In a dramatic escalation of Russia's ongoing crackdown on the country's oligarch class, billionaire gold magnate Konstantin Strukov was stopped from fleeing the country aboard his $50 million private jet over the weekend. Authorities grounded the plane at the last minute, confiscated his international passport, and formally launched proceedings to nationalize his vast mining empire.
Strukov, the CEO and majority shareholder of Yuzhuralzoloto (also known as UGC), Russia's third-largest gold producer, was reportedly attempting to fly from the Chelyabinsk region to Turkey on Saturday, July 6, when federal aviation officials intervened. Footage published by Russian business outlet Kommersant shows Strukov sitting inside the jet as bailiffs and security officers stand nearby. According to officials, the plane's legal status had been "arrested," and the Interior Ministry had already voided Strukov's passport.
This attempted departure came just days before a scheduled July 8 court hearing in which Russian prosecutors are seeking to seize Strukov's controlling stake in UGC and transfer it to the state. His case is part of a broader trend: In recent months, Moscow has ramped up its efforts to nationalize assets from both foreign companies and politically vulnerable domestic billionaires. Authorities have accused Strukov of acquiring his holdings through corruption, misusing bankruptcy procedures, and funneling wealth to offshore entities tied to relatives in so-called "unfriendly" countries.
Despite footage showing him on the jet, representatives for Yuzhuralzoloto deny he attempted to flee, claiming he was working from the company's Moscow office that day.
From Coal Miner to Gold Magnate
Born in 1958 in Russia's Orenburg region, Konstantin Strukov's career began in the mining sector shortly after graduating from the Magnitogorsk State Technical University. He entered the industry during a period of immense economic upheaval: the post-Soviet privatization boom of the 1990s.
Yuzhuralzoloto was originally founded in 1976 as a Soviet state enterprise. By the time Strukov entered the picture in the mid-1990s, the company was unprofitable and struggling. In 1997, he assumed control, and through a controversial restructuring process, transferred assets—including the valuable Svetlinsky gold deposit in the Urals—to a newly formed company under the same name. That predecessor firm then declared bankruptcy.
According to Kommersant, Strukov acquired control of the company's critical assets and shares for just 12.8 million rubles (approximately $160,000 at the time). With new holdings in the Khakassia and Krasnoyarsk regions, Yuzhuralzoloto resumed gold production and began an aggressive expansion.
Between 2004 and 2012, annual gold output tripled from three metric tons to ten. As of 2024, the company operated 17 core mining assets and eight processing facilities across its two major regional bases. Despite regulatory pressure that forced the closure of several mines, UGC still managed to produce 10.6 metric tons of gold last year, generating 25 billion rubles ($320 million) in revenue—though it posted a net loss of 7.2 billion rubles ($90 million).
At the end of 2024, Strukov owned 67.8% of UGC. Another 22% stake was sold to a Gazprombank-linked entity, and the remaining 10% was floated on the Moscow Exchange. Before his recent troubles, Strukov's net worth was $2 billion, ranking him as the 78th richest person in Russia.
Montenegro Villa
Last year, a "Travel Motivation" YouTube account flew a drone over a massive, incredible villa hidden above a peninsula called Luštica in southwestern Montenegro. The account claims this villa owned by Konstantin. Check it out. Ya, if I owned this, I'd be trying to flee here as well:
Political Clout and Offshore Fortunes
Strukov isn't just a businessman—he's also a longtime political insider. Since 2000, he has served as a deputy speaker in the Chelyabinsk regional legislative assembly and is a member of the ruling United Russia party. Prosecutors now argue that he used his political position to influence state asset sales and shield his business operations from scrutiny.
Authorities allege that many of UGC's assets were registered under the names of family members and associates. His daughter, Alexandra Strukova, reportedly holds Swiss citizenship and lives abroad, yet appears as a shareholder in UGC and affiliated firms. Other family members are believed to control business interests in Montenegro and Serbia.
In court documents reviewed by Kommersant, prosecutors allege that Strukov funneled profits into European offshore entities, including one in Cyprus that concealed his personal stake in UGC.
The central bank suspended trading in UGC's shares after their value plummeted by nearly 30% in two days. The company issued a statement assuring investors that protecting minority shareholders' rights was a top priority.
Part of a Broader Trend
Since Russia's full-scale invasion of Ukraine in 2022, the Kremlin has tightened its grip on the economy and launched aggressive asset seizures targeting both Western companies and domestic oligarchs. Initially framed as retaliation for international sanctions, the seizures have increasingly affected Russian billionaires viewed as disloyal, overexposed to the West, or politically expendable.
It's unclear why Strukov was targeted now—he remains a member of the ruling party and hasn't publicly opposed the Kremlin. Some analysts speculate that the nationalization push is part of a broader effort to reassert state control over strategic resources like gold, oil, and agriculture, particularly as foreign capital dries up and Russia faces mounting fiscal pressures.
But Strukov wouldn't be the first billionaire to discover just how precarious wealth and power can be in Putin's Russia. In 2003, oil tycoon Mikhail Khodorkovsky—then the richest person in the country and CEO of Yukos—was arrested on charges of fraud and tax evasion. Many saw the case as politically motivated, stemming from Khodorkovsky's support for opposition parties and perceived challenge to the Kremlin's authority. He was sentenced to nine years in prison, ultimately serving a decade behind bars before being pardoned in 2013.
Khodorkovsky's dramatic fall from the top of Russia's rich list to a prison cell remains a chilling reminder that, in Russia, no fortune is safe if it's viewed as a threat—or simply becomes too tempting to ignore. Whether Konstantin Strukov faces a similar fate is still uncertain. But his grounded jet, frozen assets, and revoked passport suggest that when the Kremlin comes for your empire, even being a billionaire may not buy you a way out.
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