NewsPutin's ex profits from Russia's hardship: A billion ruble windfall
Putin's ex profits from Russia's hardship: A billion ruble windfall
8:17 AM EDT, April 5, 2024
Ludmila Oczeretna, the former spouse of Russian President Vladimir Putin, has seen her lending company record a net profit of a billion rubles over two years of conflict with Ukraine. An analysis by independent media suggests that "Oczeretna's rising income is directly related to the impoverishment of the population."
Financial reports analyzed by two independent Russian outlets, Możem Objasnit' and Metla, reveal that CarMoney, the microfinance organization associated with Putin's former wife, earned 647.9 million rubles (approximately $8.7 million) by the end of 2023. "During the Russian invasion of Ukraine, the company's net profit nearly tripled," reports The Moscow Times.
As the economic situation worsens, the former first lady's business thrives, with a significant uptake in "payday loans." Customers face stringent repayment conditions that are often unachievable.
CarMoney imposes exorbitant fees for microloans. Interest rates reach up to 150 percent, 200 percent, and even 360 percent annually, according to court documents analyzed by Możem Objasnit'.
Many borrowers struggle to meet their obligations, leading to legal actions from CarMoney, collections efforts, and additional fines for late payments. Since the onset of the war in 2021, CarMoney's profits surged from 242 million rubles to 391.3 million rubles in 2022 and then to 647.9 million rubles in 2023, effectively tripling over two years.
"Oczeretna's growing income is directly tied to the population's impoverishment. The financial reports for 2023 reveal that Russians increasingly turned to CarMoney for microloans. Their cumulative debts rose from 6.8 billion rubles in 2022 to 8 billion rubles (approximately $108 million) in 2023," the analysis indicates.
Moreover, Oczeretna's second venture, "Meridian," which rents out smartwatches, smartphones, and tablets, also reported increased profits, earning 76.4 million rubles, up from just 3.8 million rubles in 2022.
