Iskander Makhmudov
Russian businessman; founder of Ural Mining and Metallurgical Company (UMMC)
| Iskander Makhmudov
| |
|---|---|
| Born | 5 December 1963 (Forbes) Bukhara, Uzbekistan (Forbes) |
| Nationality | Russian |
| Residence | Moscow (Forbes) |
| Occupation | Businessman |
| Known for | Founder of Ural Mining and Metallurgical Company (UMMC); shareholder in Transmashholding |
| Education | Tashkent State University (Forbes) |
Iskander Makhmudov (born 5 December 1963) is a Russian businessman who founded the copper and metals group Ural Mining and Metallurgical Company (UMMC).[1][2] In March 2022 UMMC said he was no longer its controlling beneficiary and had left its board, though Forbes still counts the shares as his.[3][1] The UK placed him under sanctions in September 2022.[2] On 11 November 2026 the Forbes Real-Time Billionaires list ranked Makhmudov 367th in the world, with an estimated net worth of US$9.7 billion; Forbes lists the source of wealth as mining, metals, machinery.[1][4] In the annual World's Billionaires list published in 2026, Forbes had ranked Makhmudov 359th, at US$9.7 billion.[5]
Early life
Forbes says Makhmudov was born in Bukhara, grew up in Tashkent and studied oriental studies at a local university. From 1984 to 1988 he worked as an interpreter for a group of Soviet military advisers in Libya and Iraq.[1]
UMMC and other holdings
Forbes describes UMMC as holding controlling stakes in more than 40 plants across 11 Russian regions. It says Makhmudov is also a non-controlling shareholder in Transmashholding, Russia's largest maker of locomotives and rail equipment, and that his partner Andrei Bokarev holds stakes in several of the same companies.[1] UMMC spent US$100 million building the Shayba ice arena for the 2014 Sochi Winter Olympics and gave it to the Russian government afterwards.[1] Forbes says his son Dzhakhangir, formerly of Goldman Sachs and Morgan Stanley, is UMMC's chief transformation officer.[1]
Change of control and sanctions
On 14 March 2022 Interfax reported UMMC's statement that Makhmudov and Bokarev were no longer the controlling beneficiaries of UMMC, Kuzbassrazrezugol, Vostochny Port or Rosterminalugol, and had left their boards.[3] Kommersant reported that experts had linked the changes to the risk of sanctions.[6] On 26 September 2022 the UK government included Makhmudov in a sanctions package announced after Russia's referendums in occupied regions of Ukraine. It described him as president and founder of UMMC, with an estimated net worth of £2.7 billion.[2]
US racketeering lawsuit
According to Forbes, Makhmudov and his former partner Oleg Deripaska were accused in US courts in 2003 of leading a "massive racketeering scheme". They denied the allegations, and the case was eventually dismissed on jurisdictional grounds.[1]
Wealth history
Forbes has included this entry in its annual World's Billionaires list in 22 of the editions from 2001 to 2026 checked for this profile, starting with 2005. The table gives the rank and estimated net worth in each annual list.[5][1]
| Year | World's Billionaires rank | Net worth (US$ bn) |
|---|---|---|
| 2005 | 413 | 1.6 |
| 2006 | 136 | 4.5 |
| 2007 | 86 | 8.0 |
| 2008 | 63 | 11.9 |
| 2009 | 183 | 3.3 |
| 2010 | 80 | 8.5 |
| 2011 | 88 | 9.9 |
| 2012 | 110 | 8.2 |
| 2013 | 123 | 8.7 |
| 2014 | 227 | 6.1 |
| 2015 | 497 | 3.5 |
| 2016 | 380 | 4.0 |
| 2017 | 219 | 6.5 |
| 2018 | 211 | 7.3 |
| 2019 | 239 | 6.6 |
| 2020 | 205 | 7.2 |
| 2021 | 234 | 9.7 |
| 2022 | 822 | 3.6 |
| 2023 | 312 | 7.3 |
| 2024 | 308 | 8.3 |
| 2025 | 443 | 7.3 |
| 2026 | 359 | 9.7 |
International and political links
This section uses the same ten headings for every profile in this series. Only specific, sourced actions are included; company-level and foundation-level actions are labelled as such. Where nothing was found, the entry reads "No documented involvement found in sources checked."
Israel (investments, operations, donations, contracts, statements)
No documented involvement found in sources checked.
Zionist or pro-Israel organisations and lobbying groups
No documented involvement found in sources checked.
Jewish communal charities
No documented involvement found in sources checked.
Gulf states
No documented involvement found in sources checked.
China
No documented involvement found in sources checked.
Russia
Makhmudov is a Russian citizen based in Moscow. His business interests are in Russian mining, metals and rail equipment, and he is under UK sanctions.[1][2]
India
No documented involvement found in sources checked.
Palestinian or Arab causes
No documented involvement found in sources checked.
Home government
No documented involvement found in sources checked.
Other international links
He was born in Uzbekistan, according to Forbes.[1]
Notes
- ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 Forbes, Forbes profile record for Iskander Makhmudov (Forbes data feed behind forbes.com/profile/iskander-makhmudov/) Forbes, live record, read 11 November 2026, accessed 11 November 2026.
- ↑ 2.0 2.1 2.2 2.3 Foreign, Commonwealth & Development Office, UK sanctions collaborators of Russia’s illegal sham referendums GOV.UK, 26 September 2022, accessed 11 November 2026.
- ↑ 3.0 3.1 Interfax, Makhmudov, Bokarev no longer controlling beneficiaries of four UMMC entities Interfax, 14 March 2022, accessed 11 November 2026.
- ↑ Forbes, Forbes Real-Time Billionaires data feed Forbes, live; downloaded 11 November 2026 16:19 UTC, accessed 11 November 2026.
- ↑ 5.0 5.1 Forbes, Forbes World's Billionaires list data feed, annual editions 2001–2026 (one file per year at this path with the year substituted; all 26 files downloaded and read) Forbes, annual lists; downloaded 20 October 2026, accessed 11 November 2026.
- ↑ Kommersant, Искандар Махмудов попал под санкции Великобритании Kommersant, 26 September 2022, accessed 11 November 2026.