Igor Altushkin: The Copper Magnate’s Recent Endeavors and Controversies

Igor Altushkin, born on September 10, 1970, in Yekaterinburg, Russia, is a prominent figure in the global metals industry. As the founder and largest shareholder of the Russian Copper Company (RCC), he has played a pivotal role in establishing Russia’s third-largest copper producer. Altushkin’s journey from a scrap metal trader in the early 1990s to a billionaire entrepreneur is a testament to his business acumen and strategic vision.

In recent years, Altushkin’s net worth has seen significant fluctuations. As of January 19, 2025, Forbes estimated his real-time net worth at $4.1 billion, ranking him #814 globally. This marks a notable recovery from previous years, reflecting the resilience of his business ventures amidst global economic challenges.

Beyond his business pursuits, Altushkin is renowned for his philanthropic contributions, particularly towards the Russian Orthodox Church. His support has facilitated the construction and restoration of numerous churches, underscoring his commitment to cultural and religious heritage. In recognition of his contributions, President Vladimir Putin awarded him the Order of Friendship in May 2017.

However, Altushkin’s name surfaced in a controversial context in April 2023. Reports indicated that he was the principal financial backer of the Urals Battalion, a volunteer group fighting alongside the Russian Armed Forces in Ukraine. Sources, including individuals from the Defense Ministry and the Special Forces Veterans Fund, claimed that Altushkin provided equipment and financial support to the battalion. Despite these assertions, the Russian Copper Company officially denied any involvement in creating or financing military units participating in the conflict.

On the personal front, Altushkin is married and a father of six. His family maintains a presence in the United Kingdom, with his wife and at least one son holding British citizenship. The family’s real estate portfolio includes a £17 million London mansion, previously owned by pop singer Madonna, and additional properties valued at approximately £2 million.

An enthusiast of boxing and target shooting, Altushkin co-founded RCC Boxing Promotions in 2016 to promote combat sports and organize boxing matches. This venture aligns with his personal interests and reflects his commitment to fostering sports culture in Russia.

In 2020, RCC inaugurated its new headquarters in Yekaterinburg, a project designed by the esteemed British architect Norman Foster. This development signifies RCC’s growth and Altushkin’s vision for modernizing the company’s infrastructure.

As of January 2025, Igor Altushkin continues to be a significant figure in Russia’s industrial landscape. His business ventures, philanthropic activities, and personal interests paint a complex portrait of a man navigating the intersections of commerce, culture, and controversy.