Daghestani billionaire found to have owned stakes in SpaceX despite being sanctioned by the US

Daghestani billionaire found to have owned stakes in SpaceX despite being sanctioned by the US

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Bloomberg has reported that Suleiman Kerimov, a billionaire from Daghestan who serves as a Russian senator, had owned approximately 1% of SpaceX while being sanctioned by the US.

Bloomberg reported that Kerimov had acquired the stake in 2017 and managed it through a trust called the Heritage Trust, registered in Delaware.

Kerimov, one of the wealthiest people in Russia, was sanctioned by the US for having close ties with Russian President Vladimir Putin — which should have prevented him from acquiring any stakes in the US space technology company founded by Elon Musk.

However, Bloomberg reported that Kerimov continued to own the stake until 2022, with Heritage Trust being blocked only in the summer of 2022. Bloomberg reports that by that time, Heritage Trust no longer owned the assets.

According to The Moscow Times, the stake that Kerimov eventually forfeited in SpaceX could have been worth about $3.5 billion — more than a third of the senator’s current reported fortune. Forbes in 2024 estimated his net worth at $9.3 billion.

Bloomberg was unable to find whether SpaceX was aware that Heritage Trust owned a stake in it. SpaceX, Musk, Kerimov, and the US Department of Treasury did not respond to their enquiries.

Kerimov was also sanctioned by the EU in March 2022, suggesting that he had received large sums of money from musician Sergei Roldugin, who is believed to be the manager of Vladimir Putin’s personal assets. Kerimov was also seen participating in a meeting with Putin and other oligarchs on 24 February 2024, which the EU said confirmed his closeness to Putin and that he ‘supports or implements decisions aimed at violating the territorial integrity, sovereignty, and independence of Ukraine’.

Following Russia’s full-scale invasion of Ukraine, Washington expanded the sanctions against Kerimov, banning him from entering the US and making illegal any transactions conducted with him.

Kerimov is one of Russia’s most influential businesspeople, ranking 12th amongst the wealthiest people in the federation. He has been a member of Russia’s Federation Council for years, owning significant assets in various sectors of the economy, including a key stake in Polyus, Russia’s largest gold mining company.

In 2017, Kerimov also found himself at the centre of a scandal in France, where he was accused of tax evasion when buying luxury real estate on the Côte d'Azur. However, at that time he managed to avoid serious consequences.

Earlier this week, Kerimov pledged to cover the Hajj expenses for 5,000 Russian Muslims, including 2,500 Daghestanis. However, he prioritised distributing Hajj vouches among Daghestanis who had served in Russia’s invasion of Ukraine.

Daghestan prioritises soldiers fighting in Ukraine in Hajj voucher distribution

They will receive priority in the distribution of vouchers.

OC MediaElizaveta Chukharova