Vladimir Putin’s alleged partner, said to be the mother of two of his children, reportedly received a substantial £63 million from the funds leftover from the construction of a palace linked to the Russian leader.
Alina Kabaeva, a former Olympic gymnast who is 42 years old and significantly younger than Putin, has been rumored to be romantically involved with the authoritarian ruler since 2008. While it is speculated that she has two sons with Putin, named Ivan, 11, and Vladimir, 6, neither party has officially confirmed their relationship.
The opulent palace located in Gelendzhik in southern Russia first came to light in 2021, but both Putin and the Kremlin have denied any ownership connection to the lavish property estimated to be worth billions. The estate is registered under the ownership of a company named ‘Investment Solutions,’ with its shares held by three of Putin’s close associates.
The key figures behind Investment Solutions are Ilham Rahimov, Viktor Khmarin, and Nikolai Egorov. According to an investigation by FBK, an organization founded by the late Putin critic Alexei Navalny, bank records suggest that the company received loans from offshore entities based in the British Virgin Islands.
A recent report indicates that the excess funds from the palace’s construction project were channeled to Putin’s alleged partner through donations to two charitable organizations associated with her. One of these charities, the Alina Kabaeva Charitable Foundation, received a significant donation of 3 billion rubles (£29 million) immediately after the completion of the palace in 2023.
While the foundation purportedly supports female athletes and contributed to the restoration of a church in Crimea, the FBK alleges that the costs of these projects were minimal compared to the substantial sum received and claims that a large portion of the funds were secretly deposited.
Another 3.5 billion rubles (£34 million) was reportedly directed to Kabaeva’s second charity, Heavenly Grace, with part of the funds allegedly used for expenses at a luxury watch factory. According to independent Russian news outlet Meduza, the charity is said to have spent £288,000 at the Imperial Peterhof facility.
The FBK further asserts that a portion of the funds was utilized for gymnastics camps, which they claim was a facade to provide an opportunity for the alleged children of the couple to socialize. The organization maintains that most of the donated millions were stashed away in deposit accounts, characterizing the donations as “slush funds” for Putin’s undisclosed partner.
Putin’s extravagant clifftop mansion overlooking the Black Sea boasts a range of amenities including a church, ice rink, casino, and hookah lounge, surpassing the grandeur of Buckingham Palace. Leaked blueprints suggest that the Russian leader had ordered the construction of tunnels extending about 50 meters beneath the property, creating an extensive underground complex spanning 6,500 square feet.
