Russian oligarch donates billions to fight COVID-19

Business » Companies

Gennady Timchenko, a Russian oligarch, the founder of the Volga Group investment company, who is considered to be one of the richest people in the country, together with his wife donated 2.9 billion rubles to fight against coronavirus, Forbes reports with reference to entrepreneur's representative.

According to the magazine, the donation was used to purchase 17 million items of medical goods for health care institutions and social protection funds.

In addition, a part of the donation was used to support organizations that work with citizens who are vulnerable to the infection most. It goes about elderly individuals, families in difficult situations and people with disabilities.

Earlier, Jack Dorsey, American billionaire, the founder of Twitter, said he donated a billion dollars, which is equivalent to a third of his personal fortune, to the fight against coronavirus. Microsoft founder Bill Gates and his wife Melinda also made a donation for the same purpose. The couple donated $100 million to fight the infection, which accounts for a bit less than one percent of their fortune.

Gennady Timchenko founded and owns the private investment group, Volga Group, which specializes in investments in energy, transport and infrastructure assets. In 2019, Timchenko was ranked 42nd on the Forbes magazine billionaires list, with an estimated fortune of US$22.7 billion. He is known for being the Chairman of the Board of Directors of the Kontinental Hockey League, and President of the SKA Saint Petersburg ice hockey club. He is a citizen of Russia, Finland and Armenia.