Alexander Grigoryevich Abramov, a controversial Russian oligarch born in 1959, has left an indelible mark on the global steel and iron industries. Until March 2022, he held the esteemed position of Chairman of the Board of Directors at Evraz, one of Russia’s largest steel producers. His entrepreneurial journey began in the late 1990s when he started amassing a steel and iron empire in Russia, a journey that eventually led to him being recognized as a prominent Russian businessperson.
Table of Contents
- Early Life and Education of Oligarch
- Controversies
- 1. Urubko case
- 2. Covid-19 case
- Sanctions on Alexander Abramov
- Alexander Abramov in connection with money laundering
- Connected to Wagner group
- The Controversial Oligarch’s Role in the Ukraine War
- Conclusion
Early Life and Education of Oligarch
Born in Moscow, Russia, Alexander Abramov hails from a Jewish background. He pursued his education at the Moscow Institute of Physics and Technology, where he graduated with a degree in physics and mathematics. Alexander is married to Svetlana Abramova, and they have three children together. They live outside of Russia, in a luxurious residence in Barvikha, a wealthy suburb of Moscow. Initially, Abramov worked in Russia’s space and defense programs. However, with the decline in government funding, he ventured into the metal trading industry, showcasing his adaptability and business acumen.
Alexander Abramov family
Career and Evraz’s Emergence: As one of the second wave of Russian magnates to enter business after the 1998 financial crisis, Abramov faced a challenging landscape. Unlike the politically connected first wave of oligarchs, he lacked significant political leverage and financial resources. Nevertheless, he managed to seize opportunities and build Evraz Holding into one of Russia’s most aggressive vertically integrated business groups.
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Evraz’s empire grew to encompass ore mines and steel mills in Russia, North America, and Kazakhstan, along with the Russian coal company PJSC Raspadskaya. The strategic acquisitions contributed to the company’s success and bolstered Abramov’s influence in the steel industry.
The London Stock Exchange Listing: In a significant move, Evraz Holding was listed on the London Stock Exchange in June 2005. This move opened up access to global capital markets and increased the company’s financial clout. Abramov stepped down as group president five months later but continued as a board member.
Controversial Business Practices: Abramov’s success did not come without scrutiny. He leveraged his trading contacts to acquire distressed factories, such as the Nizhny Tagil steel mill and swapped debt for equity. Additionally, he aimed to create a monopoly for rail and steel construction products and sought out factories that aligned with this vision. Some critics have raised concerns over the consolidation of power and potential anti-competitive practices.
Acquisitions and Job Creation: During Evraz’s expansion, Abramov pursued acquisitions to strengthen the company’s market position. Notably, EVRAZ acquired Oregon Steel Mills and Claymont Steel in 2007, further solidifying their presence in the global steel market.
Abramov’s interactions with Aman Tuleev, the populist governor of Kemerovo, also drew attention. The governor supported Abramov’s ventures, which led to the appointment of external managers loyal to Evraz Holding in distressed steel mills. This arrangement promised job creation and social support, but some critics viewed it as a consolidation of power.
Controversies
Alexander Abramov, a Russian businessman, and mountaineer, has been involved in several controversies
1. Urubko case
In 2019, people accused Abramov of using his wealth and influence to secure a place on a Russian expedition to Mount Everest. The Russian government-sponsored expedition was under the direction of renowned mountaineer Denis Urubko. Abramov did not have professional mountaineering experience, and he had never climbed Mount Everest. However, Urubko secured a place for him on the expedition because he was a friend and had donated money.
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Urubko was fired as the leader of the expedition due to the controversy surrounding Abramov’s place on it. Urubko accused the Russian government of interfering with the expedition and endangering Abramov’s safety. He also accused Abramov of not being qualified to climb Mount Everest and called him a “tourist”.
Abramov denied the allegations against him and asserted his qualifications to climb Mount Everest. He also mentioned that Urubko himself had invited him to join the expedition.
Abramov’s reputation was damaged, and he was banned from future Russian expeditions to Mount Everest due to the controversy surrounding his place on the expedition.
2. Covid-19 case
In 2022, Abramov faced controversy again as people accused him of violating COVID-19 protocols at Base Camp on Mount Everest. Reportedly, Abramov and his team were partying and drinking in Base Camp, despite the ban on large gatherings due to the COVID-19 pandemic. During the summit push, one of Abramov’s Sherpas died, which further raised questions about the safety protocols of his team.
Abramov denied the allegations against him and stated that his team followed all the COVID-19 protocols. However, his reputation has been damaged by the controversy, and people are calling for a ban on his future expeditions to Mount Everest.
Abramov, a wealthy and powerful businessman, has actively used his influence to avoid scrutiny in the past. The recent controversies, however, have hurt his reputation and could have a long-term effect on his life.
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The significant sanctions against Abramov could have a major impact on his business and personal life.
In January 2018, the US Treasury released the Countering America’s Adversaries Through Sanctions Act (CAATSA), which included Abramov. The US passed CAATSA, a law, in response to Russia’s interference in the 2016 US presidential election and its annexation of Crimea. Individuals and entities supporting Russia’s malign activities face sanctions imposed by the law.
The UK government also sanctioned Abramov in 2022 regarding the Russo-Ukrainian War. The UK sanctions target individuals and entities that support the Russian government or its military. The UK sanctions freeze Abramov’s assets and prevent him from doing business with UK entities.
Alexander Abramov in connection with money laundering
Alexander Abramov, a Russian billionaire, has been linked to the Troika Laundromat, a money laundering scheme that involved Russian individuals and entities. According to a 2019 report by Global Witness, bank records show that Abramov was involved in the scheme, but there is no specific information regarding his involvement in the money laundering.
Alexander Abramov in connection with money laundering
The Troika Laundromat was a complex scheme that involved moving billions of dollars through a network of shell companies and offshore accounts. The money was allegedly used to fund a variety of activities, including corruption, terrorism, and arms trafficking.
Abramov has denied any wrongdoing in connection with the Troika Laundromat. He has said that his companies are legitimate businesses and that he is not involved in any illegal activities. However, the allegations against him have raised questions about his business practices and his ties to the Russian government.
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In 2022, the UK government sanctioned Abramov for his links to the Russian government and his alleged involvement in money laundering. The sanctions freeze Abramov’s assets in the UK and prevent him from doing business with UK entities.
The allegations of money laundering against Abramov are serious, and they could have significant implications for his business and personal life. If the allegations are true, Abramov could face criminal charges, and he could lose his assets. The sanctions imposed by the UK government could also make it difficult for Abramov to do business in the future.
Here are some additional details about the Troika Laundromat:
- A group of Russian businessmen and bankers were running the scheme.
- The money was moved through a network of shell companies and offshore accounts in Cyprus, Latvia, and the United Kingdom.
- The money was allegedly used to fund a variety of activities, including corruption, terrorism, and arms trafficking.
- A group of journalists and investigators from the Organized Crime and Corruption Reporting Project (OCCRP) discovered the Troika Laundromat.
- The OCCRP investigation led to the prosecution of several people involved in the scheme, but Abramov was not one of them.
Connected to Wagner group
Alexander Abramov is an oligarch and co-founder of the steel company Evraz. He has been tied to the Wagner Group, a Russian mercenary group that has been accused of war crimes and human rights abuses. Yevgeny Prigozhin, who is a close friend of Russian President Vladimir Putin, is thought to be in charge of the Wagner Group, a mysterious group. The group has taken part in battles in Syria, Libya, and the Central African Republic, among other places.
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Abramov has said that he has nothing to do with the Wagner Group, but there are some signs that he may have financial ties to the group. In 2018, the Organized Crime and Corruption Reporting Project (OCCRP) released a study that found that Abramov’s company, Evraz, had done business with a company that had ties to the Wagner Group. The probe by the OCCRP also found that Abramov had met with Prigozhin more than once. These talks have made people wonder if Abramov knows about what the Wagner Group is doing and if he is making money from it.
The Controversial Oligarch’s Role in the Ukraine War
Abramov’s close ties to the Kremlin have also come under scrutiny. Critics argue that his connections to Russian political elites might have facilitated his involvement in the Ukraine War, potentially advancing the interests of the Russian government in the region. Such linkages between powerful businessmen and political figures have sparked debates about transparency, accountability, and the concentration of power.
Conclusion
Alexander Abramov‘s transition from a physics graduate to a well-known Russian oligarch has been fraught with controversy. His business acumen and strategic acquisitions contributed to the growth of Evraz, making it a major player in the global steel industry. However, allegations of leveraging political connections, involvement in money laundering, and ties to the Wagner Group have tarnished his reputation. Sanctions imposed by the US and UK governments have further complicated his business prospects. The controversies surrounding Abramov underscore the need for transparency and accountability in the world of powerful businessmen and their political ties.
