How Putin’s daughter makes millions as a shareholder of her own company

Russian President Vladimir Putin’s daughter Maria Vorontsova earns hundreds of millions of rubles per year from her stake in Nomeco, a company which receives all its money from a healthcare facility called the Sogaz clinic, according to a new investigation by jailed Russian opposition figure Alexey Navalny’s associates.

Vorontsova is an endocrinologist by profession. According to the Navalny team’s investigation, she earns around 200,000 rubles ($2,280) per month through her work:

• 110,000 rubles ($1,250) for her work at Moscow State University in the Faculty of Fundamental Medicine,
• 35,000 rubles ($400) from the Russian Association of Endocrinologists,
• 48,000 rubles ($550) from the Ministry of Health’s National Medical Research Center of Endocrinology.

But Vorontsova earns far more as a member of the board of directors of Nomeco, a company she founded in 2019, according to the investigation. Nomeco’s website says it focuses on innovative technologies in the field of medicine. The investigation’s authors note that the website’s “company news” page primarily posts congratulatory messages for various holidays.

Nomeco, which employed only five people in 2022, generates millions of rubles in net profits per year:

• 600 million rubles ($6.8 million) in 2020,
• 810 million rubles ($9.2 million) in 2021,
• 855 million rubles ($9.7 million) in 2022.

As a company shareholder, Vorontsova earned 232 million rubles ($2.6 million) in dividends in 2020 (more recent data is not yet available). Vorontsova also earns a salary of 700,000 rubles ($7,980) from Nomeco per month. The investigation reports:

If the dividends [in 2021 and 2022] are paid in the same way as in 2020, then our businesswoman earned a total of 910 million ($10.3 million) in dividends and a salary of 33 million rubles ($376,000). 944 million rubles ($10.7 million)!

The investigation’s authors say that Nomeco received all its money from the Sogaz clinic. In 2021 and 2022, the clinic transferred 1.5 billion rubles ($17 million) to Nomeco for certain “services related to information modeling for project implementation.”

In 2021, Radio Free Europe/Radio Liberty found that the following individuals were treated at the Sogaz clinic:

• Yury Kovalchuk, a close associate of Putin and co-owner of Sogaz insurance group,
• Sergey Fursenko, vice president of Gazprombank,
• Ilya Klebanov, Putin’s former presidential plenipotentiary to Russia’s Northwestern Federal District,
• Valentina Matvienko, speaker of Russia’s Federation Council.

After the start of Russia’s full-scale invasion of Ukraine, the clinics also treated Wagner Group mercenaries injured on the battlefield. In August 2022, the clinics were bought out by top managers at Nomeco.