Andrey Igorevich Melnichenko (born March 8, 1972) is a Russian-Emirati billionaire entrepreneur, best known as the founder of major companies in the fertilizer and coal sectors. A self-made industrialist, he built his fortune in the post-Soviet era through banking and strategic investments in Russia’s resource industries. As of late 2025, his net worth is estimated in the range of $18–26 billion, placing him among the world’s wealthiest individuals and often as one of Russia’s richest.
Early Life and Education
Melnichenko was born in Gomel, Belarus (then part of the Soviet Union), to a family of teachers—his father Belarusian and his mother Ukrainian. Excelling in physics and mathematics from a young age, he attended a prestigious specialized school affiliated with Lomonosov Moscow State University. He later studied physics at Moscow State University before transferring to the Plekhanov Russian University of Economics, where he graduated with a degree in finance.
Career Beginnings
In the chaotic early 1990s, while still a student, Melnichenko opened a currency exchange booth on campus, capitalizing on Russia’s emerging market economy.At 21, in 1993, he helped start MDM Bank, which quickly expanded through buying other banks, eventually becoming one of Russia’s biggest private banks. By 2000, his attention turned to industrial investments.
Working with Sergei Popov, Melnichenko bought up a lot of assets in coal, fertilizers, and pipes, creating three major companies:
- EuroChem Group: The biggest fertilizer producer in Russia and a world leader in mineral fertilizers.
- SUEK (Siberian Coal Energy Company): The leading coal producer in Russia, also generating energy through its subsidiary, Siberian Generating Company (SGC).
- TMK (pipe manufacturer, sold via IPO in 2006).
These companies together employ more than 100,000 people and have put billions into modernization and growth. Melnichenko’s companies are said to have made up 20% of non-oil/gas investments in Russia between 2012 and 2017.
Until March 2022, he was the primary beneficiary and non-executive director of EuroChem and SUEK.
Sanctions and Asset Transfers
Following Russia’s invasion of Ukraine in February 2022, Melnichenko faced international sanctions from the EU (March 2022), UK, US (August 2022), Canada, Japan, and others. Sanctions cited his role in sectors providing revenue to the Russian government and alleged ties to Kremlin circles (e.g., attending a 2022 meeting with President Putin).
Melnichenko denied political affiliations, called the sanctions “absurd and nonsensical,” and has challenged them legally. On March 8–9, 2022, he transferred beneficiary status of trusts holding EuroChem and SUEK stakes to his wife, Aleksandra Melnichenko, and resigned from boards. Authorities in some jurisdictions accepted this, allowing company operations to continue, though his wife was later sanctioned in some cases.
In 2023, Russian authorities sued over his 2018 purchase of energy firm Sibeco, alleging corruption in the deal; the case reflects efforts to repatriate assets amid the war.
Dual Citizenship and Residence
Melnichenko became a UAE citizen in 2021, thanks to reforms that opened the door to high-net-worth investors and skilled professionals. He still holds Russian citizenship and has been living in the UAE, specifically Ras Al Khaimah, since sanctions were imposed, after previously residing in Switzerland.
Personal Life and Philanthropy
In 2005, Melnichenko wed Aleksandra Nikolić, a former Serbian pop star and model, in a grand ceremony in the South of France. The pair has two children.
Melnichenko is known for his extravagant lifestyle, and he commissioned two famous yachts designed by Philippe Starck:
- Motor Yacht A (2008)
- Sailing Yacht A, launched in 2017, is among the largest and most sophisticated sailing vessels on the planet.
Both yachts were detained by authorities in 2022, a consequence of sanctions, though they were subsequently released or moved.
Through the Andrey Melnichenko Foundation, he provides support for education, scientific endeavors, and gifted young people in Russia. His businesses have also financed numerous social and charitable initiatives.
Legacy
Andrey Melnichenko is a prime example of the self-made Russian oligarchs who emerged in the 1990s and 2000s, taking fragmented Soviet-era holdings and turning them into global industrial powerhouses. Even with the current geopolitical climate, his companies continue to play a crucial role in the global fertilizer and energy sectors, impacting food security and electricity production. His life story illustrates the complex relationships between business, politics, and international affairs in contemporary Russia.
