the Moscow City Court

Viktor Rashnikov (born October 13, 1948) is a Russian businessman. He made his fortune (estimated at $8.3 billion in 2017) in the iron and steel industry, being the majority owner of Magnitogorsk Iron & Steel Works (MMK), one of the world’s leading steel producers.

According to Forbes 2017 billionaire list, Rashnikov's net worth was $8,3 billion, making him the 14th richest person in Russia, and the 156th richest person in the world. He owns Ocean Victory, the 10th largest yacht in the world.

The businessman got his start as a mechanic at the metals outfit back in 1967 and worked his way up. He built his ownership to nearly 100% by buying shares on the market, and he fought off takeover attempts by companies associated with fellow billionaire Iskander Makhmudov. When he faced shortages of iron ore, he and his partners bought one of the biggest iron ore deposits in Russia. In 2007 he took MMK public on the London Stock Exchange and pocketed $1 billion. He stepped down as chief executive of MMK in 2011 after 14 years. His youngest daughter, Olga, joined the board and the strategic planning committee a year later. Most of his fortune is still held in MMK shares.

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