A Russian tycoon selling out of his logistics business pledged to give away most of the proceeds from the deal for national security needs as the Kremlin seeks additional ways to raise funds to support its war effort.
Sergey Shishkarev, founder of Russian transport and logistics group Delo, completed the sale of his stake in the business to Rosatom State Corp., the parties said Wednesday. While the amount wasn’t disclosed, local news outlet RBC reported that the stake was valued at 77 billion rubles ($900 million).
“I intend to continue serving my country wherever my experience and knowledge can be of the greatest benefit,” the tycoon said in a Telegram post. “I will direct a significant portion of the amount received from the deal toward national security needs.”
Russia is facing a widening budget deficit as it channels more resources toward military spending and the war in Ukraine. Financing that burden is forcing the government to draw more heavily on almost every other part of the economy through higher taxes, fees and other revenue sources. Voluntary contributions from tycoons have also become one such source.
Read more: Putin Is Spending a Record $200 Billion on the War This Year
Nonrepayable and voluntary transfers, including payments from businesses, are expected to total 953.3 billion rubles in 2026, according to the budget law submitted to parliament last week.
“The deal reflects the reality of the Russian economy’s militarization at a time when budget revenues are falling and the government is being forced to find ways to replenish its coffers, reaching into the pockets of citizens and businesses through higher taxes,” said Alexander Gabuev, a senior fellow at the Carnegie Russia Eurasia Center.
Shishkarev founded Delo in the 1990s and built it into one of Russia’s largest transport and logistics holdings. The group owns and operates ports and marine terminals, as well as rail operator TransContainer and the Sakhalin Shipping Co. The 58-year-old controlled the group before the sale, with Rosatom owning a 49% stake. Forbes Russia estimates Shishkarev’s fortune at $1.7 billion.
The tycoon explained the sale by citing “irreconcilable disagreements” over the future of the business. He had sought to buy back Rosatom’s stake in the group but failed to secure financing, according to Russian media reports.
Earlier this year, billionaire Suleiman Kerimov, whose family once controlled top gold producer Polyus PJSC, offered to donate 100 billion rubles to the budget.
Read more: Putin Praises Billionaire for Voluntary Contribution to Budget