By Ekaterina Janashia | 2026-03-31

The Kremlin's war economy minted a new class of millionaires, and they're all under 40.

The children of Russia's political elite turned the Kremlin's own emergency economic measures into a personal windfall. Since the full-scale invasion of Ukraine in February 2022, 735 offspring of senior officials -- parliamentarians, federal ministers, security service heads -- earned at least 10 billion RUB ($108 million) in bank interest alone, according to a February investigation by independent outlet Verstka based on leaked tax records and financial data.

The mechanism was simple: to stop a bank run after the invasion, the Central Bank of Russia hiked its key interest rate to a record 20%. For ordinary Russians, that made mortgages unaffordable. For families with hundreds of millions already in Russian accounts, much of it repatriated from the West under threat of sanctions seizure, it was a printing press.

"The Central Bank created financial opportunities for the ultra-rich," the report said. "While millions lost money because of the war, the children of officials exploited anti-crisis measures."

A billion-ruble interest trap

Between 2021 and the end of 2024, the total held in the officials' children's accounts grew 132%, while interest payments surged 578%.

Topping the list is Nikolai Tkachev, 36, son of State Duma deputy Alexei Tkachev and nephew of former Agriculture Minister Alexander Tkachev. He earned over 1 billion RUB ($10.8 million) in interest between 2022 and 2024. His deposits estimated at over 6 billion RUB ($64.7 million), a 23-fold increase from pre-war holdings. His wealth is closely tied to Agrocomplex, one of Russia's largest agricultural conglomerates, which has thrived under favorable state policies.

Another major beneficiary is Pavel Yakushev, son of Senator and former Tyumen Governor Vladimir Yakushev. A London Business School graduate, Yakushev earned over 706 million RUB ($7.6 million) in interest. Before the war, he traveled frequently to the United Kingdom. But after sanctions, he shifted to the UAE, Turkey and the Maldives, while keeping his capital largely inside the Russian banking system.

Varvara Manturova, daughter of Duma deputy Andrey Skoch and daughter-in-law of Deputy Prime Minister Denis Manturov, earned more than 585 million RUB ($6.3 million) in interest over just two years. At 23, she controls assets that have made her one of Russia's wealthiest women, including a stake in Alisher Usmanov's USM holding.

Gulnara Kerimova, daughter of billionaire senator Suleiman Kerimov, pulled in 347 million RUB ($3.7 million) in interest even as she moved money into other assets. The family has faced scrutiny after the United States seized the $300 million yacht Amadea, which authorities allege is linked to them.

Repatriation -- or corruption?

Economists interviewed by Verstka said the massive account growth is partly explained by elite families moving liquid assets back to Russia under threat of sanctions seizure.

"Being under sanctions, some owners of substantial funds transferred them to Russia," an anonymous economist told the outlet. "A significant portion of these funds settled in deposits."

But the scale of the wealth remains contentious. Many on the list hold minor government roles or run businesses heavily reliant on state contracts or their parents' political connections.

The top 100 beneficiaries form a who's who of Russian power: 40 children of State Duma deputies, 34 offspring of Federation Council senators, 10 from the Presidential Administration's top brass -- and the daughter of Constitutional Court Chairman Valery Zorkin.

"This is not a question of the attractiveness of a savings tool," the report concluded. "It is a system where the elite are protected from the very hardships their policies have inflicted on the rest of the country."