What is Gennady Timchenko’s Net Worth?
Gennady Timothychenko is a Russian billionaire businessman and oligarch.
Timchenko is the founder and owner of Volga Group, which invests in infrastructure, energy, and transport assets. He was previously co-owner at Gunvor Group.
Timchenko is well-known for his role as the Chairman of the Kontinental Hockey League’s Board of Directors and President of SKA Saint Petersburg’s ice hockey club. He is a citizen of Russia, Finland, and Armenia.
Gennady Timothyenko’s net worth was estimated at approximately $14 billion as of July 2022.
Gennady Nikolayevich Timothyenko was born in Leninakan on the 9th of November 1952.
His father served in the Soviet military and fought with Russian forces during the second world war.
According to an interview with Wall Street Journal (2008), he graduated in 1976 from the Mechanical Institute of Saint Petersburg (then called Leningrad) as an electrical engineer. He is married to Elena and has three children. He has lived in Moscow, Russia since 2014 while his family lives in Switzerland.
Timchenko began working as an engineer at the Izhorsky plant in Saint Petersburg in 1977. This facility specialized in building power generators.
In 1988, when Russia started to liberalize its economy, he was promoted to Deputy Director of state-owned oil company Kirishineftekhimexport, which had been created in 1987 based on the Kirishi refinery, one of the three largest refineries in the RSFSR.
Timchenko left Russia and was recruited by Urals Finland Oy in 1991. This Finnish company specializes in the import of Russian oil to Europe.
In 1997, he co-founded Gunvor, a global commodity trading firm, with Torbjorn Tornqvist, a Swedish businessman. In March 2014, Tornqvist was able to sell his stake. This happened just one day before the US sanctions. Timchenko created the Volga Group (Volga Resources Group), a private investment fund in 2007.
Following the Crimean status referendum in March 2014, the U.S. Treasury placed Timchenko on its Specially Designated Nationals List. This is a list that includes individuals who are sanctioned as being “members of the Russian leadership’s inner circles.”
He also sold a 49% share in Finnish company IPP Oy that year. It was only a small portion of the Volga Group portfolio. After the April 2014 Crimean crisis, Timchenko was placed under international sanctions.
These are the top highlights of Gennady Timothyenko’s career.
- Kirishineeftekhimexport (1988)
- Co-founded Gunvor (1997)
- Founded Volga Group (2007)
Three Strong Lessons From Gennady Timothychenko
We now know all about Gennady’s net worth, and how he became a successful businessman. Let’s look at some lessons we can learn.
1. Be the Best
People are generally trying to please you and will try their best. Give lots of grace and assume the best.
2. Prioritize People Over Process
Good leaders encourage their people and develop them. Leaders who are good at putting people first are great.
3. Listen to Your Team
Be open to the possibility that someone else has the best idea. Ask probing questions and listen intently for the answers.
Favorite Quotes From Gennady Timothychenko
I have never concealed dual citizenship. It is a good idea to declare dual citizenship for those involved in state-related business activities.
Western media portray Russia in a completely negative light. Yes, there are issues, and they need to be addressed. It is not surprising that Russia is the target of a propaganda campaign. This is very troubling.