Jules Evans

The Russian whose fortune fell from the sky

From our UK edition

Jules Evans says billionaire industrialist Oleg Deripaska has global business ambitions — but a dispute with another Russian tycoon, Michael Cherney, may get in his way Oleg Deripaska wants it all. He already has quite a lot: assets in Russian insurance, pulp, construction, airports, media, cars, and oil, and a controlling stake in the world’s largest aluminium company, Rusal. These make him Russia’s second-richest man, worth $18 billion according to Forbes; only Roman Abramovich is richer. But Deripaska’s ambition is not yet sated. He wants a place in the top league of global businessmen alongside Bill Gates and Lakshmi Mittal. And so far his ambition appears to enjoy strong Kremlin backing.

The KGB man who spied on the bond markets

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It’s not every day a former KGB spy invites you to interview him. But Alexander Lebedev is not your typical KGB spy. He’s made billions in stock-market trading, he throws lavish parties in London attended by the likes of Tom Wolfe and J.K. Rowling, and he might just be the most serious critic of Kremlin policy still standing. Naturally I accept, and go to meet him in the Hyatt hotel in central Moscow. He’s sitting at the back of the bar, dressed more like a rock-band manager than a billionaire spook. Lebedev joined the KGB in the early 1980s and was sent to London in 1988, operating out of a flat in Kensington High Street.

The only Western oligarch in Moscow

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Stephen Jennings is very tall — about six feet seven. He wraps his body into contortions to fit his limbs into his chair in his central Moscow office. He would certainly suffer in Aeroflot’s economy class —  but luckily he has his own jet. He’s also a towering figure in Russian business. His investment bank, Renaissance Capital, is worth up to £3 billion, and he owns roughly 80 per cent of it. He is, says another Moscow banker, ‘the only foreign oligarch in Russia’. This 47-year-old Kiwi hasn’t just had a front-row seat in the turbulent changes of the last 15 years of Russian business and politics. He’s played a key role in those changes.

A rollercoaster ride with the Caucasian billionaire

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In his annual meeting with foreign journalists in January, President Putin enthused over his country’s record on initial public offerings: ‘Without any doubt, 2006 can be called the year of IPOs, because it was the first time that Russian companies carried out ... IPOs worth dozens of billions of dollars on international and Russian exchanges.... And this is just the beginning.’ Indeed, this year’s schedule for Russian IPOs is even more packed, as companies rush to issue before the presidential elections next year. Analysts estimate Russian companies will attempt to raise as much as $25 billion this year, well ahead of last year’s total of $15 billion.

Is Belarus next in line?

From our UK edition

If you listen carefully, you can hear the drums of revolution beating once more in Washington. The neoconservatives have found another regime that needs changing, another enemy of ‘freedom’, and they are setting about putting matters right in their usual way. This time the target is Belarus, a small country in between Poland, Ukraine and Russia with a population of 10 million. Since 1996 Belarus has been run as a communist dictatorship by President Aleksander Lukashenko. All the usual precursors to a US-sponsored ‘revolution’ are in place: an influential Washington NGO — the US Committee on Nato — has said that fostering democracy in Belarus is an ‘essential, moral and strategic imperative for US foreign policy’.

‘I made this revolution’

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In a white room in Bishkek, Kyrgyzstan, a tattooed man from Georgia is trembling violently. His eyes are rolled back to the whites, his spine is arched, his arms flail in front of him as if he is being electrocuted. Behind him stands another man, Asiatic, completely bald, with dark piercing eyes. He shouts, almost raps, into the convulsing Georgian’s ears, ‘Drive out the filth! You are a strong man, charged with energy! Help yourself out of this!’ He repeats this over and over until the Georgian has a spasm and collapses in a trance. He is put on to a stretcher, carried out of the room and laid in a bed with high metal sides.