April 19, 2023

More War, More Debts, More Money


More War, More Debts, More Money
Vladimir Putin, his wife Lyudmila, and Jacques Chirac at the military parade celebrating the sixtieth anniversary of victory in World War II. ITAR-TASS, Wikimedia Commons

According to Telegram channel Mozhem Obyasnit, the microfinance company CarMoney, which has ties with Putin’s ex-wife Lyudmila Ochertnaya, increased its profits by 66% in 2022 and earned R391.3 million ($4.7 million). Ochertnaya herself received R58 million (about $700,000) from CarMoney.

CarMoney is a microfinance company that issues loans secured by cars. The company appeared in 2010 but did not really grow until Ocheretnaya entered the game. Since 2017, CarMoney has been taken over by the Cyprus-based offshore company Carmoney CY LTD, which, according to Mozhem Obyasnit, is controlled by Meridian. This company in turn is owned by the ex-wife of the Russian president. 

However, at the end of 2022, the Cyprus-based offshore formally ceased to be the owner of the microfinance organization, switching instead to "Smarttechgrup." As such, CarMoney was able to avoid Western sanctions.

However, Ochertnaya still retains control over the company. Mozhem Obyasnit reported that Anton Zinoviev, CEO of the new owner of CarMoney, is Ocheretnaya’s partner in the smartphone rental business Zaprosto. And the company’s office is located in a building owned by Ocheretnaya and her new husband, Arthur Ocheretny.

CarMoney has increased its profits amid a boom in microloans. By the end of 2022, microfinance companies in Russia increased grew their customer base by 3.1 million. In general, as of the beginning of 2023, the number of Russians with microcredits reached a record 17.1 million. After the start of the mobilization in Russia, microfinance organizations began to issue loans for the purchase of bulletproof vests and other war equipment.

At the same time, the overall economic situation in the country has deteriorated significantly over the year of the war. The expected deficit of the Russian budget will reach 3 percent this year, the Russian middle class (about 30 percent of the population) saw their real income drop by 5 percent, and, for the Russian population as a whole, the drop in income has been 2.2 percent.

 

You Might Also Like

400 Days
  • March 30, 2023

400 Days

On this, the 400th Day of Russia's War on Ukraine, we gather and share some telling data.
No Money, Only War
  • March 29, 2023

No Money, Only War

Russian authorities blame the "special military operation" for the disruption of infrastructural and social projects.
No Money, No AI
  • January 23, 2023

No Money, No AI

Russia has reduced its funding of AI technologies and IT professionals are fleeing the country in droves.
While Supplies Last
  • December 20, 2022

While Supplies Last

Prices for Moscow real estate, usually a hot market, are down a record 35 percent.
Like this post? Get a weekly email digest + member-only deals

Some of our Books

At the Circus
January 01, 2013

At the Circus

This wonderful novella by Alexander Kuprin tells the story of the wrestler Arbuzov and his battle against a renowned American wrestler. Rich in detail and characterization, At the Circus brims with excitement and life. You can smell the sawdust in the big top, see the vivid and colorful characters, sense the tension build as Arbuzov readies to face off against the American.

Murder at the Dacha
July 01, 2013

Murder at the Dacha

Senior Lieutenant Pavel Matyushkin has a problem. Several, actually. Not the least of them is the fact that a powerful Soviet boss has been murdered, and Matyushkin's surly commander has given him an unreasonably short time frame to close the case.

Jews in Service to the Tsar
October 09, 2011

Jews in Service to the Tsar

Benjamin Disraeli advised, “Read no history: nothing but biography, for that is life without theory.” With Jews in Service to the Tsar, Lev Berdnikov offers us 28 biographies spanning five centuries of Russian Jewish history, and each portrait opens a new window onto the history of Eastern Europe’s Jews, illuminating dark corners and challenging widely-held conceptions about the role of Jews in Russian history.

White Magic
June 01, 2021

White Magic

The thirteen tales in this volume – all written by Russian émigrés, writers who fled their native country in the early twentieth century – contain a fair dose of magic and mysticism, of terror and the supernatural. There are Petersburg revenants, grief-stricken avengers, Lithuanian vampires, flying skeletons, murders and duels, and even a ghostly Edgar Allen Poe.

A Taste of Chekhov
December 24, 2022

A Taste of Chekhov

This compact volume is an introduction to the works of Chekhov the master storyteller, via nine stories spanning the last twenty years of his life.

Fish
February 01, 2010

Fish

This mesmerizing novel from one of Russia’s most important modern authors traces the life journey of a selfless Russian everywoman. In the wake of the Soviet breakup, inexorable forces drag Vera across the breadth of the Russian empire. Facing a relentless onslaught of human and social trials, she swims against the current of life, countering adversity and pain with compassion and hope, in many ways personifying Mother Russia’s torment and resilience amid the Soviet disintegration.

Marooned in Moscow
May 01, 2011

Marooned in Moscow

This gripping autobiography plays out against the backdrop of Russia's bloody Civil War, and was one of the first Western eyewitness accounts of life in post-revolutionary Russia. Marooned in Moscow provides a fascinating account of one woman's entry into war-torn Russia in early 1920, first-person impressions of many in the top Soviet leadership, and accounts of the author's increasingly dangerous work as a journalist and spy, to say nothing of her work on behalf of prisoners, her two arrests, and her eventual ten-month-long imprisonment, including in the infamous Lubyanka prison. It is a veritable encyclopedia of life in Russia in the early 1920s.

Steppe
July 15, 2022

Steppe

This is the work that made Chekhov, launching his career as a writer and playwright of national and international renown. Retranslated and updated, this new bilingual edition is a super way to improve your Russian.

Fearful Majesty
July 01, 2014

Fearful Majesty

This acclaimed biography of one of Russia’s most important and tyrannical rulers is not only a rich, readable biography, it is also surprisingly timely, revealing how many of the issues Russia faces today have their roots in Ivan’s reign.

About Us

Russian Life is the 31-year-old publication of an award-winning publishing house that also creates books, and other products for Russophiles the world over.

Latest Posts

Our Contacts

Russian Life
73 Main Street, Suite 402
Montpelier VT 05602

802-223-4955