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Economics

Dagestan Billionaire Ensnared by Putin-Medvedev Rivalry

Ziyavudin Magomedov became a billionaire with the help of state contracts during the ascent of former Russian President Dmitry Medvedev, whose deputy was the businessman’s college friend. Now Medvedev is down, Vladimir Putin is up, and Magomedov’s fortunes are waning.

Since Putin reclaimed the presidency last year, at least eight of Medvedev’s most prominent associates have been sidelined, including three ministers. As the turf war extends into business, Magomedov faces a threat to his interests in Russia’s two largest oil terminals and rail-cargo operator, as well as to the international expansion of his Summa Group.