Support The Moscow Times!

Rotenberg Creates Developer

A Russian billionaire known to be close to President Vladimir Putin has set up a new property development company, the businessman's representative said in a statement Monday.

Arkady Rotenberg, a childhood friend and former judo partner of Putin's, will operate in real estate construction through his new company RG Development, the statement said.

The company will focus mainly on projects in Moscow and the surrounding region, from investment, engineering and building to management of completed property.

Rotenberg's fortune was estimated by Forbes magazine at $3.3 billion last year, ranking him 31st among the richest Russians.

His key assets include a stake in Mostotrest, a road construction corporation, and Stroygazmontazh Corporation, a construction contractor in the energy field. Together with his brother, Boris Rotenberg, they control SMP Bank.

Rotenberg's companies were awarded at least 227 billion rubles ($7.4 billion) worth of contracts for the 2014 Sochi Winter Olympics, according to figures compiled by Bloomberg last year, representing 15 percent of the entire budget. It was also more than the sum spent to stage the 2010 Olympics in Vancouver, Canada.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.