Early Life and Education
Yuri Valentinovich Kovalchuk was born on July 25, 1951, in Leningrad (now St. Petersburg), Russia. He grew up in a highly educated family. His father was a professor, and his mother worked in the history department. Kovalchuk graduated from the Physics Department of Leningrad State University in 1974 and later earned a doctorate.
Rise to Success
Kovalchuk's career took a significant turn in the early 1990s when he became close friends with Vladimir Putin, who was then Deputy Mayor of St. Petersburg. After Putin became President of Russia, Kovalchuk's career and financial standing rose significantly. Since 2004, Kovalchuk has been chair of Rossiya Bank and its largest shareholder. The bank has been characterized as the “personal bank” for senior officials in the Russian Federation, including Putin. In December 2021, Sogaz, which is partly owned by Kovalchuk, bought 45% of MF Technologies, which controls VK, one of the largest internet companies in Russia.
Key Business Strategies
Kovalchuk's business strategy has centered around strategic investments in key sectors, particularly banking, insurance, and media. He has leveraged his close relationship with Putin to build a financial empire, gaining control over significant assets and influencing key sectors within Russia. His control over National Media Group (NMG) allows him to influence what Russians see and hear through the ownership of key media outlets.
Philanthropy
Kovalchuk is known for his charitable work, though the specific amounts are difficult to verify due to the nature of his businesses and related sanctions. He is known for establishing the Ilya Kovalchuk Foundation, supporting children's sports programs in Russia.
