_Germany" title="East Germany" style="text-decoration-line: none; background: none;">German Democratic Republic</a> (and learnt German)<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-10" style="text-decoration-line: none; background: none;">[10]</a> and in the <a href="https://en.wikipedia.org/wiki/Ukrainian_Soviet_Socialist_Republic" title="Ukrainian Soviet Socialist Republic" style="text-decoration-line: none; background: none;">Ukrainian SSR</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-WSJ-11" style="text-decoration-line: none; background: none;">[11]</a> In 1976, he graduated from the <a href="https://en.wikipedia.org/wiki/Saint_Petersburg_State_University_of_Information_Technologies,Mechanics_and_Optics" class="mw-redirect" title="Saint Petersburg State University of Information Technologies, Mechanics and Optics" style="text-decoration-line: none; background: none;">Mechanical Institute of Saint Petersburg</a>, then named Leningrad, as an electrical engineer, according to a 2008 interview with the <a href="https://en.wikipedia.org/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal" style="text-decoration-line: none; background: none;">Wall Street Journal</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-WSJ-11" style="text-decoration-line: none; background: none;">[11]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Career[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=2&editintro=Template:BLP_editintro" title="Edit section: Career" style="text-decoration-line: none; background: none;">edit</a>]</h2>In 1977, Timchenko started to work as an engineer for the <a href="https://en.wikipedia.org/wiki/Izhorskiye_Zavody" title="Izhorskiye Zavody" style="text-decoration-line: none; background: none;">Izhorsky</a> plant near Saint Petersburg, which specialized in building power generators.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-12" style="text-decoration-line: none; background: none;">[12]</a> Since he spoke German, he was then moved to the trade department of this state-owned company.From 1982 to 1988, he worked as a senior engineer of the <a href="https://en.wikipedia.org/wiki/Ministry_of_Foreign_Trade(Soviet_Union)" class="mw-redirect" title="Ministry of Foreign Trade (Soviet Union)" style="text-decoration-line: none; background: none;">Ministry of Foreign Trade</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Main_Investor-13" style="text-decoration-line: none; background: none;">[13]</a>In 1988, when Russia started to liberalize its economy, he was promoted to Deputy Director of state-owned oil company <a href="https://en.wikipedia.org/wiki/KiNEx" title="KiNEx" style="text-decoration-line: none; background: none;">Kirishineftekhimexport</a>, which had been created in 1987 based on the Kirishi refinery, one of the three largest refineries in the <a href="https://en.wikipedia.org/wiki/RSFSR" class="mw-redirect" title="RSFSR" style="text-decoration-line: none; background: none;">RSFSR</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-At_home_among_strangers-14" style="text-decoration-line: none; background: none;">[14]</a> Timchenko's teams set up some first export routes of oil products from the USSR to Western countries and Timchenko became one of the leading figures of the Russian oil trading industry.In 1991, Timchenko decided to leave Russia and was hired by a Finland-based company, Urals Finland Oy, specializing in importing Russian oil to Europe. He settled in Finland and became a Finnish citizen.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">citation needed</a>]In 1995, Urals Finland Oy was renamed International Petroleum Products Oy (IPP), and Timchenko became first deputy and then CEO of IPP OY.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-At_home_among_strangers-14" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[14]</a>In 1997, he co-founded the global commodity trading company <a href="https://en.wikipedia.org/wiki/Gunvor(company)" title="Gunvor (company)" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Gunvor</a> with Swedish businessman Torbjörn Törnqvist.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Main_Investor-13" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[13]</a> He sold Törnqvist his stake in March 2014, a day before the US sanctions.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-15" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[15]</a>In 2007, Timchenko founded the <a href="https://en.wikipedia.org/wiki/Volga_Group" title="Volga Group" style="background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration-line: none;">Volga Group</a> (Volga Resources Group) private investment fund.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-16" style="text-decoration-line: none; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">[16]</a> Volga group holds his Russian and international assets in the energy, transport, infrastructure, financial services and consumer sectors.In July 2013, he was appointed as a Chevalier of the <a href="https://en.wikipedia.org/wiki/L%C3%A9gion_d%27honneur" class="mw-redirect" title="Légion d'honneur" style="text-decoration-line: none; background: none;">Légion d'honneur</a> for creating a permanent exhibition of Russian art in the <a href="https://en.wikipedia.org/wiki/Louvre" title="Louvre" style="text-decoration-line: none; background: none;">Louvre</a>, support for the <a href="https://en.wikipedia.org/wiki/Russian_Museum" title="Russian Museum" style="text-decoration-line: none; background: none;">Russian Museum</a> in Saint Petersburg, and help in organizing the <a href="https://en.wikipedia.org/wiki/Alekhine_Memorial" title="Alekhine Memorial" style="text-decoration-line: none; background: none;">Alekhine Memorial</a> chess tournament.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-forbes.ru-17" style="text-decoration-line: none; background: none;">[17]</a>In March 2014, following the <a href="https://en.wikipedia.org/wiki/2014_Crimean_referendum" class="mw-redirect" title="2014 Crimean referendum" style="text-decoration-line: none; background: none;">Crimean status referendum</a>, the <a href="https://en.wikipedia.org/wiki/U.S.Treasury" class="mw-redirect" title="U.S. Treasury" style="text-decoration-line: none; background: none;">U.S. Treasury</a> put Timchenko on the <a href="https://en.wikipedia.org/wiki/Specially_Designated_Nationals_List" class="mw-redirect" title="Specially Designated Nationals List" style="text-decoration-line: none; background: none;">Specially Designated Nationals List (SDN)</a>, a <a href="https://en.wikipedia.org/wiki/List_of_individuals_sanctioned_during_the_Ukrainian_crisis" class="mw-redirect" title="List of individuals sanctioned during the Ukrainian crisis" style="text-decoration-line: none; background: none;">list of individuals sanctioned</a> as “members of the Russian leadership’s inner circle.”<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-18" style="text-decoration-line: none; background: none;">[18]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-19" style="text-decoration-line: none; background: none;">[19]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-reu1214-20" style="text-decoration-line: none; background: none;">[20]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-21" style="text-decoration-line: none; background: none;">[21]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-SanctionsMore-22" style="text-decoration-line: none; background: none;">[22]</a> The sanctions freeze any assets he holds in the US<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-sanctions-7" style="text-decoration-line: none; background: none;">[7]</a> and ban him from entering the United States.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Ukraine-EO13661-23" style="text-decoration-line: none; background: none;">[23]</a>Timchenko is on the list of Russian "oligarchs" named in the <a href="https://en.wikipedia.org/wiki/Countering_America%27s_Adversaries_Through_Sanctions_Act" title="Countering America's Adversaries Through Sanctions Act" style="text-decoration-line: none; background: none;">CAATSA</a> unclassified report.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-24" style="text-decoration-line: none; background: none;">[24]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Personal life and citizenship[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=3&editintro=Template:BLP_editintro" title="Edit section: Personal life and citizenship" style="text-decoration-line: none; background: none;">edit</a>]</h2>Timchenko is married to Elena. They have three children. As of March 2014, Timchenko lives in Moscow, Russia, while his family resides in Switzerland.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-25" style="text-decoration-line: none; background: none;">[25]</a>:1 His daughter Ksenia is married to Gleb Frank, son of Putin's former transport minister Sergei Frank. They married in 2010.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-26" style="text-decoration-line: none; background: none;">[26]</a>In a The Wall Street Journal interview, Timchenko said that in 1999 he gave up Russian citizenship and became a Finnish citizen.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-27" style="text-decoration-line: none; background: none;">[27]</a>In 2004, the <a href="https://en.wikipedia.org/wiki/Helsingin_Sanomat" title="Helsingin Sanomat" style="text-decoration-line: none; background: none;">Helsingin Sanomat</a> wrote that he acquired Finnish citizenship, and that he lived in Geneva at that time.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-sano0204-6" style="text-decoration-line: none; background: none;">[6]</a> In an October 2012 interview with the Russian edition of <a href="https://en.wikipedia.org/wiki/Forbes(magazine)" class="mw-redirect" title="Forbes (magazine)" style="text-decoration-line: none; background: none;">Forbes</a>, Timchenko said that he had both Russian and Finnish citizenships.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed" style="text-decoration-line: none; background: none;">citation needed</a>] In August 2014, Timchenko said in an interview with <a href="https://en.wikipedia.org/wiki/Information_Telegraph_Agency_of_Russia" class="mw-redirect" title="Information Telegraph Agency of Russia" style="text-decoration-line: none; background: none;">ITAR-TASS</a> that he needed Finnish citizenship to travel in the 1990s, when it was harder to travel on a Russian passport, and that he never concealed having two passports. He said that, over the past fourteen years, he had been paying taxes in Switzerland and, prior to that, in Finland. "I scrupulously transfer to Russia the monies I owe to the Russian budget. In theory, I could have cut down the transfers citing the rule on inadmissibility of dual taxation but I never did this – I realized the proceeds that my monies were going off in wages to Russian doctors, teachers, and the military while I was not going to go bankrupt under any circumstances. I wouldn’t get poor if I shared the budget with others."<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-tass0814-8" style="text-decoration-line: none; background: none;">[8]</a> The US Department of Treasury announcement of individuals under sanctions due to the <a href="https://en.wikipedia.org/wiki/2014_Crimean_crisis" class="mw-redirect" title="2014 Crimean crisis" style="text-decoration-line: none; background: none;">2014 Crimean crisis</a> lists him as the citizen of Russia, Finland, and <a href="https://en.wikipedia.org/wiki/Armenia" title="Armenia" style="text-decoration-line: none; background: none;">Armenia</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-sanctions-7" style="text-decoration-line: none; background: none;">[7]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Wealth[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=4&editintro=Template:BLP_editintro" title="Edit section: Wealth" style="text-decoration-line: none; background: none;">edit</a>]</h2>According to Forbes magazine, Timchenko is one of the wealthiest people in Russia and the world:<table class="wikitable" style="background-color: rgb(248, 249, 250); margin: 1em 0px; border: 1px solid rgb(162, 169, 177); border-collapse: collapse;"><tbody><tr><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(234, 209, 119);" /><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2008</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2009</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2010</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2011</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2012</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2013</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2014</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(255, 238, 153);">2016</td></tr><tr><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(227, 227, 227);">Wealth ($bn)</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">2.5</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">0.4</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">1.9</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">5.5</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">9.1</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">14.1</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">15.3</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">11.7</td></tr><tr><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(227, 227, 227);">World Ranking</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">462<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-28" style="text-decoration-line: none; background: none;">[28]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">-</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">536<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-29" style="text-decoration-line: none; background: none;">[29]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">185<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-30" style="text-decoration-line: none; background: none;">[30]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">99<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-autogenerated1-31" style="text-decoration-line: none; background: none;">[31]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">62<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-autogenerated1-31" style="text-decoration-line: none; background: none;">[31]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">61<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-autogenerated1-31" style="text-decoration-line: none; background: none;">[31]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">118<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-autogenerated1-31" style="text-decoration-line: none; background: none;">[31]</a></td></tr><tr><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em; background: rgb(227, 227, 227);">Russian ranking</td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">43<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-32" style="text-decoration-line: none; background: none;">[32]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">98<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-33" style="text-decoration-line: none; background: none;">[33]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">36<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-34" style="text-decoration-line: none; background: none;">[34]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">26<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-35" style="text-decoration-line: none; background: none;">[35]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">12<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-36" style="text-decoration-line: none; background: none;">[36]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">9<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-37" style="text-decoration-line: none; background: none;">[37]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;">6<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-38" style="text-decoration-line: none; background: none;">[38]</a></td><td style="border: 1px solid rgb(162, 169, 177); padding: 0.2em 0.4em;" /></tr></tbody></table>According to the Russian publication RBC, in 2012 Timchenko's worth was estimated at $24.61bn.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-39" style="text-decoration-line: none; background: none;">[39]</a>In addition to business assets, Timchenko, according to media reports, also owns a property in Geneva, Switzerland, which consists of just over 1 ha of land, an internal area of 341m². According to the Land Registry Office of Geneva, the purchase price of the property was SFR 8.4m (at the time of purchase in 2001 – about US$11m).<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-40" style="text-decoration-line: none; background: none;">[40]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-41" style="text-decoration-line: none; background: none;">[41]</a>His income, according to the Finnish tax authorities, increased tenfold from 1999 to 2001. In 2001, he declared an income of EUR 4.9m. Because of his high taxes, Timchenko moved to Switzerland in 2002.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-42" style="text-decoration-line: none; background: none;">[42]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Gunvor[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=5&editintro=Template:BLP_editintro" title="Edit section: Gunvor" style="text-decoration-line: none; background: none;">edit</a>]</h2><div role="note" class="hatnote navigation-not-searchable" style="font-style: italic; padding-left: 1.6em; margin-bottom: 0.5em; background-color: rgb(255, 255, 255);">Main article: <a href="https://en.wikipedia.org/wiki/Gunvor(company)" title="Gunvor (company)" style="text-decoration-line: none; background: none;">Gunvor (company)</a></div>Timchenko was the co-founder (together with <a href="https://en.wikipedia.org/wiki/Torbj%C3%B6rn_T%C3%B6rnqvist" title="Torbjörn Törnqvist" style="text-decoration-line: none; background: none;">Torbjörn Törnqvist</a>) of <a href="https://en.wikipedia.org/wiki/Gunvor(company)" title="Gunvor (company)" style="text-decoration-line: none; background: none;">Gunvor Group</a>, a corporation registered in <a href="https://en.wikipedia.org/wiki/Cyprus" title="Cyprus" style="text-decoration-line: none; background: none;">Cyprus</a>, and operating in trading and logistics related to the international <a href="https://en.wikipedia.org/wiki/Energy_market" title="Energy market" style="text-decoration-line: none; background: none;">energy market</a>. On 19 March 2014, Timchenko sold his stake in Gunvor to the other co-founder, Torbjörn Törnqvist.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-reuters210314-43" style="text-decoration-line: none; background: none;">[43]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-upstream210314-44" style="text-decoration-line: none; background: none;">[44]</a> The sale was made the day before Timchenko was included on the United States sanctions list in the wake of the <a href="https://en.wikipedia.org/wiki/2014_Crimean_crisis" class="mw-redirect" title="2014 Crimean crisis" style="text-decoration-line: none; background: none;">annexing of Crimea by Russia</a>. Timchenko said he had sold his stake in anticipation of "potential economic sanctions" and to "ensure with certainty the continued and uninterrupted operations of Gunvor Group".<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-upstream210314-44" style="text-decoration-line: none; background: none;">[44]</a> The value of the transaction was not disclosed.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-reuters210314-43" style="text-decoration-line: none; background: none;">[43]</a><h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Investigation[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=6&editintro=Template:BLP_editintro" title="Edit section: Investigation" style="text-decoration-line: none; background: none;">edit</a>]</h3>In November 2014, The Wall Street Journal reported that the US Attorney's Office for the Eastern District of <a href="https://en.wikipedia.org/wiki/New_York(state)" title="New York (state)" style="text-decoration-line: none; background: none;">New York</a> is examining allegations about transactions in which Gunvor Group bought oil from Russia's OAO Rosneft and sold it to third parties through the US financial system, which could have been illegal. Gunvor released a statement on 6 November denying any crime.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-45" style="text-decoration-line: none; background: none;">[45]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Volga Group[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=7&editintro=Template:BLP_editintro" title="Edit section: Volga Group" style="text-decoration-line: none; background: none;">edit</a>]</h2><div role="note" class="hatnote navigation-not-searchable" style="font-style: italic; padding-left: 1.6em; margin-bottom: 0.5em; background-color: rgb(255, 255, 255);">Main article: <a href="https://en.wikipedia.org/wiki/Volga_Group" title="Volga Group" style="text-decoration-line: none; background: none;">Volga Group</a></div>In 2007, Timchenko founded the <a href="https://en.wikipedia.org/wiki/Luxembourg" title="Luxembourg" style="text-decoration-line: none; background: none;">Luxembourg</a>-based fund Volga Resources. The fund, which consolidates Timchenko's assets, was renamed in June 2013 as <a href="https://en.wikipedia.org/wiki/Volga_Group" title="Volga Group" style="text-decoration-line: none; background: none;">Volga Group</a> and introduced at the <a href="https://en.wikipedia.org/wiki/SPIEF" class="mw-redirect" title="SPIEF" style="text-decoration-line: none; background: none;">Saint Petersburg International Economic Forum</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-46" style="text-decoration-line: none; background: none;">[46]</a> He noted that, for the next few years, his group will focus on the development of infrastructure projects in Russia.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-47" style="text-decoration-line: none; background: none;">[47]</a>The purpose of this fund is "based on direct and indirect investments in value-driven assets in Russia and internationally that produce consistent, long-term returns".<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-48" style="text-decoration-line: none; background: none;">[48]</a> The group owns assets in the energy, transportation and infrastructure development, as well as financial services, consumer goods and real estate. Its most notable investments are in gas company <a href="https://en.wikipedia.org/wiki/Novatek" title="Novatek" style="text-decoration-line: none; background: none;">Novatek</a> and petrochemical company <a href="https://en.wikipedia.org/wiki/Sibur" title="Sibur" style="text-decoration-line: none; background: none;">Sibur</a>.<h3 style="background: none rgb(255, 255, 255); margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom: 0px; line-height: 1.6;">Airfix Aviation[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=8&editintro=Template:BLP_editintro" title="Edit section: Airfix Aviation" style="text-decoration-line: none; background: none;">edit</a>]</h3>In April 2014, Timchenko sold a 49% stake in the Finnish company IPP Oy, which owned 99% of the Finnish aviation company Airfix Aviation. It was a small part of the Volga Group portfolio. Timchenko was subject to international sanctions after the <a href="https://en.wikipedia.org/wiki/2014_Crimean_crisis" class="mw-redirect" title="2014 Crimean crisis" style="text-decoration-line: none; background: none;">2014 Crimean crisis</a> in April 2014.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-KL:Timt%C5%A1enko_myi_lentoyhti%C3%B6ns%C3%A4-49" style="text-decoration-line: none; background: none;">[49]</a>Volga Group has been listed by the US Dept of Treasury (OFAC - Office of Foreign Assets Control) as a SDN (specially Designated Nationals) in the Ukraine-related sanction lists of 2014.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-50" style="text-decoration-line: none; background: none;">[50]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Sport business[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=9&editintro=Template:BLP_editintro" title="Edit section: Sport business" style="text-decoration-line: none; background: none;">edit</a>]</h2>In July 2013, together with the brothers <a href="https://en.wikipedia.org/wiki/Arkady_Rotenberg" title="Arkady Rotenberg" style="text-decoration-line: none; background: none;">Arkady Rotenberg</a> and Boris Rotenberg, Timchenko established Arena Events Oy, which bought 100% of Helsinki's <a href="https://en.wikipedia.org/wiki/Hartwall_Areena" class="mw-redirect" title="Hartwall Areena" style="text-decoration-line: none; background: none;">Hartwall Areena</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-51" style="text-decoration-line: none; background: none;">[51]</a> They also bought a stake in <a href="https://en.wikipedia.org/wiki/Jokerit" title="Jokerit" style="text-decoration-line: none; background: none;">Jokerit</a>, the six-time national champion of the Finnish top-level ice hockey league <a href="https://en.wikipedia.org/wiki/Liiga" title="Liiga" style="text-decoration-line: none; background: none;">Liiga</a>. Consequently, Jokerit transferred to the <a href="https://en.wikipedia.org/wiki/Kontinental_Hockey_League" title="Kontinental Hockey League" style="text-decoration-line: none; background: none;">Kontinental Hockey League</a> for the 2014–15 season and they play in the Western Conference in Bobrov division.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-52" style="text-decoration-line: none; background: none;">[52]</a> They also own the large sport hall <a href="https://en.wikipedia.org/wiki/Hartwall_Areena" class="mw-redirect" title="Hartwall Areena" style="text-decoration-line: none; background: none;">Hartwall Areena</a> in Helsinki.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-KL:_Timt%C5%A1enko_myi_lentoyhti%C3%B6ns%C3%A4-49" style="text-decoration-line: none; background: none;">[49]</a> This is connected to a <a href="https://en.wikipedia.org/wiki/Multi-storey_car_park" class="mw-redirect" title="Multi-storey car park" style="text-decoration-line: none; background: none;">multi-storey car park</a>, with capacity of 1,421 private vehicles.[<a href="https://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed" style="text-decoration-line: none; background: none;">citation needed</a>]<h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Public activities and philanthropy[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=10&editintro=Template:BLP_editintro" title="Edit section: Public activities and philanthropy" style="text-decoration-line: none; background: none;">edit</a>]</h2>Timchenko is a member of the Board of Trustees of the Russian Geographical Society.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-53" style="text-decoration-line: none; background: none;">[53]</a>In 1998 Timchenko co-founded the Yawara-Neva Judo Club.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-54" style="text-decoration-line: none; background: none;">[54]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-55" style="text-decoration-line: none; background: none;">[55]</a>In 2007, Timchenko and the company Surgutex founded the Kluch charitable foundation, which develops professional foster homes in Leningrad, Tambov and Ryazan regions.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-56" style="text-decoration-line: none; background: none;">[56]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-57" style="text-decoration-line: none; background: none;">[57]</a>In 2008, Gennady and Elena Timchenko founded the Neva Foundation in Geneva,<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-58" style="text-decoration-line: none; background: none;">[58]</a> in order to promote and finance cultural projects in Switzerland and Russia.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-59" style="text-decoration-line: none; background: none;">[59]</a> The foundation has focused on lyrical art and a partnership with the <a href="https://en.wikipedia.org/w/index.php?title=Geneva_Opera_House&action=edit&redlink=1" class="new" title="Geneva Opera House (page does not exist)" style="text-decoration-line: none; background: none;">Geneva Opera House</a>. Renowned Saint Petersburg Philharmonic conductor Yuri Temirkanov has been a trustee.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-60" style="text-decoration-line: none; background: none;">[60]</a>In 2010, Gennady and Elena Timchenko created the Ladoga Foundation.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Charity1-2" style="text-decoration-line: none; background: none;">[2]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-61" style="text-decoration-line: none; background: none;">[61]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-62" style="text-decoration-line: none; background: none;">[62]</a> The main activity of the fund has been s providing help for the elderly, as well as the restoration of spiritual and cultural heritage monuments, support for cultural projects and project support in the field of modern medical technology. In September 2013, the Ladoga Foundation was renamed to the Elena and Gennady Timchenko Foundation (or just Timchenko Foundation for short),<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-63" style="text-decoration-line: none; background: none;">[63]</a> consolidating all their charitable activities and supporting elderly people, sports, culture and foster families.In 2011, Timchenko was elected Chairman of the Economic Council of the Franco-Russian Chamber of Commerce (CCIFR).<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-imagemakers-64" style="text-decoration-line: none; background: none;">[64]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-65" style="text-decoration-line: none; background: none;">[65]</a>In 2011, Timchenko was appointed Chairman of the Board of Directors and President of <a href="https://en.wikipedia.org/wiki/SKA_Saint_Petersburg" title="SKA Saint Petersburg" style="text-decoration-line: none; background: none;">SKA Saint Petersburg</a>, the leading ice hockey team.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-SKA-5" style="text-decoration-line: none; background: none;">[5]</a>In 2012, he was appointed Chairman of the Board of Directors of the Continental Hockey League (KHL).<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-CHL-4" style="text-decoration-line: none; background: none;">[4]</a>He serves on the board of trustees of the <a href="https://en.wikipedia.org/wiki/Jewish_Museum_and_Tolerance_Center" title="Jewish Museum and Tolerance Center" style="text-decoration-line: none; background: none;">Jewish Museum and Tolerance Center</a> in Moscow.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-66" style="text-decoration-line: none; background: none;">[66]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Sports and hobbies[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=11&editintro=Template:BLP_editintro" title="Edit section: Sports and hobbies" style="text-decoration-line: none; background: none;">edit</a>]</h2>Timchenko likes to play and watch tennis. Through his formerly-owned Finnish company, IPP, he has sponsored an outdoor tennis tournament in Finland since 2000, the IPP Open. According to unconfirmed reports[<a href="https://en.wikipedia.org/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify" style="text-decoration-line: none; background: none;">clarification needed</a>] he funded the Finnish national team in the Davis Cup<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Timchenko-67" style="text-decoration-line: none; background: none;">[67]</a> and has sponsored a number of Russian tennis players.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-68" style="text-decoration-line: none; background: none;">[68]</a>The media has mentioned him sponsoring a sailing team which participates in the international RC44 yachting competition.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-Timchenko-67" style="text-decoration-line: none; background: none;">[67]</a>In April 2011, Timchenko replaced Alexander Medvedev as Chairman of the Board of Directors of <a href="https://en.wikipedia.org/wiki/SKA_Saint_Petersburg" title="SKA Saint Petersburg" style="text-decoration-line: none; background: none;">SKA Saint Petersburg</a>, the Saint Petersburg-based ice hockey club. In May of the same year, under the new management structure of the club, he was appointed as Club President.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-SKA-5" style="text-decoration-line: none; background: none;">[5]</a>In July 2012, he replaced Vyacheslav Fetisov as Chairman of the Board of Directors of the Continental Hockey League KHL.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-CHL-4" style="text-decoration-line: none; background: none;">[4]</a>In 2013, he became one of the sponsors and organisers of one of the most important international chess tournaments in the ELO rating – the Alekhine Memorial.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-69" style="text-decoration-line: none; background: none;">[69]</a>The Timchenko Foundation promotes the development of the ice hockey and chess among young people.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-70" style="text-decoration-line: none; background: none;">[70]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">Awards[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=12&editintro=Template:BLP_editintro" title="Edit section: Awards" style="text-decoration-line: none; background: none;">edit</a>]</h2>On 12 October 2013, Timchenko received French title of the <a href="https://en.wikipedia.org/wiki/Legion_of_Honour" title="Legion of Honour" style="text-decoration-line: none; background: none;">Cavalier of Legion of Honour</a>.<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-71" style="text-decoration-line: none; background: none;">[71]</a><a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-72" style="text-decoration-line: none; background: none;">[72]</a> This award prompted Russian political writer <a href="https://en.wikipedia.org/wiki/Andrey_Piontkovsky" title="Andrey Piontkovsky" style="text-decoration-line: none; background: none;">Andrey Piontkovsky</a> to write that "awarding a criminal with nickname Gangrene the highest distinction brings shame to the French state".<a href="https://en.wikipedia.org/wiki/Gennady_Timchenko#cite_note-73" style="text-decoration-line: none; background: none;">[73]</a><h2 style="background: none rgb(255, 255, 255); font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(162, 169, 177); line-height: 1.3;">See also[<a href="https://en.wikipedia.org/w/index.php?title=Gennady_Timchenko&action=edit&section=13&editintro=Template:BLP_editintro" title="Edit section: See also" style="text-decoration-line: none; background: none;">edit</a>]</h2><ul style="margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url("/w/skins/Vector/images/bullet-icon.svg?872f1"); background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/List_of_Russian_billionaires" title="List of Russian billionaires" style="text-decoration-line: none; background: none;">List of Russian billionaires</a></li><li style="margin-bottom: 0.1em;"><a href="https://en.wikipedia.org/wiki/Russian_oligarchs" class="mw-redirect" title="Russian oligarchs" style="text-decoration-line: none; background: none;">Russian oligarchs</a></li></ul><div>
</div><div>=</div><div>https://www.icij.org/investigations/paradise-papers/donald-trumps-commerce-secretary-wilbur-ross-and-his-russian-business-ties/</div><div>
</div><div>...</div><div><div class="KeyFindings" style="margin: 0px auto 32px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; width: 640px; box-sizing: border-box;"><div class="KeyFindingsouterContent" style="margin: 0px; padding: 0px; border: 1px solid rgb(221, 221, 221); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; position: relative; top: 7px; right: -7px; background: rgb(240, 240, 240);"><div class="KeyFindingscontent" style="margin: 0px; padding: 30px; border: 1px solid rgb(221, 221, 221); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; position: relative; top: -7px; right: 7px; background: rgb(255, 255, 255);"><ul class="KeyFindingsitems" style="margin: 16px 10px; padding: 0px 0px 0px 10px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; list-style: none;"><li class="KeyFindingsitem" style="margin: 3px 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; position: relative;">Owns a stake through offshore entities in Navigator Holdings, a shipping firm that receives millions of dollars from a company owned by Vladimir Putin’s close allies.</li><li class="KeyFindingsitem" style="margin: 3px 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; position: relative;">Relationship poses potential conflicts of interest for Ross, who plays a major role in U.S. economic relationships with other countries, including Russia.</li><li class="KeyFindingsitem" style="margin: 3px 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; position: relative;">Ross’ continuing Navigator investment was so indirectly disclosed that Senators who voted on his confirmation didn’t know about it.</li></ul></div></div></div>U.S. Commerce Secretary Wilbur L. Ross Jr. has a stake in a shipping firm that receives millions of dollars a year in revenue from a company whose key owners include Russian President Vladimir Putin’s son-in-law and a Russian tycoon sanctioned by the U.S. Treasury Department as a member of Putin’s inner circle.Ross, a billionaire private equity investor, divested most of his business assets before joining President Donald Trump’s Cabinet in February, but he kept a stake in the shipping firm, Navigator Holdings Ltd., which is incorporated in the Marshall Islands in the South Pacific. Offshore entities in which Ross and other investors hold a financial stake controlled 31.5 percent of the company in 2016, according to Navigator’s latest annual report.Among Navigator’s largest customers, contributing more than $68 million in revenue since 2014, is the Moscow-based gas and petrochemicals company Sibur. Two of its key owners are Kirill Shamalov, who is married to Putin’s youngest daughter, and Gennady Timchenko, the sanctioned oligarch whose activities in the energy sector, the Treasury Department said, were “directly linked to Putin.”Another powerful owner is Sibur’s largest shareholder, Leonid Mikhelson, who controls an energy company that was also sanctioned by the Treasury Department for propping up Putin’s rule.As commerce secretary, Ross has direct authority over trade and manufacturing policy and is an influential voice in the government on virtually any aspect of the U.S. economic relationship with other countries, including Russia. In recent years, tensions between the United States and Russia have escalated, with the United States imposing sanctions against Russia after its 2014 invasion of Crimea and its interference in the 2016 presidential election...</div><div>=</div></div>