The K-19 submarine, formerly a vessel of the Soviet Navy, became a symbol of personal success for Vladimir Romanov after he purchased the craft. Born in Tver in 1947, the Russian-Lithuanian entrepreneur built a vast business empire during the post-Soviet era, eventually expanding his holdings into international banking, textiles, property, and professional sports clubs across Europe.
Early Development and Naval Service
Romanov spent his childhood in the Kalinin Oblast before relocating to Lithuania at age nine. Following the death of his father, a Red Army veteran who fought in the Battle of Berlin, the teenager took on the responsibility of supporting his family. He worked as a taxi driver and traded Western musical records, including bootlegs of The Beatles and The Rolling Stones. He later served six years in the Soviet Navy, where he gained experience aboard the K-19.
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During the late 1980s, Romanov engaged in manufacturing before capitalizing on the privatization of state enterprises in the 1990s. He co-founded Ūkio Bankas, the first private bank in Lithuania. Through his holding company, UBIG, he maintained a diverse portfolio encompassing textiles, aluminium, property, and television. His business operations spanned across several countries, including Ukraine, Serbia, Bosnia and Herzegovina, and Belarus. At the height of his financial standing, he appeared in the 2008 Sunday Times Rich List with wealth estimates ranging between £200 million and £300 million.
Sports Ownership and Controversies
Romanov utilized cash flow from Ūkio Bankas to acquire significant stakes in sporting organizations. In 2005, he gained majority control of the Scottish football club Heart of Midlothian after securing a 29.9 percent stake. His tenure at Hearts was marked by frequent coaching turnover and administrative intervention. Similarly, he owned the Lithuanian basketball club Žalgiris and controlled FBK Kaunas. His ownership of the Belarusian club FC Partizan Minsk concluded in 2012.
Financial Collapse and Legal Proceedings
The Lithuanian Central Bank closed Ūkio Bankas on 12 February 2013, citing insolvency and the need to transfer assets to Šiaulių bankas. The government allocated 230 million euros to compensate depositors. Authorities subsequently charged Romanov with fraud, money laundering, and the establishment of illegal entities. Despite being arrested in Moscow in 2014, Russian courts granted him asylum, denying extradition requests. In 2019, 22 members of the European Parliament urged action against him regarding his alleged involvement in the Troika Laundromat. Romanov has since declared himself insolvent.
Fast facts
- Born: 1947, Tver
- Citizenship: Russia, Lithuania, Soviet Union
- Primary Enterprise: UBIG Investments
- Bank Founded: Ūkio Bankas
- Military Service: Soviet Navy, 6 years
- Notable Asset: K-19 submarine
- Sports Investments: Hearts, Žalgiris, FBK Kaunas, FC Partizan Minsk
- Legal Status: Seeking asylum in Russia
Questions readers ask
What happened to Ūkio Bankas?
The Bank of Lithuania closed it in 2013 due to financial failure and allegations of money laundering and fraud.
Did Vladimir Romanov successfully avoid extradition?
Yes, after being arrested in Moscow in 2014, he was released by a Russian court and granted asylum, blocking his extradition.
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