# Iskander Makhmudov

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Uzbek-born Russian businessman (born 1963)

Iskander Makhmudov Искандар (Искандер) Кахрамонович Махмудов Makhmudov in 2016 Born (1963-12-05) 5 December 1963 (age 62) Bukhara, Uzbek SSR, USSR Citizenship Russian Education Degree, Oriental Studies Alma mater Tashkent University Occupation Founder/owner of Ural Mining and Metallurgical Company Organization Rusfonda Board member of Transmashholding

**Iskander Kakhramonovich Makhmudov** ([Russian](/source/Russian_language): Искандар Кахрамонович Махмудов [Uzbek](/source/Uzbek_language): Искандар Қаҳрамонович Маҳмудов; born 5 December 1963) is an [Uzbek](/source/Uzbeks)-born Russian businessman.[1]

According to *[Bloomberg Billionaires Index](/source/Bloomberg_Billionaires_Index)*, Makhmudov's net worth was estimated at US$9.41 billion as of 25 May 2021.[2]

## Biography

Iskander Makhmudov was born in [Bukhara](/source/Bukhara), [Uzbekistan](/source/Uzbekistan) ([Uzbek SSR](/source/Uzbek_SSR)) on December 5, 1963,[3] and grew up in [Tashkent](/source/Tashkent). He studied at the Faculty of Oriental Studies of [Tashkent State University](/source/Tashkent_State_University) and graduated in 1984 with a diploma in history and literature.[4]

In the 1985, Makhmudov was seconded to [Libya](/source/Libya) and a year and a half later to [Iraq](/source/Iraq) as an employee of the Principal Engineering Directorate of the [Ministry of Foreign Trade](/source/Ministry_of_Foreign_Trade_(Soviet_Union)) of USSR (the structure responsible for exporting military and dual-use products) and other organizations. In the later 1980s, he also worked for Uzbekintorg, a state enterprise that traded metallurgical and chemical products from Uzbekistan for consumer goods.[4][5]

In 1991, Makhmudov moved to [Moscow](/source/Moscow) to manage coal trade at Trans Commodities, a company established by [Michael](/source/Michael_Cherney) and Lev Cherney, the brothers who also originated from Tashkent. He also worked in [Trans-World Group](/source/Trans-World_Group) (TWG), a joint enterprise of Cherney brothers and [David and Simon Reuben](/source/David_and_Simon_Reuben). In 1993, Makhmudov left TWG but continued to cooperate with Michael Cherney. In 1994, Makhmudov focused on assets in the [copper mining](/source/Copper_mining) industry.[4]

As one of the partners of Michael Cherney, Makhmudov participated in the acquisitions of several metal industry companies, including *Uralelektromed*, which in 1999 became the core of the [Ural Mining and Metallurgical Company](/source/Ural_Mining_and_Metallurgical_Company) (UMMC or UGMK). Later they became the co-owners of [Kuzbassrazrezugol](/source/Kuzbassrazrezugol). In 2002, Makhmudov purchased Cherney's shares in UMMC and Kuzbassrazrezugol. Both turned quite profitable due to the rapid increase in the copper and coal prices. In 2004, he was included in the first ever Russian [Forbes](/source/Forbes) list with a net worth of USD 2.1 billion.[4]

## Projects

Makhmudov is the main owner of [Uralskaya Gorno-Metallurgicheskaya Kompaniya](/source/Uralskaya_Gorno-Metallurgicheskaya_Kompaniya) (UGMK) Holding which he formed with support from his childhood friend Jalol Khaidarov ([Russian](/source/Russian_language): Джалол Хайдаров).[5][6] This is the fourth largest non-ferrous metallurgical company in Russia, and the country's second-largest copper producer in terms of output. With his partner Makhmudov, he also acquired a 50% stake in Izdatelskiy Dom Rodionova ([Rodionov Publishing House](/source/Rodionov_Publishing_House)), which publishes the Russian version of BusinessWeek.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

### Economic Council of Russian and French Enterprises

In 2011, both Makhmudov and his business partner Bokarev replaced Gennady Timchenko as head of the Economic Council of Russian and French Enterprises.[7]

### Aeroexpress

Makhmudov owns 17.5% of [Aeroexpress](/source/Aeroexpress),[8] which provides rail transportation services between Moscow and surrounding airports ([Sheremetyevo](/source/Sheremetyevo_International_Airport), [Domodedovo](/source/Domodedovo_International_Airport), and [Vnukovo](/source/Vnukovo_International_Airport)).[9]

[Russian Railways](/source/Russian_Railways) JSC owns 50% of Aeroexpress. In November 2012, it was reported that Russian Railways intended to sell half of its shares (25% ownership in Aeroexpress) to TransGroup AS Ltd.[9]

### CSKA Team Ownership

"According to some [Russian] media, President of the [Ural Mining and Metallurgical Company](/source/Ural_Mining_and_Metallurgical_Company) ("UMMC") Makhmudov bought a controlling stake in the football club [CSKA](/source/CSKA_Moscow)."[10]

### International Space Services

[Russia's Federal Space Agency (Roskosmos)](/source/Russian_Federal_Space_Agency) plans to coordinate international space activities with other national space agencies, such as the [European Space Agency](/source/European_Space_Agency).[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

Many companies within Russia already work in the foreign market space. International Space Services, which is owned by Ural Mining Company, sells Zenit-operated launches from Baikonur. Baikonur, formerly known as Leninsk, is a city in Kyzylorda Province of Kazakhstan that is rented and administered by the Russian Federation.[11]

### Let Kunovice

Russia's first deputy defense minister Aleksandr Sukhorukov, who is ranked number four in the [Russian Army](/source/Russian_Ground_Forces), recently toured the [Let Kunovice](/source/Let_Kunovice) Aircraft Industries plant to express interest in the updated [L-410 aircraft](/source/Let_L-410_Turbolet). The Russian Army plans to use the L-410 aircraft to train pilots, who would then train on the newer, bigger aircraft called the Ilyushin Il-476.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

Let Kunovice is currently negotiating a deal to delivery 8 planes to the Russian Defense Ministry in 2013. Makhmudov's [Ural Mining and Metallurgical Company](/source/Ural_Mining_and_Metallurgical_Company) is the majority owner of Kunovice.[12]

### LLC Transoil

In December 2012, Makhmudov and his business partner [Andrei Bokarev](https://ru.wikipedia.org/wiki/%D0%90%D0%BD%D0%B4%D1%80%D0%B5%D0%B9_%D0%91%D0%BE%D0%BA%D0%B0%D1%80%D0%B5%D0%B2) have purchased a 13% ownership in [LLC Transoil](/source/LLC_Transoil). They purchased the shares from [Gennady Timchenko](/source/Gennady_Timchenko), co-owner of the [global commodity trading](/source/Commodity_market) company [Gunvor](/source/Gunvor_(company)).[13]

LLC Transoil is a [railway operator](/source/Rail_transport) in [Russia](/source/Russia). The company is one of the biggest railway transporters of oil and oil products in Russia.[13]

Total sales for LLC Transoil for the first three quarters of 2012 amounted to 51.1 billion rubles.[13]

As of 2019, Timchenko owned an 80% stake in Transoil and Bokarev and Makhmudov owned a minority stake.[14]

### Moscow Passenger Company

Makhmudov and his partner Bokarev own Moscow Passenger Company (MPC).[15]

In 2011, MPC purchased a 25% stake in Central Suburban Passenger Company (CSPC). CSPC accounts for 56% of all suburban transportation in Russia.[15]

In December 2012, MPC won a bid to purchase another 25% stake in CSPC. This purchase will increase MPC's equity position to 50%.[15]

Over 500 million passengers rode trains operated by CSPC in 2011. In 2011, CSPC had 24 billion rubles in revenue and 4.7 billion rubles in profit.[15]

### Transmashholding

[CJSC Transmashholding (TMH)](/source/Transmashholding), a holding company owned partially by Makhmudov, is Russia's largest producer of rolling stock for railways and subways. The company owns plants in St. Petersburg, Bryansk, Penza, and the Moscow, Rostov and Tver regions.[16]

In November 2012, it was announced that [TMH](/source/Transmashholding) had increased its net profit by 9 percent to 2.69 billion rubles. The company also reduced its long-term liabilities by 39 percent.[16]

In November 2012, Anatomy Ledovskikh, the former head of [Russian's Federal Agency for Subsoil Use](/source/Ministry_of_Natural_Resources_and_Environment), was elected chairman of the board at [Transmashholding](/source/Transmashholding), one of the companies owned by Iskander Makhmudov. Transmashholding produces locomotives, freight cars, passenger cars, electrain train cars, and other train heavy machinery.[17]

*Alstom Stake*

In November 2012, [Alstom](/source/Alstom) purchased a blocking stake in [TMH](/source/Transmashholding) for $422 million U.S. dollars. Alstom is a France-based engineering company serving the power generation and rail transportation industries.[18]

Skolhovo Foundation

On 16 November, Skolhovo Foundation and Transmashholding signed a memorandum of understanding. The two organizations will cooperate on issues of innovative research and development.[19]

*Zheldorremmash Stake*

In February 2012, [RBC Daily](/source/RBC_Information_Systems) reported that Transmashholding—through its subsidiary TMH Service—purchased 75 percent holdings in [Zheldorremmash](/source/Zheldorremmash), a subsidiary of [OJSC Russian Railways](/source/Russian_Railways). Zheldorremmash is considered a major player in the locomotive repair industry.[20]

### Ural Mining and Metallurgical Company

*Krasnobrodskaya-Koksovaya*

In 2011, RusBusinessNews reported that UMMC had commissioned a new coal processing factory. The factory is known as Krasnobrodskaya-Koksovaya. UMMC invested 3.3 billion rubles into the project. According to the article, the factory will process 3 million tons of coal each year.[21]

*Tyumen Steel Mill*

In July 2012, *Metal Mining Wire* reported that [UMMC](/source/Ural_Mining_and_Metallurgical_Company) had planned to build and run a new [steel mill](/source/Steel_mill) in the [Tyumen](/source/Tyumen) region of Russia. The mill would cost $675 million. According to the article, [UMMC](/source/Ural_Mining_and_Metallurgical_Company) expects the new mill to produce 540,000 [metric tons](/source/Tonne) of steel per year.[22]

### Wendy's

In August 2011, the first [Wendy's](/source/Wendy's) restaurant opened in Russia. The [Wenrus Restaurant Group](/source/Wenrus_Restaurant_Group) operates the Wendy's chain in Russia.[23]

[Wendy's/Arby's International](/source/Wendy's_Company) and Wenrus are planning to develop 180 restaurants over the next 10 years in Russia.[*[when?](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items)*] Each restaurant will contain a Wendy's and [Arby's](/source/Arby's).[24]

The [Wenrus Restaurant Group](/source/Wenrus_Restaurant_Group) is an affiliate of Food Service Capital.[24] Food Service Capital's businesses include:[25]

- Arpikom, a company that owns and operates restaurants under the brands Goodman Steak House, Filimonova and Yankel, Kolbasoff and Mama's Pasta)

- Komfis, a catering company

- Legion and Yedinaya Set Pitania, a food delivery service[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

Makhmudov owns Food Service Capital, along with Mikhail Zelman and their business partners.[25]

## Investment and growth

### Hyatt Hotels

In June 2014, Makhmudov closed a deal with [Hyatt Hotels](/source/Hyatt_Hotels) to build a luxury apartment hotel in Yekaterinburg, Russia. Makhmudov and his business partner [Andrei Kozitsyn](/source/Andrei_Kozitsyn) met with the two head executives from Hyatt Hotels in Yekaterinburg to discuss the project.[26] According to Russian news sources, Ural Mining and Metallurgical Company (UMMC) and Hyatt Hotels Corporation have already agreed to build the hotel. A subsidiary of UMMC is currently constructing a building called the Iset Tower. If the UMMC-Hyatt deal is finalized, Hyatt will use the top six floors of the Iset Tower for the luxury apartments.[27]

### Investment

According to *Russia & CIS Business & Financial Daily*, Makhmudov will budget approximately 60 billion rubles in 2013 for investments. "We're signing contracts for next year, and have started budgeting. The average copper prices will be around $8,000 a tonne in 2012. We're hoping it stays at that level next year. We're also planning the same investment program as this year – 60 billion rubles," said his business partner.[28]

### Aircraft

According to *SKRIN Market & Corporate News*, Makhmudov planned to direct his company to develop a new [regional jet](/source/Regional_jet) by 2015. The aircraft was to be manufactured in a [Czech Republic](/source/Czech_Republic)–based plant. All tests were planned to be completed in 2013.[29]

## Personal life

He was born to a Muslim [Uzbek](/source/Uzbeks) family.[30][*[better source needed](https://en.wikipedia.org/wiki/Wikipedia:Verifiability#Questionable_sources)*]

## See also

- [List of Russian billionaires](/source/List_of_Russian_billionaires)

## References

1. **[^](#cite_ref-1)** [""Номад" - Узбекская мафия на просторах СНГ. Часть 1-я. Уральская "империя" Искандера Махмудова"](https://web.archive.org/web/20170819114527/http://www.centrasia.ru/newsA.php?st=1040885160) ["Nomad" - Uzbek mafia in the CIS. Part 1. Ural "empire" of Iskander Makhmudov]. *(centrasia.ru)* (in Russian). 26 December 2002. Archived from [the original](http://www.centrasia.ru/newsA.php?st=1040885160) on 19 August 2017. Retrieved 11 March 2022.

1. **[^](#cite_ref-Bloomberg_2-0)** ["Bloomberg Billionaires Index: Iskander Makhmudov"](https://www.bloomberg.com/billionaires/profiles/iskandar-makhmudov/). *[Bloomberg L.P.](/source/Bloomberg_L.P.)* 25 May 2021. Retrieved 25 June 2021.

1. **[^](#cite_ref-3)** ["Iskander Makhmudov"](https://www.forbes.ru/profile/iskander-mahmudov). Forbes. Retrieved 19 March 2025.

1. ^ [***a***](#cite_ref-forbes-russia_4-0) [***b***](#cite_ref-forbes-russia_4-1) [***c***](#cite_ref-forbes-russia_4-2) [***d***](#cite_ref-forbes-russia_4-3) Valery Igumenov, Igor Popov (20 May 2013). ["Iskander Makhmudov: a engineer and translator turned billionaire"](https://www.forbes.ru/milliardery/239648-iskander-makhmudov-kak-inzhener-perevodchik-stal-milliarderom). Forbes. Retrieved 19 March 2025.

1. ^ [***a***](#cite_ref-EarlyBio_5-0) [***b***](#cite_ref-EarlyBio_5-1) ["Iskander Makhmudov: President of the Ural Mining and Metallurgical Company"](http://rumafia.net/en/dosje/82). *rumafia.net*. 2009. Retrieved 11 March 2022.

1. **[^](#cite_ref-6)** ["Друг Ната Ротшильда Дерипаска признался в финансировании "Русской" мафии"](http://anvictory.org/blog/2010/05/14/drug_nata_rotshilda_deripaska_priznalsya_v_finansirovanii_russkoy_mafii/) [Nat Rothschild's friend Deripaska admitted to financing the "Russian" mafia]. *anvictory.org* (in Russian). 14 March 2010. Retrieved 11 March 2022.

1. **[^](#cite_ref-7)** Кириленко, Анастасия (Kirilenko, Anastasia) (1 July 2015). ["Мафия на госзаказе. Как новые кремлевские олигархи связаны с преступным миром"](https://theins.ru/korrupciya/10407) [Mafia on the state order. How the new Kremlin oligarchs are connected to the underworld]. *[The Insider](/source/The_Insider_(website)) (theins.ru)* (in Russian). Retrieved 11 March 2022.{{[cite news](https://en.wikipedia.org/wiki/Template:Cite_news)}}: CS1 maint: multiple names: authors list ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_multiple_names:_authors_list))

1. **[^](#cite_ref-8)** "Likistov Pulls out of Rail Business, Partners Buy New Assets," *Russia & CIS Business and Financial Newswire*, 26 December 2012

1. ^ [***a***](#cite_ref-ma_9-0) [***b***](#cite_ref-ma_9-1) "Russian Railways to Halve Stake in Aeroexpress," *M&A Navigator*, 23 November 2012

1. **[^](#cite_ref-10)** Karimov Cyril, ["Makhmudov entrepreneur who bought a controlling stake in CSKA football club will help to cope with financial problems"](http://sobesednik.ru/news/20121128-predprinimatel-iskander-makhmudov-kotoryi-priobrel-kontrolnyi-paket-aktsii-tsska-pomoz), Sobesednik, 28 November 2012

1. **[^](#cite_ref-11)** ["Federal Space Agency Competes with Foreign Contractors"](http://en.ria.ru/papers/20121114/177456760.html), RIA Novosti, 14 November 2012

1. **[^](#cite_ref-12)** "Russian army to possibly place order for aircraft with Czech manufacturer", BBC Worldwide Monitoring, 5 November 2012

1. ^ [***a***](#cite_ref-Gunvor_13-0) [***b***](#cite_ref-Gunvor_13-1) [***c***](#cite_ref-Gunvor_13-2) [“Businessmen Bokarev, Makhmudov Buy 13% of Transoil From Timchenko”](http://www.interfax.co.uk/russia-energy-news/businessmen-bokarev-makhmudov-buy-13-of-transoil-from-timchenko/) *Russia & CIS Business and Financial Newswire*, 26 Dec 2012

1. **[^](#cite_ref-14)** Скорлыгина, Наталья (Skorlygina, Natalya) (23 May 2019). [""Трансойл" разбавит нефть углем: Компания может купить железнодорожного оператора УГМК"](https://www.kommersant.ru/doc/3976866) [Transoil will dilute oil with coal: The company may buy the railway operator UMMC]. *[Kommersant](/source/Kommersant)* (in Russian). Retrieved 11 March 2022.{{[cite news](https://en.wikipedia.org/wiki/Template:Cite_news)}}: CS1 maint: multiple names: authors list ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_multiple_names:_authors_list))

1. ^ [***a***](#cite_ref-rbcnews_15-0) [***b***](#cite_ref-rbcnews_15-1) [***c***](#cite_ref-rbcnews_15-2) [***d***](#cite_ref-rbcnews_15-3) [“Russian Railway Divests 25% in Suburban Operator”](http://rbcnews.com/free/20121224112542.shtml) ROS Business Consulting Database, 24 December 2012.

1. ^ [***a***](#cite_ref-tver_16-0) [***b***](#cite_ref-tver_16-1) "Transmashholding ups RAS net profit 9% to 2.69 bln rubles in 9M", Companies and Markets, Russia & CIS Business & Financial Daily, 14 November 2012

1. **[^](#cite_ref-17)** Esmerk, "Russia: Ex-head of Rosnedra becomes new chairman of Transmashholding's board", Kommersant, 16 November 2012

1. **[^](#cite_ref-18)** "Alstom pays around $422 mln for 25% in Russia's Transmashholding", Prime-Tass English-language Business Newswire, 7 November 2012

1. **[^](#cite_ref-19)** "Memorandum of Cooperation signed between Skolkovo Foundation and Transmashholding", SKRIN Market & Corporate News, 19 November 2012

1. **[^](#cite_ref-20)** Yevgeny Sergienko, ["Structure "Transmashholding" buys 75% stake in "Zheldorremmash"](http://www.rbcdaily.ru/2012/11/02/industry/562949985052786), RBC Daily, 11 February 2012

1. **[^](#cite_ref-21)** ["Ural Mining and Metallurgical Company completed the construction of the processing factory in the Kemerovo Region"](http://www.rusbiznews.com/news/n1109.html), *RusBusinessNews*, 30 August 2011

1. **[^](#cite_ref-22)** Andrew Lair, ["Ural Mining and Metallurgical Company to open new steel mill"](http://metalminingwire.com/news/ural-mining-and-metallurgical-company-to-open-new-steel-mill/1972/) [Deprecated link](https://en.wikipedia.org/wiki/Wikipedia:Archive.today_guidance) archived 16 February 2013 at [archive.today](/source/Archive.today), *Metal Mining Wire*, 6 July 2012

1. **[^](#cite_ref-23)** [“Wendy's Opens First Fast-Food Restaurant in Russia”](https://www.voanews.com/a/wendys-opens-first-fast-food-restaurant-in-russia-128328338/169251.html), Voice of America, 23 August 2011

1. ^ [***a***](#cite_ref-Wendys_24-0) [***b***](#cite_ref-Wendys_24-1) [“Arby's, Wendy's Prep Big Russian Expansion”](http://m.qsrmagazine.com/news/arbys-wendys-prep-big-russian-expansion) [Archived](https://web.archive.org/web/20181020095111/https://m.qsrmagazine.com/news/arbys-wendys-prep-big-russian-expansion) 20 October 2018 at the [Wayback Machine](/source/Wayback_Machine), *QSR Magazine*. Retrieved 26 January 2013

1. ^ [***a***](#cite_ref-Tatyana_25-0) [***b***](#cite_ref-Tatyana_25-1) Tatyana Romanova and Maria Rozhkova, [“Wendy's to Enter Russia Next Year”](http://www.themoscowtimes.com/business/article/wendys-to-enter-russia-next-year/411787.html), *The Moscow Times*, 6 August 2010

1. **[^](#cite_ref-26)** Hamilton, Louis (19 June 2014). ["Hyatt Hotel heads meet with UMMC to discuss apartment hotel"](http://yekaterinburgnews.com/daily-news/hyatt-hotel-heads-meet-with-ummc-to-discuss-apartment-hotel/9464/). *Yekaterinburg News*. Retrieved 18 July 2014.

1. **[^](#cite_ref-27)** ["Hyatt Hotels Corporation to build apartment hotel in Yekaterinburg"](http://en.urbc.ru/1067993887-hyatt-hotels-corporation-to-build-apartment-hotel-in-yekaterinburg.html). UralBusinessConsulting. 17 June 2014. Retrieved 18 July 2014.

1. **[^](#cite_ref-28)** "Metals Holding UMMC to Invest 60 Bln Rubles in 2013", *Russia & CIS Business & Financial Daily*, 18 October 2012

1. **[^](#cite_ref-29)** "UMMC Plans to Develop a New Regional Jet by 2015", *SKRIN Market & Corporate News*, 5 October 2012

1. **[^](#cite_ref-russiancaps_30-0)** ["Iskander Makhmudov"](https://archive.today/20130201145947/http://russiancapitalists.com/capitalists/makhmudov-iskander/) Russian Capitalists

## External links

- [Uralskaya Gorno-Metallurgicheskaya Kompaniya](http://www.ugmk.com/en) [Archived](https://web.archive.org/web/20230327201602/https://www.ugmk.com/en/) 27 March 2023 at the [Wayback Machine](/source/Wayback_Machine)

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Adapted from the Wikipedia article [Iskander Makhmudov](https://en.wikipedia.org/wiki/Iskander_Makhmudov) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Iskander_Makhmudov?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.