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

Survival Russian

Survival Russian

Survival Russian is an intensely practical guide to conversational, colloquial and culture-rich Russian. It uses humor, current events and thematically-driven essays to deepen readers’ understanding of Russian language and culture. This enlarged Second Edition of Survival Russian includes over 90 essays and illuminates over 2000 invaluable Russian phrases and words.
White Magic

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.
93 Untranslatable Russian Words

93 Untranslatable Russian Words

Every language has concepts, ideas, words and idioms that are nearly impossible to translate into another language. This book looks at nearly 100 such Russian words and offers paths to their understanding and translation by way of examples from literature and everyday life. Difficult to translate words and concepts are introduced with dictionary definitions, then elucidated with citations from literature, speech and prose, helping the student of Russian comprehend the word/concept in context.
Steppe / Степь (bilingual)

Steppe / Степь (bilingual)

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.
Russian Rules

Russian Rules

From the shores of the White Sea to Moscow and the Northern Caucasus, Russian Rules is a high-speed thriller based on actual events, terrifying possibilities, and some really stupid decisions.
Driving Down Russia's Spine

Driving Down Russia's Spine

The story of the epic Spine of Russia trip, intertwining fascinating subject profiles with digressions into historical and cultural themes relevant to understanding modern Russia. 
At the Circus (bilingual)

At the Circus (bilingual)

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.
A Taste of Russia

A Taste of Russia

The definitive modern cookbook on Russian cuisine has been totally updated and redesigned in a 30th Anniversary Edition. Layering superbly researched recipes with informative essays on the dishes' rich historical and cultural context, A Taste of Russia includes over 200 recipes on everything from borshch to blini, from Salmon Coulibiac to Beef Stew with Rum, from Marinated Mushrooms to Walnut-honey Filled Pies. A Taste of Russia shows off the best that Russian cooking has to offer. Full of great quotes from Russian literature about Russian food and designed in a convenient wide format that stays open during use.
Fish: A History of One Migration

Fish: A History of One Migration

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.
Davai! The Russians and Their Vodka

Davai! The Russians and Their Vodka

In this comprehensive, quixotic and addictive book, Edwin Trommelen explores all facets of the Russian obsession with vodka. Peering chiefly through the lenses of history and literature, Trommelen offers up an appropriately complex, rich and bittersweet portrait, based on great respect for Russian culture.

About Us

Russian Life is a publication of a 30-year-young, award-winning publishing house that creates a bimonthly magazine, books, maps, 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