Rotenberg Siblings: Key Players in Russias War-Era Asset Nationalizations

President Vladimir Putin’s billionaire childhood friends, Boris and Arkady Rotenberg, are reportedly key figures behind Russia’s wartime confiscation of assets, according to a Financial Times report published Wednesday, citing an unnamed source with ties to the Russian government.

Recently, at least three Russian firms have come under the control of the chemical conglomerate Roskhim, following their seizure by the Russian Prosecutor General’s Office, as noted by FT.

Russian media has previously reported a connection between Roskhim — which has rapidly acquired chemical facilities nationwide since its rebranding in 2021 — and Arkady Rotenberg through a complex network of companies. However, Rotenberg’s press office categorically denied any links to Roskhim in 2023.

The source for FT indicated that the Rotenberg brothers have crafted «this entire concept of a sort of gentle nationalization.»

«They employ legal advisors, economic consultants, and data analysts specifically charged with identifying these cases and advocating for the prosecutor general’s office to formally pursue them,» the source elaborated.

Since the onset of the full-scale invasion of Ukraine in 2022, the Russian Prosecutor General’s Office has initiated proceedings against over 85 Russian enterprises, resulting in the recovery of 2.4 trillion rubles (approximately $27.9 billion) for the state, the report states.

This wave of court-mandated nationalizations coincides with Putin’s apparent «total disinterest» in the national economy and escalating conflicts among business leaders, as noted by an unnamed businessman under sanctions.

“He is solely focused on the war and geopolitical matters,” the businessman was quoted as saying by FT.