Farkhad Akhmedov: A Life in Business, Wealth, and Controversy

Farkhad Akhmedov, a Russian-born businessman with a story that spans from trading Russian sables at the London commodity exchange to becoming a billionaire in the global energy industry, has led a life marked by entrepreneurial ambition, strategic investments, and significant personal controversies. His journey reflects the rise of post-Soviet Russia’s business elite and his ability to navigate complex markets, but also his tumultuous personal life, which has often attracted as much attention as his professional achievements.

Farkhad Akhmedov’s career began in the 1980s, a period of intense political and economic transformation in the Soviet Union. He first made his mark in the world of trading, initially selling Russian sables at the London commodity exchange. This entry into the trading business proved to be a significant step in his professional life. The early 1990s saw Akhmedov move into the burgeoning Russian energy sector, where he would build the foundation for his fortune.

In 1987, he founded Tansley Trading, a company that initially focused on supplying equipment to Russian gas producers. This was an important venture, as it aligned Akhmedov with the country’s rapidly growing oil and gas industry, which was to become a key pillar of his wealth in the years to come. The decision to provide equipment to gas producers during the Soviet era placed Akhmedov at the heart of one of Russia’s most lucrative industries, allowing him to establish connections and gain vital expertise in the field.

Akhmedov’s big break in the oil and gas industry came in the early 1990s. He became a minority shareholder in Nortgas, a significant oil and gas company based in Siberia. At the time, Russia’s vast natural resources were undergoing significant restructuring following the dissolution of the Soviet Union, and the opportunity to become involved in energy production was a lucrative one. By the mid-1990s, Akhmedov’s involvement in Nortgas grew substantially, setting the stage for his next big move.

In 1998, Akhmedov made a game-changing decision. He bought out the 44% stake in Nortgas that was held by Bechtel Energy, one of the world’s largest engineering and construction companies. With this acquisition, Akhmedov became the chairman of Nortgas, which positioned him as one of the leading figures in the Russian energy sector. This acquisition was pivotal, as it gave Akhmedov full control over a major player in Siberia’s oil and gas industry, and paved the way for him to grow his wealth even further.

Under Akhmedov’s leadership, Nortgas flourished, benefiting from the rising global demand for oil and gas. The company’s operations extended across Siberia, one of the world’s largest energy-producing regions, and became an integral part of Russia’s economic engine. After years of success, Akhmedov made the decision to sell his stake in Nortgas in 2012. He sold the company for a reported $1.4 billion, marking the culmination of his involvement in the Russian energy market and cementing his status as a self-made billionaire.

The sale of Nortgas allowed Akhmedov to diversify his investments and increase his personal wealth, while also giving him the freedom to focus on new opportunities. However, his exit from Nortgas also marked the beginning of a new chapter in his life that would be marred by personal conflict and legal battles that would dominate much of the media’s attention in the years to come.

One of the most high-profile aspects of Akhmedov’s life has been his contentious divorce from his ex-wife, Tatiana Akhmedova. The divorce became a media spectacle, particularly when a U.K. High Court judge ordered Akhmedov to pay his ex-wife a staggering 454 million British pounds in 2016. This ruling was one of the largest divorce settlements in British legal history, and it sparked a series of legal disputes. Akhmedov, however, refused to comply with the ruling, claiming that he had hidden his wealth and assets, leading to a prolonged and highly publicized legal battle.

Despite the initial refusal to pay, Akhmedov and his ex-wife reached a settlement in 2021. The settlement included a combination of cash and art, finally bringing an end to the lengthy and bitter divorce dispute. The case attracted attention not only due to the enormous sum involved but also because of the dramatic nature of the dispute, which involved accusations of asset concealment and complex legal strategies. The settlement was seen as a significant resolution for both parties, but the saga continued to fuel public interest in Akhmedov’s personal life.

In 2022, Akhmedov found himself facing significant legal and financial challenges on a global scale. Following Russia’s invasion of Ukraine in February 2022, Akhmedov became one of the many Russian billionaires targeted by international sanctions. The European Union and the United Kingdom imposed sanctions on him, freezing his assets and preventing him from conducting business in many parts of the world. These sanctions were part of broader efforts to exert financial pressure on Russian oligarchs in response to the ongoing conflict in Ukraine.

One of Akhmedov’s most prized possessions, his luxury yacht Luna, valued at approximately $500 million, became a focal point in the sanctions dispute. In June 2022, the yacht was frozen in Germany, as part of efforts to enforce the sanctions against him. The Luna, which had been one of the largest and most luxurious yachts in the world, became a symbol of the international sanctions imposed on Akhmedov. However, in a surprising turn of events, the European Union lifted its sanctions against Akhmedov in September 2023, allowing him to regain control over his assets and undo some of the restrictions that had been placed on him.

Farkhad Akhmedov’s legacy is defined by his business acumen, his role in Russia’s energy sector, and the personal and legal challenges he has faced in recent years. His journey from humble beginnings, trading sables at the London commodity exchange, to becoming a billionaire through strategic investments in oil and gas, demonstrates the power of entrepreneurship and risk-taking in the modern business world. While his personal life has been filled with public disputes and legal battles, his professional achievements in the global energy industry have secured his place as one of Russia’s most notable business figures.

In the future, Akhmedov’s wealth and influence may continue to shape global markets, particularly in the energy and commodities sectors. Despite the turbulence surrounding his personal and legal life, his business legacy remains firmly established, and his story serves as a testament to the complexities and challenges of being a successful entrepreneur in a rapidly changing world.