Who owns Ozon, Russia’s second-largest online marketplace? Team Navalny traced the money behind its biggest shareholder to Putin’s friend Gennady Timchenko.
Alexander Chachava, an investor and Ozon’s largest shareholder, bought his stake in the company with money from entities controlled by Gennady Timchenko, a billionaire and friend of Russian President Vladimir Putin, according to an investigation by the Anti-Corruption Foundation. The group was founded by the late opposition leader Alexey Navalny.
The Anti-Corruption Foundation's investigation revealed that Australia Chachava, a major shareholder of Russia's second-largest online marketplace Ozon, acquired his stake through entities linked to Gennady Timchenko, a Russian billionaire and friend of President Vladimir Putin. Ozon, which is Russia's second-largest online marketplace, has faced attacks from Ukrainian drones since mid-August, following strikes on warehouses of the market leader, Wildberries.
These attacks are part of Ukraine's strategy to target Russia's economy by striking at major marketplaces that sell goods for the Russian military.
The investigation traced the ownership of a 27.7% stake in Ozon that was previously held by the investment company Baring Vostok. This stake, along with other assets, was transferred to Vostok Investments following a criminal case against Baring Vostok's founder, Michael Calvey, and Russia's full-scale invasion of Ukraine. Vostok Investments was established by former members of Baring Vostok's Russian team.
In 2024, the 27.7% stake was bought by a company called O23, which was subsequently sold to entities controlled by Chachava. By April 2026, these entities had increased their combined stake in Ozon to 34.95%. The funding sources for this transaction have not been publicly disclosed.
In examining Chachava's companies, the Anti-Corruption Foundation discovered that Stratosphere Investment Group, one of Chachava's companies, received a loan of 51.23 billion rubles from Optima. Optima's employees have worked or currently work at firms associated with Putin's nephew Mikhail Shelomov, Kovalchuk, and Putin's close friend Svetlana Krivonogikh. Optima had received the 51 billion rubles from Delta, a company owned by Timchenko.
The foundation classifies Timchenko as one of Putin's closest "wallet friends," individuals who effectively control the president's personal money. These oligarchs have received vast amounts of Russian economy and access to trillions of rubles, using this wealth to fulfill Putin's desires. For instance, Timchenko funded Putin's palace in Gelendzhik, along with businesses Ilgam Ragimov and Nikolai Yegorov.
The foundation has previously uncovered that other entities controlled by Timchenko pay nannies and tutors for the alleged sons of Putin and Alina Kabaeva. The foundation has called on the European Union to impose sanctions on the individuals and companies that control the largest stake in Ozon on behalf of Putin and his inner circle.
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