Investigation reveals lavish purchases amid ongoing scrutiny of the Russian president’s finances.
Russian President Vladimir Putin, 70, is accused of funnelling millions of illicit funds into high-end properties for his girlfriend, Alina Kabaeva, a 39-year-old Olympic gold medalist. An investigation by Project, a Russian opposition website banned by the Kremlin, claims that Putin purchased the largest apartment in Russia and a luxurious wooden mansion for Kabaeva.
The report details a lavish 2,600 square meter penthouse located in Sochi, the resort city on the Black Sea that hosted the 2014 Winter Olympics. Registered under the name of Oleg Rudnov, a known ally of Putin, the penthouse boasts 20 rooms, a private cinema, swimming pool, rooftop helipad, spa zone, and a Japanese relaxation courtyard.
Additionally, Kabaeva’s relatives are said to own multiple properties, including a three-storey manor near Moscow valued at nearly £10 million. A wooden mansion, reportedly constructed on Putin’s orders, is located near another property owned by the president and is believed to be where Kabaeva and their children spend much of their time. Satellite imagery indicates that the property features a go-kart track and a large playground.
The mansion is alleged to be registered to a company controlled by Yury Kovalchuk, a billionaire closely linked to the Kremlin and known as Putin’s banker. Reports suggest that Putin travels to this property aboard an armoured train from a secret station in Moscow.
Kabaeva, who has publicly supported Russia’s invasion of Ukraine, served as a member of Putin’s ruling United Russia party from 2007 to 2014 and later became the head of the National Media Company, earning an annual salary of £7.7 million despite lacking media experience. In August 2022, she was sanctioned by the U.S. government due to her ties with Putin amid the Ukraine conflict.
The investigation also included leaked photographs purportedly showing the interior of one of Putin’s hideaways in northern Russia, near Kabaeva’s mansion. These images depicted extravagant features, including a bedroom and study adorned with luxurious decor.
In 2021, allies of imprisoned opposition leader Alexei Navalny claimed that state funds were misused to lease and renovate this property. The investigation further revealed the alleged ownership of an offshore company, Ermira Consultants, registered in Cyprus. Although officially owned by a Russian lawyer, sources indicate it is linked to Putin.
The Cypriot company reportedly holds accounts at Rossiya Bank, associated with Svetlana Krivonogikh—who amassed considerable wealth after a rumored affair with Putin—and at SMP Bank, founded by Arkady Rotenberg, a long-time friend of the president.
In 2008, a Moscow newspaper was shut down shortly after publishing allegations about Kabaeva’s relationship with Putin, which he has consistently denied.
