Economics

Putin’s ‘American’ Oligarch Privately Boasted of Trump Ties. Then He Lost Billions

A chance New York encounter between onetime Trump lawyer Michael Cohen and a relative of Viktor Vekselberg has cost the Russian dearly.

Viktor Vekselberg.

Viktor Vekselberg.

Photographer: Artyom Korotayev/TASS via Getty Images

Not long after Michael Cohen stopped pursuing a Trump-branded property project in Moscow, another Russian connection to the future U.S. president’s entourage started to form.

Like the real estate plan, it didn’t end well—particularly for Russian tycoon Viktor Vekselberg. His effort to engage in statecraft at the highest level unraveled spectacularly, costing him billions, cleaving his family and severing the extensive ties to the U.S. elite that turned him into what one Moscow newspaper called the “most American” of Vladimir Putin’s plutocrats.