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'''Andrey Melnichenko''' ({{lang-ru|Андрей Игоревич Мельниченко}}; {{lang-be|Андрэй Мельнічэнка}}; born 8 March 1972) is a Russian [[billionaire]] entrepreneur and philanthropist.<ref name="forbes">{{cite web |title=Forbes profile: Andrey Melnichenko (real time) |url=https://www.forbes.com/profile/andrey-melnichenko/ |access-date=10 March 2022 |work=Forbes}}</ref>
'''Andrey Melnichenko''' ({{lang-ru|Андрей Игоревич Мельниченко}}; {{lang-be|Андрэй Мельнічэнка}}; born 8 March 1972) is a Russian [[billionaire]] entrepreneur and philanthropist.<ref name="forbes">{{cite web |title=Forbes profile: Andrey Melnichenko (real time) |url=https://www.forbes.com/profile/andrey-melnichenko/ |access-date=10 March 2022 |work=Forbes}}</ref><ref name=":30" />


He is the founder and ex-beneficiary of fertilizer producer [[EuroChem|EuroChem Group]] and coal producer [[Siberian Coal Energy Company|SUEK]], and was a non-executive director in both companies until 9 March 2022.<ref name=":1">{{Cite web|url=http://aimfoundation.info/page0001#amen|title=About the Foundation: Andrey Melnichenko|website=aimfoundation.info|access-date=2018-02-25|archive-url=https://web.archive.org/web/20180226092029/http://aimfoundation.info/page0001#amen|archive-date=26 February 2018|url-status=dead}}</ref><ref name=":10">{{Cite web |date=2022-03-10 |title=Andrey Melnichenko resigns from EuroChem Board of Directors and withdraws as main beneficiary - EuroChem Group |url=https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/,%20https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/ |access-date=2022-03-11 |website=www.eurochemgroup.com |language=en-US}}</ref><ref name=":25">{{Cite web |title=Andrey Melnichenko resigns from SUEK Board of Directors, stands down as main beneficiary |url=http://www.suek.com/media/news/andrey-melnichenko-resigns-from-suek-board-of-directors-stands-down-as-main-beneficiary-/ |access-date=2022-03-11 |website=www.suek.com |language=en}}</ref> According to ''[[Forbes]]'', as 10 March 2022, his net worth is estimated at US$15.8 billion, the 7th richest person in Russia.<ref name="forbes" /> According to the ''[[Bloomberg Billionaires Index]]'', as of March 2022, his net worth was $17.4 billion (6th in Russia).<ref>{{Cite news |title=Bloomberg Billionaires Index |language=en |work=Bloomberg.com |url=https://www.bloomberg.com//billionaires/ |access-date=2022-03-22}}</ref>
He is the founder and ex-beneficiary of fertilizer producer [[EuroChem|EuroChem Group]] and coal producer [[Siberian Coal Energy Company|SUEK]], and was a non-executive director in both companies until 9 March 2022.<ref name=":1">{{Cite web|url=http://aimfoundation.info/page0001#amen|title=About the Foundation: Andrey Melnichenko|website=aimfoundation.info|access-date=2018-02-25|archive-url=https://web.archive.org/web/20180226092029/http://aimfoundation.info/page0001#amen|archive-date=26 February 2018|url-status=dead}}</ref><ref name=":10">{{Cite web |date=2022-03-10 |title=Andrey Melnichenko resigns from EuroChem Board of Directors and withdraws as main beneficiary - EuroChem Group |url=https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/,%20https://www.eurochemgroup.com/media-announcements/andrey-melnichenko-resigns-from-eurochem-board-of-directors-and-withdraws-as-main-beneficiary/ |access-date=2022-03-11 |website=www.eurochemgroup.com |language=en-US}}</ref><ref name=":25">{{Cite web |title=Andrey Melnichenko resigns from SUEK Board of Directors, stands down as main beneficiary |url=http://www.suek.com/media/news/andrey-melnichenko-resigns-from-suek-board-of-directors-stands-down-as-main-beneficiary-/ |access-date=2022-03-11 |website=www.suek.com |language=en}}</ref> According to ''[[Forbes]]'', as 10 March 2022, his net worth is estimated at US$15.8 billion, the 7th richest person in Russia.<ref name="forbes" /> According to the ''[[Bloomberg Billionaires Index]]'', as of March 2022, his net worth was $17.4 billion (6th in Russia).<ref name=":30">{{Cite news |title=Bloomberg Billionaires Index |language=en |work=Bloomberg.com |url=https://www.bloomberg.com//billionaires/ |access-date=2022-03-22}}</ref>


As Bloomberg reports, Melnichenko was "too young to gain from the 1990s privatizations that made many oligarchs fortunes". After the Soviet Union fell, he began trading currency with two friends while a physics student at Moscow State University, and then registered a bank, MDM Bank.<ref name=":6" /><ref name=":4" /> Melnichenko took an interest in the commodities market and began buying assets in coal and fertilizers, with the acquisition of plants and mines, many of which were distressed. He sold his banking interests in 2007, before the global financial crisis, allowing him to focus on industrial investments. As Bloomberg reports, Melnichenko "consolidated fragmented assets in risky and then-derelict industries and created leading international blue chips" noting that "these industries were not considered to be ‘strategic’ for Russia and were not subject to the political influence that dominated other sectors, like oil and gas, diamond and gold mining."<ref name=":17">{{Cite news|url=https://www.bloomberg.com/news/features/2019-12-21/how-east-europe-s-billionaires-rose-from-the-fall-of-communism|title=The Rise of the East European Billionaires|date=21 December 2019|work=Bloomberg|access-date=28 December 2019}}</ref> The investments led to the creation of EuroChem, a fertilizers manufacturer and global fertilizers exporter, and SUEK, a coal energy company.<ref name=":6" /><ref>[https://www.ft.com/content/79394d9e-d07a-11e7-9dbb-291a884dd8c6 "Clean coal is part of the answer to the Paris Agreement". Financial Times. Retrieved 26 February 2018]</ref><ref name=":14">{{Cite news|url=https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|archive-url=https://web.archive.org/web/20180831184145/https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|url-status=dead|archive-date=2018-08-31|title=Russian coal producer SUEK to take over Siberian Generating Company|date=2018-08-31|work=Reuters|access-date=2019-02-21|language=en}}</ref>
As Bloomberg reports, Melnichenko was "too young to gain from the 1990s privatizations that made many oligarchs fortunes". After the Soviet Union fell, he began trading currency with two friends while a physics student at Moscow State University, and then registered a bank, MDM Bank.<ref name=":6" /><ref name=":4" /> Melnichenko took an interest in the commodities market and began buying assets in coal and fertilizers, with the acquisition of plants and mines, many of which were distressed. He sold his banking interests in 2007, before the global financial crisis, allowing him to focus on industrial investments. As Bloomberg reports, Melnichenko "consolidated fragmented assets in risky and then-derelict industries and created leading international blue chips" noting that "these industries were not considered to be ‘strategic’ for Russia and were not subject to the political influence that dominated other sectors, like oil and gas, diamond and gold mining."<ref name=":17">{{Cite news|url=https://www.bloomberg.com/news/features/2019-12-21/how-east-europe-s-billionaires-rose-from-the-fall-of-communism|title=The Rise of the East European Billionaires|date=21 December 2019|work=Bloomberg|access-date=28 December 2019}}</ref> The investments led to the creation of EuroChem, a fertilizers manufacturer and global fertilizers exporter, and SUEK, a coal energy company.<ref name=":6" /><ref>[https://www.ft.com/content/79394d9e-d07a-11e7-9dbb-291a884dd8c6 "Clean coal is part of the answer to the Paris Agreement". Financial Times. Retrieved 26 February 2018]</ref><ref name=":14">{{Cite news|url=https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|archive-url=https://web.archive.org/web/20180831184145/https://af.reuters.com/article/commoditiesNews/idAFR4N1VI01D|url-status=dead|archive-date=2018-08-31|title=Russian coal producer SUEK to take over Siberian Generating Company|date=2018-08-31|work=Reuters|access-date=2019-02-21|language=en}}</ref>

Revision as of 19:29, 22 March 2022

For the Russian cross country skier, see Andrey Melnichenko (skier).

Andrey Melnichenko
Андрей Мельниченко
Born
Andrey Igorevich Melnichenko

(1972-03-08) 8 March 1972 (age 52)
Gomel, Byelorussian SSR, Soviet Union
NationalityRussian
Alma materPlekhanov Russian Economic University
OccupationBusinessman
Spouse
​
(m. 2005)​
Children2

Andrey Melnichenko (Template:Lang-ru; Template:Lang-be; born 8 March 1972) is a Russian billionaire entrepreneur and philanthropist.[2][3]

He is the founder and ex-beneficiary of fertilizer producer EuroChem Group and coal producer SUEK, and was a non-executive director in both companies until 9 March 2022.[4][5][6] According to Forbes, as 10 March 2022, his net worth is estimated at US$15.8 billion, the 7th richest person in Russia.[2] According to the Bloomberg Billionaires Index, as of March 2022, his net worth was $17.4 billion (6th in Russia).[3]

As Bloomberg reports, Melnichenko was "too young to gain from the 1990s privatizations that made many oligarchs fortunes". After the Soviet Union fell, he began trading currency with two friends while a physics student at Moscow State University, and then registered a bank, MDM Bank.[7][8] Melnichenko took an interest in the commodities market and began buying assets in coal and fertilizers, with the acquisition of plants and mines, many of which were distressed. He sold his banking interests in 2007, before the global financial crisis, allowing him to focus on industrial investments. As Bloomberg reports, Melnichenko "consolidated fragmented assets in risky and then-derelict industries and created leading international blue chips" noting that "these industries were not considered to be ‘strategic’ for Russia and were not subject to the political influence that dominated other sectors, like oil and gas, diamond and gold mining."[9] The investments led to the creation of EuroChem, a fertilizers manufacturer and global fertilizers exporter, and SUEK, a coal energy company.[7][10][11]

According to Forbes, Melnichenko's companies reportedly invested more than $23 billion in the industries in the last 15 years.[2][12][13][14] In the 2000s, Melnichenko was part of the EU-Russia Industrialists' Roundtable (IRT), a platform composed of business leaders from the EU and Russia, which work aimed at boosting EU-Russia economic relations.[15]

Melnichenko is one of the main social investors and philanthropists in Russia.[16] His companies reportedly spent over $500 million on social and charitable projects. The Andrey Melnichenko Foundation runs projects in science and education, supporting gifted children from the regions where his companies operate .[4] [12][16][17][18][19]

Early life and education

Melnichenko was born on 8 March 1972 in Gomel, Byelorussian SSR. His parents, a Ukrainian mother and Belarusian mother, were teachers. He attended the Advanced Education and Science Centre of the Lomonosov Moscow State University, and in 1989, became a student of the Faculty of Physics at Moscow State University. He then transferred to the Plekhanov Russian University of Economics, from which he graduated in finance.[8][20]

Career history

Banking and investments

While at university, Melnichenko began his entrepreneurial ventures by opening a currency exchange booth on the campus.[2] Having made their first US$50,000 through a chain of the currency exchange booths, Melnichenko and his partners, two like-minded fellow students, received a banking license from the Bank of Russia. In 1993, at the age of 21, Melnichenko co-founded the MDM Bank. The bank moved on buying currency at the interbank foreign exchange, developing a derivatives market and debt instruments.[8] From 1993 to 1997, Melnichenko chaired the Board of Directors of MDM Bank.[21] From the late 1990s to the early 2000s, MDM Bank expanded through acquisition, integrating seven regional banks. MDM Bank did not participate in any post-Soviet privatization programs or the loans-for-shares auctions of the 1990s.[4][7][22] In 1997, Melnichenko bought out MDM Bank shares from his partners and became the sole shareholder of the Bank and the Chairman of the management board.[22] Bloomberg reported that "unlike many bigger rivals, MDM came through the 1998 Russian financial crisis nearly unscathed, thanks to a conservative credit policy, the lack of illiquid assets and no exposure to government bonds. As competitors went under, the lender snagged some of the biggest Russian companies as clients."[9] From 2001 to 2005, he chaired MDM Bank's board of directors.[21] MDM Bank was named the "Bank of the Year" by The Banker in 2002 and 2003. In 2003, Euromoney and, in 2004, Global Finance, named it the "Best Russian Bank".[22]

In 2000, Melnichenko, together with Sergei Popov, a former metals trader from Ural, co-founded the MDM Group for industrial investments into three areas: pipeline manufacturing, coal production and processing, production and processing of fertilizers.[2] It was done through the acquisition of more than 50 independently run and owned businesses: joint-stock companies, plants and mines, which enabled to form three separate companies: SUEK, EuroChem and TMK (which he exited in 2006 through an IPO at the London Stock Exchange).[23] These industries were derelict and risky and not subject to the political influence that dominated other sectors.[9][22] With the process of post-Soviet era privatizations having finished five years earlier, no more than 5% of the assets purchased were acquired from the state.[7][4] From 2001 to 2004, Melnichenko was the President of the MDM Group.[21]

From 2004 to 2007, Melnichenko sold shares of MDM Bank to his MDM Group partner Sergei Popov, and focused on the development of the industrial assets in fertilizers and coal.[2][24] Following Melnichenko's decision to step down from MDM Bank in 2007, the International Financial Corporation (IFC) purchased 5% of MDM Bank shares for US$185 million, valuing the bank at US$3.7 billion.[22] Having served its consolidating purpose, MDM Group ceased to exist.

EuroChem

In 2007, he became EuroChem's majority shareholder.[25] Earlier, Melnichenko became the chairman of the mineral and chemical company OJSC EuroChem in April 2004.[21] When EuroChem was founded, the purchased assets included several nitrogen plants and a phosphate mine with Soviet-era equipment.[26]

New manufacturing facilities were built in Novomoskovsk, Nevinnomyssk, and Kovdor (including an apatite and shtaffelite ores processing complex). EuroChem acquired laboratories in Germany in 2011, which led to the creation of similar facilities in Russia and other countries, which are working on the development of second-generation fertilizers, including advanced slow-release products aimed at reducing the environmental footprint of the agricultural sector.[27] EuroChem bought licenses for potash deposits in Volgograd (2005) and Perm (2008), launching plans to develop two large potash industrial plants. EuroChem's two potash mines are planning to produce 8 million metric tons of the fertilizer a year, a 10th of current world output.[7] According to Bloomberg, "the acquisition of a BASF SE plant in Antwerp by EuroChem for 830 million euros ($930 million) brought in new technologies" for the company. BASF sold its fertilizers activities in Antwerp, Belgium, to EuroChem on March 31, 2012.[7] In July 2012, EuroChem completed the acquisition of K+S Nitrogen, a company marketing nitrogenous fertilizers with a focus on major customers in agriculture and special crops such as fruits, vegetables and grapes.[28][29]

In 2015, EuroChem moved its headquarters to Switzerland for access to the capital markets and international operations. It has manufacturing, logistic and distribution facilities in Russia, Belgium, Lithuania, Estonia, China, Germany, Kazakhstan, and the USA. EuroChem products are sold in more than 100 countries. EuroChem Group has raised funds on the international capital markets.[30][31] In 2016, EuroChem invested in biological crop nutrition company Agrinos for research and development into a new generation of products. Elsewhere, EuroChem expanded its distribution network, buying operations in the US, Argentina, Brazil and Hungary.

In 2019, EuroChem launched US$1 billion ammonia plant, EuroChem Northwest, in Kingisepp, Russia, with a production capacity of 1 million tonnes (1MMT) per year, ensuring its full self-sufficiency in ammonia. The plant was built on a brownfield site and has a closed water recycling system to prevent water discharge into the Baltic Sea, using 75% of wastewater from its own Phosphorit phosphate plant nearby. The company is also reportedly building EuroChem Northwest 2, a new 1.1 MMT ammonia and 1.4 MMT urea plant, on an adjacent site in Kingisepp, Russia.[31][32] Melnichenko announced at SPIEF 2021 that "EuroChem was investing $4.4 billion into modern high-tech ammonia, urea and methanol plants" in Kingisepp in Russia's North-West, of which "10% were being invested into the innovative environmental technologies, which exceed Russia’s regulatory standards", referring to carbon capture and water recycling.[33]

EuroChem reportedly was also eyeing an ammonia and urea plant in Louisiana.[34] In 2020, EuroChem's Usolskiy Potash Project in Perm produced 2.223 MMT of potash.[31]

EuroChem produces commodity and specialty fertilizers including inhibitor products that allow slow release of nutrients into crops.[7][27][35]

Melnichenko publicly described his strategy on fertilizers as "taking advantage of the wide range of mineral resources found in Russia and the CIS, having a far-reaching distribution network, backed by logistics assets; and developing general and special purpose fertilisers simultaneously, in constant close contact with direct customers".[36]

Melnichenko served as the Chairman of the Nomination and Remuneration Committee, Member of the Strategy Committee, and Non-Executive Director of EuroChem Group AG.[37] Melnichenko was the effective beneficiary of 100 percent of EuroChem.[25] On 9 March 2022, he resigned from all positions and withdrew as its beneficiary.[5]

SUEK

Melnichenko became a director of SUEK JSC (Siberian Coal Energy Company) in February 2005, and the chairman in June 2011.[21] The same year, he created the Siberian Generating Company (SGC) on the basis of electricity assets of SUEK and became the chairman. In 2013, he became the primary shareholder of SUEK and SGC after he has bought his ex-partner's shares.[25]

The assets that formed SUEK were distressed – production capacity was less than 30 million tons per year, the enterprises employed 70,000 miners yet productivity was low, and virtually none of its output was exported. The average equipment depreciation was 90%. During the early years of the business, SUEK's assets were modernized, debts were repaid, wages and taxes were paid, and a modernization program was launched with new machinery. The old mines and worn-out equipment were transformed into modern enterprises. Several enrichment factories and modules were put into operation allowing SUEK to produce highly enriched coal. SUEK built modern bulk terminals and upgraded seaports, and built a coal mine methane processing station to generate power within the framework of the Kyoto Protocol.[38][39] According to the International Energy Agency's Clean Coal Centre, "SUEK, Russia's main exporter of higher-quality thermal coal, has invested in modern high-capacity washing plants and has ash control technologies at all its coal ports".[40][4]

After the consolidation of electric power assets, Melnichenko created the Siberian Generating Company (SGC) as a part of SUEK, and then spun it out as a separate company.[40] In 2018, SUEK took over SGC.[11] SGC produces 25% of electricity in Siberia (6% of Russia's electricity).[41][38]

According to Bloomberg, SUEK produces high-calorific coal with low sulphur and nitrogen content.[41][7][42] It is a global supplier of high-calorific value coal with distribution in 48 countries worldwide, including the Asia Pacific where it supplies coal for HELE (high efficiency, low emission) power plants.[38][43]

The Financial Times reported that SUEK uses automation and digitalization in coal mining. It reported that SUEK "is rolling out big-data tools and automation across its 26 mines in Kemerovo and elsewhere in Siberia. In some mining operations, it is even experimenting with completely replacing workers with machines" and "has piloted Russia’s first fully automated longwall in Polysaevo."[44]

SUEK assets produce more than 100 million tons of coal annually, with assured coal reserves of 7.6 billion tons.[38] Its coal, power generation and logistics enterprises in 12 Russian regions employ over 70,000 people.[45] According to S&P Global Ratings, "SUEK's mining segment outperforms peers on greenhouse gas (GHG) emissions", noting that "its governance structure compares positively to local standards and well with international standards.[46] According to The Financial Times, SUEK pays its workers "more than four times the salary ordinary workers in neighbouring mines say they get."[47] According to ESG Ranking of Russian companies 2021 by RAEX, SUEK ranks 11th out of 110 companies in Russia.[48]

SUEK's subsidiary SGC produces more sustainable energy in Russia by co-generation of electricity and heat which reduces the coal combusted and the environmental impact by 25% for the same output. SGC operates modern combined heat and power plants (CHPP) which reduce fuel use and emissions per unit of energy produced, with 96% for heat and 38% for electricity produced in the combined cycle. Co-generation reportedly reduces 10 times more CO2 emissions already today than from the use of all Russia's renewables currently planned (including wind and solar), while it is 5-10 times more cost-effective in cutting CO2 emissions than are renewables (with 45% of electricity and 95% of heat in Siberia generated from coal).[49][43]

Melnichenko publicly stated on fossil fuels that "given the current level of technology, it will only be possible for alternative energy sources to reduce carbon emissions in some regions", adding that "companies and governments will need to develop other solutions to expand alternatives energy and that’s unlikely to happen in the next few decades."[50]

Melnichenko served in various roles as the Chairman of the Nomination and Remuneration Committee, and then Member of the Strategy Committee, and Non-Executive Director of SUEK JSC - since April 2015 to 2022.[21] He was the main beneficiary of SUEK. As of 2021, he owned 92.2 percent stake in SUEK.[25][51] On 9 March 2022, he resigned from all positions and withdrew as its beneficiary.[6]

Business record

According to media reports, in the last fifteen years, Melnichenko's companies invested more than $23 billion in Russia's new economy and industrial sector. His companies reportedly employ over 100,000 people.[12][52][13][14] 20% of all investment by non-oil and gas companies made in Russia in 2012–2017 were made by Andrey Melnichenko's companies.[53][54] Melnichenko's companies reportedly spent over $500 million on social and charitable projects.[12][17][18][19][16]

Melnichenko's key assets included:

  • EuroChem Group AG: a fertilizer producer. Melnichenko was the effective beneficiary of 100% of the company's shares until 9 March 2022.[55][56][5]
  • SUEK (Siberian Coal Energy Company) JSC: a coal producer. Andrey Melnichenko was the beneficiary of 92.2% of the company's shares (Siberian Generating Company LLC (SGC) is directly owned by SUEK) until 9 March 2022.[57][6]

Melnichenko was a Member of the Board of Directors (Non-executive Director) at both EuroChem Group AG and SUEK JSC until 9 March 2022.[37][51][5][6]

Since 2007, Melnichenko has been Member of the Bureau of the Board of Directors of the Russian Union of Industrialists and Entrepreneurs (RSPP), where he is Chairman of the Mining Commission and Chairman of the Committee on Climate Policy and Carbon Regulation.[58][59][60]

In the 2000s, Melnichenko was part of the EU-Russia Industrialists' Roundtable (IRT), a platform composed of business leaders from the EU and Russia, which work aimed at boosting EU-Russia economic relations.[15]

In 2019, Andrey Melnichenko was awarded with the honour of Commendatore of the Order of the Star of Italy "for encouraging dialogue and economic cooperation between Italy and Russia".[61][62]

Though Melnichenko was mentioned on the list of "Russian oligarchs" named in the CAATSA unclassified report to the U.S. Congress,[63] the report simply listed all businessmen with an estimated net worth over $1 billion, according to the Forbes list 2017.[64] The report states that inclusion on the list "does not constitute the determination by any agency that any of those individuals or entities meet the criteria for designation under any sanctions program" and "does not, in and of itself, imply, give rise to, or create any other restrictions, prohibitions, or limitations on dealings with such persons by either U.S. or foreign persons."[63][65] Melnichenko noted that he had seen no issues with banks and compliance, but that the situation was impossible to predict going forward.[66]

Melnichenko was placed on the EU sanctions list on the 9 March 2022 on the basis of being "one of the leading businesspersons involved in economic sectors providing a substantial source of revenue to the Government of the Russia".[67][68] In response, Melnichenko commented that he "had no relation to the tragic events in Ukraine" and "had no political affiliations", noting that "to draw a parallel between attending a meeting through membership in a business council, just as dozens of businesspeople from both Russia and Europe have done in the past, and undermining or threatening a country is absurd and nonsensical", and that "there is no justification whatsoever" for placing him on the EU sanctions list.[69][56] It was reported that he "stepped down from his positions at both Eurochem and SUEK and withdrew as the beneficiary at both firms".[69][56] According to Swedish economist Anders Aslund, the former senior fellow in the Eurasia Center at the Atlantic Council and the author of "Russia's Crony Capitalism", Melnichenko shouldn't have been sanctioned: "I am not happy to see the Pumpyansky family, Andrei Melnichenko and Vadim Moshkovich sanctioned. These are real self-made russian businessmen in the private sector. They should not be sanctioned just because they have to attend Putin's annual oligarch meetings".[70] Reuters reported that he will be disputing the sanctions listing.[71]

According to Reuters, Andrey Melnichenko spoke out against the war in Ukraine and called for urgent peace, warning of a global food crisis due to "soaring prices in fertilisers which are no longer affordable to farmers". "Now it will lead to even higher food inflation in Europe and likely food shortages in the world’s poorest countries," he was quoted as saying.[20]

Philanthropy

The Andrey Melnichenko Foundation supports talented children in science and education aiming at creating social mobility in Russia.[72]

The Andrey Melnichenko Foundation launched a network of educational and scientific centres for gifted children across Russia and is to award scholarships for studying in higher education institutions to select students.[73] In February 2018, the Foundation organized the "Internet Olympiad in Physics and Mathematics" for high school students in Russia. The winners were given the opportunity to study at the Sirius Centre for Gifted Education.[74]

His companies have spent over $500 million on social and charitable programs, which have been recognized as leaders in Russia's annual "Leaders in Corporate Philanthropy" survey.[12][16]

In 2016, Melnichenko was given a special award for "good deeds" and charity works.[75]

JSC SUEK received the Grand Prix for "Contribution to the Social Development of Territories" at the 2018 "Leaders of Russian Business" awards, for annually carrying out approximately 150 social and charitable projects in its regions of operation.[76]

Personal life

M/Y A (2008)
S/Y A (2017)

In 2005, Melnichenko married Serbian former pop singer and model Aleksandra Nikolić in the South of France.[77] They have two children.[2][25]

Melnichenko owns two high-tech yachts: Sailing Yacht A (2017)[78][79][80] and Motor Yacht A (2008).[78][81][82][83] Both were designed by Philippe Starck.

S/Y A was handed over to him in May 2017 in Monaco. Boat International called it "the boundary pushing superyacht"[79] and "a monument to invention".[84] In 2016, Bloomberg reported that "the swanky boat reflects the same eye for innovation and high-tech detail that Melnichenko, 44, is now focusing on the fertilizer business that’s helped make him one of Russia’s youngest billionaires."[7]

In March 2022, following the EU sanctions imposed on the number of Russian businessmen, the Italian authorities seized his Sailing Yacht A in the port city of Trieste. According to Reuters, Melnichenko responded that he "will be disputing these baseless and unjustified sanctions" which have "no justification" and believes that "the rule of law and common sense will prevail."[85]

See also

References

  1. ^ "Forbes Profile: Andrey Melnichenko". Retrieved 25 June 2021.
  2. ^ a b c d e f g "Forbes profile: Andrey Melnichenko (real time)". Forbes. Retrieved 10 March 2022.
  3. ^ a b "Bloomberg Billionaires Index". Bloomberg.com. Retrieved 22 March 2022.
  4. ^ a b c d e "About the Foundation: Andrey Melnichenko". aimfoundation.info. Archived from the original on 26 February 2018. Retrieved 25 February 2018.
  5. ^ a b c d "Andrey Melnichenko resigns from EuroChem Board of Directors and withdraws as main beneficiary - EuroChem Group". www.eurochemgroup.com. 10 March 2022. Retrieved 11 March 2022.
  6. ^ a b c d "Andrey Melnichenko resigns from SUEK Board of Directors, stands down as main beneficiary". www.suek.com. Retrieved 11 March 2022.
  7. ^ a b c d e f g h i "A Young Russian Billionaire Plants the Seeds of Future Success". Bloomberg.com. 29 September 2016. Retrieved 26 February 2018.
  8. ^ a b c "Andrey Melnichenko Didn't Miss His Once-in-a-Lifetime Opportunity". The Motley Fool. Retrieved 3 December 2015.
  9. ^ a b c "The Rise of the East European Billionaires". Bloomberg. 21 December 2019. Retrieved 28 December 2019.
  10. ^ "Clean coal is part of the answer to the Paris Agreement". Financial Times. Retrieved 26 February 2018
  11. ^ a b "Russian coal producer SUEK to take over Siberian Generating Company". Reuters. 31 August 2018. Archived from the original on 31 August 2018. Retrieved 21 February 2019.
  12. ^ a b c d e "Andrey Melnichenko". aimfoundation.info. Retrieved 6 April 2019.
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