Iskander Makhmudov

About Iskander Makhmudov

The Uzbekistan-born Makhmudov was the main owner of copper producer Ural Mining Metallurgical Company (UMMC), which has controlling stakes in more than 40 plants in 11 regions of Russia.

In 2022 UMMC press office reported that Makhmudov was no longer the controlling beneficiary of the company and left the board of directors. Forbes still counts the shares as his.

Makhmudov is also a non-controlling shareholder in Transmashholding, Russia's largest maker of locomotives and rail equipment.

UMMC spent $100 million building the Shayba ice arena for the 2014 Sochi Olympics, which it gave to the Russian government after the games.

His business partner Andrei Bokarev, who holds stakes in several of the same companies as Makhmudov, is also a billionaire.