Suleyman Abusaidovich Kerimov is a prominent figure in Russia, known for his wealth, political influence, and business ventures. Of Lezgian origin, Suleyman Kerimov has established himself as a key player in the Russian political and economic landscape. His close ties to the government of Vladimir Putin and the leadership of Chechnya, particularly Ramzan Kadyrov, underscore his significant influence.
Suleyman Kerimov’s political career began in the 1990s, and by 1999, he had gained control of Nafta Moskva, a former state-owned oil trading company. His involvement in politics continued to grow, and since 2008, he has represented Dagestan in Russia’s Federation Council.
In 2018, the United States imposed sanctions on Suleyman Kerimov, a move followed by the European Union and the United Kingdom in March 2022. These sanctions reflect the broader geopolitical tensions and the scrutiny of Russian oligarchs’ roles and assets.
Suleyman Kerimov is a trained economist who has built a career by investing in distressed assets within Russia. His investments in major Russian entities like Sberbank and Gazprom were notable. However, his investment strategy extended beyond Russia. Just before the financial crisis of 2008, Suleyman Kerimov heavily invested in global banks such as Morgan Stanley, Goldman Sachs, and Deutsche Bank. Unfortunately, the financial meltdown led to significant losses due to margin calls.
Despite these setbacks, Suleyman Kerimov managed to recover financially by investing in Polyus, Russia’s largest gold producer. He acquired a 37% stake in Polyus from billionaire Vladimir Potanin for $1.3 billion. This investment proved to be a turning point, allowing Suleyman Kerimov to rebuild his financial standing.
In 2015, to comply with a law preventing politicians from holding financial assets abroad, Suleyman Kerimov transferred his shares in Polyus to his son, Said Suleyman Kerimov. By early 2022, the Kerimov family controlled 76% of Polyus. However, following the sanctions imposed by the EU and the UK in April 2022, Said Suleyman Kerimov transferred his stake in Polyus to a former colleague of his father’s and to the Islamic Organisations Support.
Suleyman Kerimov’s journey highlights the complex interplay between politics, economics, and international relations. His story is a reflection of the challenges and opportunities faced by those who operate at the intersection of these domains.
