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

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.

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.

The Pet Hawk of the House of Abbas
October 01, 2013

The Pet Hawk of the House of Abbas

This exciting new trilogy by a Russian author – who has been compared to Orhan Pamuk and Umberto Eco – vividly recreates a lost world, yet its passions and characters are entirely relevant to the present day. Full of mystery, memorable characters, and non-stop adventure, The Pet Hawk of the House of Abbas is a must read for lovers of historical fiction and international thrillers.

 
Murder and the Muse
December 12, 2016

Murder and the Muse

KGB Chief Andropov has tapped Matyushkin to solve a brazen jewel heist from Picasso’s wife at the posh Metropole Hotel. But when the case bleeds over into murder, machinations, and international intrigue, not everyone is eager to see where the clues might lead.

Davai! The Russians and Their Vodka
November 01, 2012

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.

Driving Down Russia's Spine
June 01, 2016

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. 

93 Untranslatable Russian Words
December 01, 2008

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.

The Little Humpbacked Horse
November 03, 2014

The Little Humpbacked Horse

A beloved Russian classic about a resourceful Russian peasant, Vanya, and his miracle-working horse, who together undergo various trials, exploits and adventures at the whim of a laughable tsar, told in rich, narrative poetry.

How Russia Got That Way
September 20, 2025

How Russia Got That Way

A fast-paced crash course in Russian history, from Norsemen to Navalny, that explores the ways the Kremlin uses history to achieve its ends.

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