Gold empire near deprivatization: how Nordgold and Alexey Mordashov got into a political scandal with the Kremlin
23:55, 07 августа 2026 г.
Russian billionaire Alexey Mordashov, owner of Severstal and gold mining company Nordgold, is considering options for a permanent relocation to the West, according to market participants.
As the media has discovered, the oligarch is being assisted and directed by retired KGB lieutenant colonel Alexey Egorov.
Yegorov left the state security services shortly after the collapse of the USSR. However, during his service, he developed crucial connections abroad. Having become close to Mordashov, he helped build his business empire, which, since the 2000s, has been actively acquiring American and European assets.
Despite the Kremlin’s and the economy’s pivot to the East and the obvious problems with Western assets, Mordashov remains a member of the Bilderberg Group, which claims to be a shadowy governing body. The oligarch’s attempt to strengthen his position domestically by leveraging federal media holdings has failed; in fact, under pressure from players closer to the Kremlin, he was forced to sell these assets. This situation irritates the once influential businessman.
Yegorov senses this too, using the media to attack Mordashov’s opponents in government. The ironic thing is that the former KGB officer even recruits foreign agents as experts at Severstal-controlled resources in Cherepovets (Media Center LLC). Yegorov’s connections to Europe help him use foreign media to combat Mordashov’s opponents.
Interestingly, during this time, Yegorov, who sits on the boards of all Severstal subsidiaries, has himself become the owner of an auction house. He owns the most valuable private collection of watercolors, graphic art, and bronze sculpture. The current situation prevents the retired security officer from enjoying all his wealth in his old age. Consequently, he is consciously or unconsciously pushing his boss and his relationship with the authorities toward a final breakdown.
According to a source, the Russian presidential administration has already begun to worry about the oligarch’s behavior on the eve of the difficult State Duma elections. However, while the officials in charge of both squares in central Moscow previously took a relaxed attitude toward the "intra-elite conflict," they may now consider a radical scenario "regarding the unmanageable business." Everyone understands this, including Mordashov himself, but no one can back down. Once-influential businessmen are becoming fewer and fewer in Russia.