Oligarchs from Putin's entourage acquire land in occupied Crimea for large-scale construction projects

Russian billionaires Arkady and Boris Rotenberg, who have close ties to Kremlin leader Vladimir Putin, reportedly obtained at least ten plots of land in occupied Crimea in 2023, which had previously been owned by Ukrainian businessmen.

Source: an investigation by Russian media outlet Verstka

Details: The billionaires acquired the property to build a large-scale yacht marina in Balaklava Bay following Putin's orders.

The media outlet revealed that the confiscated properties had been auctioned off by the state, with the winning bids going to companies connected to the Rotenberg brothers. The auctions were made possible after the Russian-controlled parliament of Sevastopol, to which Balaklava is territorially attached, authorised the confiscation of property from individuals connected to "unfriendly" states, including Ukraine. Furthermore, lawsuits were filed against the owners, compelling them to sell their land.

The Russian military prosecutors and the Federal Security Service initiated criminal cases against the most "intransigent" owners, the journalists stressed.

Among the properties seized by the Rotenberg brothers is land formerly owned by Ukrainian politician and entrepreneur Andrii Senchenko. In the summer of 2023, they also acquired an unfinished hotel for RUB 105 million (approximately US$1.1 million) at an auction. This property had been confiscated from Ukrainian businessman Oleksii Plias.

In addition to the plots seized from Ukrainian businessmen, the Rotenbergs also bought plots available on the market. These purchases were made through companies controlled by the Rotenbergs, namely Port Lamos and Delhi Christo, according to Verstka.

The Rotenbergs and their related entities did not comment on the investigation.

For reference: Kremlin-aligned Russian news agency RIA Novosti noted that the yacht marina in Balaklava was 25% complete as of June this year.

The development plan envisages the creation of a yacht park, the necessary infrastructure and a new public space.

Additionally, a resort named Yacht Village is planned for the area surrounding the marina. Spanning 200 hectares, 63 plots have been designated for hotel and recreational facility construction near the bay.

The project is being undertaken by Mostotrest, the Rotenbergs' company responsible for building the Crimean Bridge.

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