Sergei Pugachev

In this second part of a lengthy interview he gave to Mediapart this month, oligarch Sergei Pugachev, once a Kremlin insider close to Vladimir Putin, says one of the Russian president’s key allies, a former fellow KGB officer, Sergei Chemezov, regularly negotiated secret commissions on arms deals which were paid into offshore accounts for the benefit of both Chemezov and Putin. According to Pugachev, that was also the case in an ill-fated deal for Russia’s purchase from France of several Mistral amphibious assault vessels.

Exiled Russian oligarch Sergei Pugachev, who became dubbed “the Kremlin’s banker”, was once part of Vladimir Putin’s inner circle, until he was eventually cast out by the Russian president and took refuge abroad. In this interview with Mediapart, he details how Putin and his close allies, what he calls “a junta which has captured power, all the money and all the institutions of the state”, function. He denounces a system of corruption on a vast scale, including that of foreign politicians, argues why the decision to wage war on Ukraine marks “the end of Putin’s Russia”, and describes French President Emmanuel Macron’s frequent calls to Putin as “ridiculous”.