Table of Contents

• Introduction 
• Early Life & Education
• Igor Yusufov: Carrer Journey in Foreign Trade and Energy
• Controversies
  • 1. Norwegian shipyard group Wadan Yards
  • 2. Coryton oil refinery 
• Scams
• Igor Yusufov’s Involvement in the Ukraine War
• Conclusion

Introduction 

Igor Yusufov was a Russian energy minister who served from 2001 to 2008. During his tenure, he was responsible for overseeing the country’s oil and gas industry. He was also a close associate of Russian President Vladimir Putin. He was a successful businessman but not belongs to the Forbes-listed oligarch’s name. 

Early Life & Education

Igor Khanukovich Yusufov, a prominent Russian figure, has had a remarkable life journey that encompasses academic excellence and significant contributions to the field of energy technology. Born on June 12, 1956, Yusufov’s early life was filled with a thirst for knowledge and an eagerness to make a difference. Sheds light on his educational background and early career, which played a pivotal role in shaping his future achievements.

Yusufov’s pursuit of knowledge began at Novocherkassk Polytechnic Institute, where he laid the foundation for his future endeavors. Graduating with honors, he showcased exceptional aptitude in technical fields, setting the stage for a successful career in the energy sector.

After completing his education, Yusufov embarked on a rewarding journey with “Mosenergo,” one of the USSR’s leading power plants. His technical prowess and innovative approach quickly gained recognition, leading to significant contributions to the organization’s operations.

In a demonstration of his expertise, Yusufov spent four transformative years in Cuba as a technology expert at the Havana Thermal Power Plant construction site. This international exposure not only enriched his professional experience but also allowed him to foster international collaborations.

Despite his early achievements, Yusufov’s thirst for knowledge remained insatiable. After returning from Cuba, he decided to continue his academic studies at the prestigious Foreign Trade Academy. There, he honed his business acumen and understanding of global economic dynamics, laying a solid foundation for his future roles in international trade and diplomacy.

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Yusufov’s journey in the civil service began after he graduated from the Foreign Trade Academy in 1991. He quickly rose through the ranks and was appointed as an officer in the Committee for the Protection of Russia’s Economic Interests, a position that reported to Vice President Alexander Rutskoy, placing him just one level below the President of the ex-USSR.

Igor Yusufov & Putin

During a period of opposition to President Yeltsin, the committee was dissolved, but Yusufov’s capabilities and dedication to his work were recognized, leading to his appointment as the Chair of the Deputy Minister of Foreign Economic Relations. In this role, he played a crucial role in promoting international trade, showcasing his expertise and understanding of global economic dynamics.

• In 1994, Yusufov assumed the position of Director General at the state and private enterprise known as “RV-Trading.” Significant achievements and advancements in the business‘ operations occurred during his time at RV Trading.
• Prime Minister Viktor Chernomyrdin recommended Yusufov return to the government service as the Deputy Minister of Industry, with a focus on the crucial fields of gold and diamond recovery, two years later, in 1996. His responsibilities in this role were instrumental in supporting the growth and development of these strategic sectors.
• From 1997 to 2000, Yusufov served as the Deputy General Director and then as the General Director of Goskomrezerv, later renamed the “Federal Agency for State Reserves, Rosrezerv.” This state agency, directly reporting to the Prime Minister, plays a critical role in managing and safeguarding Russia’s mineral reserves. Yusufov’s expertise ensured that the country’s strategic reserves were well-maintained and prepared to be utilized in case of emergencies such as war and natural disasters.
• In 2001, Yusufov reached a significant milestone in his career when he was appointed as the Minister of Energy for the Russian Federation during the early days of Vladimir Putin’s first presidency. As Minister of Energy, he played a key role in overseeing and guiding Russia’s energy policies and resources.

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Vladimir Putin continued to recognize Yusufov’s exceptional talents and appointed him as the Special Envoy of the Russian President for International Energy Cooperation. In this role, Yusufov served as an Ambassador at Large for the Russian Ministry of Foreign Affairs, actively engaging with global energy players, from U.S. policymakers to the Saudi King and OPEC. His efforts helped open up Russia’s energy resources to the world, fostering international cooperation and economic ties.

Throughout his illustrious career in government service, Yusufov showcased an unwavering commitment to promoting Russia’s economic interests and enhancing international trade and cooperation. His expertise in energy matters allowed him to play a pivotal role in shaping Russia’s energy policies on the global stage. Yusufov’s legacy as a dedicated public servant continues to be appreciated both within Russia and internationally, but he has also been criticized for his close relationship with the president.

Controversies

Igor Yusufov, a former Russian energy minister, has been involved in several controversies throughout his career.

1. Norwegian shipyard group Wadan Yards

In 2008, he was accused of involvement in the collapse of the Norwegian shipyard group Wadan Yards. The company was heavily indebted, and Yusufov was one of the investors who helped finance its purchase. However, the company went bankrupt shortly afterward, and some of its assets were transferred offshore in a transaction that was deemed illegal by the official receiver. The former owner of Wadan Yards was also shot and killed in an unsolved incident. Yusufov has denied any wrongdoing in connection with these events.

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In 2012, Yusufov was the sole bidder for the Coryton oil refinery in Essex, England. The refinery was bankrupt, and Yusufov’s investment vehicle, Fund Energy, was the only company interested in buying it. However, the deal was controversial because Yusufov had been involved in many failed business deals in the past. There were also concerns that he would use the refinery to export oil to Russia, which would have been a blow to the British economy.

In the end, the deal fell through, and the refinery was closed. Yusufov has also been criticized for his close ties to the Russian government. He is a member of the board of directors of Gazprom, the Russian state-owned gas company. He has also been accused of using his political connections to benefit his business interests.

Despite these controversies, Yusufov remains a powerful figure in the Russian energy industry. He is the founder and chairman of Fund Energy, an investment vehicle that focuses on energy, oil and gas, mining, and infrastructure in Russia and Europe. He is also a member of the board of directors of some other companies, including Gazprom Neft, the oil subsidiary of Gazprom.
It remains to be seen whether Yusufov will be able to overcome the controversies that have dogged his career. 

Scams

Igor Yusufov, a former government official, is a prominent figure in the digital world, earning himself the moniker “fugitive oligarch.” Despite having a successful career in the government sector without any fraudulent activities, controversies and scandals have shrouded his reputation. Let’s delve into the various sources that shed light on the allegations against him, exploring his alleged involvement in offshore scandals, corrupt ties with Dmitry Medvedev, significant roles in the Energy Corporation and the Energy Fund, and even allegations of being part of money laundering schemes.Allegations of Being Dmitry Medvedev’s “Purse”: One of the sources indicates that Igor Yusufov played a significant role as Dmitry Medvedev’s “purse,” suggesting involvement in financial transactions and offshore activities. These allegations point towards a possible link between the two figures in questionable financial dealings.Corrupt Ties and Purchasing Activities: Another source provides evidence suggesting corrupt ties between Dmitry Medvedev and Igor Yusufov, which allegedly involved purchasing activities. These claims imply a potential misuse of power and resources, leading to further scrutiny of their actions during their time in government.Departure from Government Position: In 2004, Igor Yusufov left his government position following a restructuring of the government. This event raises questions about the reasons behind his departure and the implications it might have had on his career and reputation.The Forbes Profile and Energy Corporation: Forbes has featured a profile on Igor Yusufov, highlighting his role as the founder of Energy Corporation. This source sheds light on his involvement in the energy sector and his influence in the industry, raising curiosity about his business practices and potential conflicts of interest.Chairman of the Board of Directors of the Energy Fund: Another significant position held by Yusufov was as Chairman of the Board of Directors of the Energy Fund. This role gives him considerable control over financial decisions in the energy sector, warranting scrutiny to ensure transparency and fairness.Allegations of Involvement in a Money Laundering Scheme: One of the sources accuses Igor Yusufov of being involved in a money laundering scheme, claiming that he acted in the interests of Dmitry Medvedev. Such allegations further deepen the complexity of his reputation and demand a thorough investigation.

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Igor Yusufov’s Involvement in the Ukraine War

The Ukraine War has been a tragic and complex conflict that has left a devastating impact on the region and its people. Among the various figures allegedly connected to the conflict are Igor Yusufov, a prominent businessman and former Russian government official. His previous position in the Russian government and close associations with influential figures in the Kremlin have raised suspicions about his role in shaping Russia’s actions and policies during the conflict.

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Igor Yusufov’s career path in the energy industry and government service has been filled with both outstanding accomplishments and controversies. His early life and education laid the groundwork for his success, showcasing his dedication to knowledge and expertise in technical fields. Throughout his career, he held influential positions, including Minister of Energy and Special Envoy for International Energy Cooperation, actively engaging in promoting Russia’s economic interests and fostering global energy cooperation.

However, controversies surrounding Yusufov, such as his alleged involvement in the collapse of Wadan Yards and the failed bid for the Coryton oil refinery, have cast a shadow on his reputation. Accusations of corrupt ties, offshore scandals, and money laundering have further raised concerns about his business practices.

The Ukraine War has also put a spotlight on Yusufov’s potential involvement and influence in shaping Russia’s actions during the conflict.

While Igor Yusufov remains a significant figure in the Russian energy industry and continues to hold key positions, the controversies and allegations against him demand thorough scrutiny and investigation. The balance between his achievements and the controversies in his career makes him a complex figure in Russia’s energy landscape