Rossiysky Kredit functioned as the third largest bank in Russia before the 1998 financial crisis, a venture established by Vitaly Malkin and his business partner Bidzina Ivanishvili. This financial foundation propelled Malkin toward a career encompassing roles as an entrepreneur, diplomat, and statesperson within the Russian political sphere, eventually leading to his tenure in the Federation Council.
Early Life and Education
Born in 1952 in Pervouralsk, near Yekaterinburg within the Sverdlovsk Oblast, Malkin pursued academic interests alongside his professional ambitions. He holds the academic degree of Candidate of Technical Sciences. Throughout his career, his primary language has remained Russian, and his citizenship status has involved Russia and Israel.
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Malkin gained prominence in the banking sector by co-founding Rossiysky Kredit. His fortune, valued at $1 billion by Forbes, originated from these commercial activities. In 2004, he made a formal transition from private enterprise, stepping away from his business roles to focus on government service.
Political Career and Representation
Between 2004 and 2013, Malkin served as a senator representing the republic of Buryatia in the Federation Council of Russia. His legislative work included leading a delegation in 2012 tasked with lobbying efforts regarding the Magnitsky Act. In this capacity, he presented arguments characterizing Sergei Magnitsky as a criminal whose death resulted from pancreatitis.
Public Controversies and Resignation
Public scrutiny intensified following reports from the National Post in Canada, which indicated that Malkin was denied entry to the country in May 2009 due to allegations involving money laundering and international arms deals. In 2013, Alexei Navalny publicized records suggesting Malkin held an Israeli passport and maintained ownership of 111 Canadian condominiums without proper disclosure. These revelations regarding dual nationality led to his resignation from the Federation Council in March 2013.
Fast facts
- Born: 1952, Pervouralsk
- Estimated net worth: $1 billion
- Primary business partner: Bidzina Ivanishvili
- Federation Council service: 2004-2013
- Academic qualification: Candidate of Technical Sciences
- Represented region: Buryatia
Questions readers ask
Why did Vitaly Malkin resign from the Federation Council?
He resigned in March 2013 following public disclosures regarding his ownership of an Israeli passport and failure to declare assets in Canada.
What was the result of the allegations made by the Canadian government?
In May 2009, Canadian authorities denied Malkin entry into Canada, citing concerns over international arms deals and money laundering.
Achievements
- Affiliated with Federation Council
