Investigation Links Baimsky Project to Nazarbayev's "Wallet," Vladimir Kim

Media outlets have linked the Baimsky project to KAZ Minerals shareholder Vladimir Kim. After sanctions were imposed, the assets were transferred to a closed-end fund, but management remained unchanged, Orda.kz reports.

According to investigators from Sistema, the largest private investment project in the Russian Arctic is connected to individuals from Nursultan Nazarbayev’s inner circle.

The project in question is the Baimsky Mining and Processing Plant in Chukotka, valued at 1.1 trillion rubles (7.33 trillion tenge). It includes 46 facilities, such as a floating nuclear power plant, a new port, and 400 kilometers of roads.

The plant is expected to increase Russia’s copper production by 25% and gold output by 4%.

The project was originally owned by Roman Abramovich and his partners. In 2018, it was acquired by the Kazakhstan corporation KAZ Minerals. After the war began, the asset fell under US sanctions and was transferred to a closed-end mutual fund that does not disclose its shareholders,
 the outlet reports.

Investigators say the project remains connected to Vladimir Kim, KAZ Minerals’ main shareholder.

He has been repeatedly described as a confidant and financial supporter of Kazakhstan's first president. The materials reference Kim’s role in Nazarbayev’s 2005 election campaign and alleged contributions to family foundations. Journalists also claim that companies linked to Kim allegedly purchased aircraft for Nazarbayev; the companies themselves denied these allegations.

The biographies of the Baimsky project’s managers also indicate ties to Kim. In 2024, the holding company was led by a citizen of Kazakhstan, Elena Raskoshnaya, previously deputy head of 2Kom, Tsifra Odin, and Setel —companies belonging to the Almatel group, which is believed to be owned by Kim.

Georgy Fotin, former head of Moscow-based Kaz Minerals LLC, remains general director of the project’s management company. He also heads Vega Development, the firm overseeing construction of the mining and processing plant.

Vega is owned by Dubai-based Nord Rim DMCC, which journalists attribute to entities linked to Kim’s banking network.

Russian authorities have granted the project tax incentives, including zero rates on property, profit, and land for the first five years. The state corporation VEB plans to invest about one trillion rubles, and Rosatom is building the floating nuclear power plant.

Despite Nazarbayev’s departure from politics after 2022, he continues to meet with Vladimir Putin; their most recent meeting took place in May 2025. Representatives of the former president said the meeting was informal and based on long-standing personal ties. Nazarbayev’s representatives, KAZ Minerals, and other relevant parties did not respond to journalists’ inquiries.

KAZ Minerals and Kazakhmys are controlled by Vladimir Kim, who holds 63.5% of KAZ Minerals and 70% of Kazakhmys. Profits across the holdings remain high. In 2023 alone, KAZ Minerals Limited earned more than $2.15 billion.

In Kazakhstan, the Aqtogay and Bozshakol mines reported profits in the hundreds of billions of tenge and accumulated substantial retained earnings. Despite this, the company has continued to face industrial accidents: in late August and early September 2024, five people were killed at KAZ Minerals mines.

The status of assets associated with the first president’s family is also regularly discussed. Several reports state that Nursultan Nazarbayev controls multiple large foundations through which he manages real estate, media, banks, and commercial assets.

Journalists estimate that the total value of these assets would make him the richest person in Kazakhstan, although Forbes does not include him in its rankings because he is considered a statesman rather than a businessman.

Original Author: Ruslan Loginov