The newly appointed CEO of Eurasian Resources Group (ERG), Shukhrat Ibragimov, is already at risk of being dismissed from his position due to growing doubts about his candidacy among Kazakhstani ministers. He now faces potential European Union sanctions for his role in a sophisticated sanctions avoidance scheme.
EU agencies have initiated an official investigation into Ibragimov’s involvement in this scheme, which could result in him being identified as its ultimate beneficiary. In 2023, Ibragimov became the owner of the luxurious Sardinian resort Forte Village as part of a carefully orchestrated operation to circumvent sanctions.
In 2022, the owner of the resort, Russian oligarch Musa Bazaev, transferred ownership of Forte Village to his cousin Magomed just weeks before EU sanctions were imposed on him in April. Ibragimov acquired the resort ownership status in early 2023.
In recent months, the EU has stepped up efforts to close loopholes in its sanctions regime against Russia. However, the effectiveness of the imposed sanctions remains in question, as companies and Russian oligarchs exploit legal mechanisms in European jurisdictions to bypass these restrictions.
Forte Village, built in the 1970s and located in the Italian town of Pula on the southern coast of Sardinia, is famous for its pristine beaches and crystal-clear waters. Popular among celebrities and high-profile guests, the resort includes eight luxury hotels, 13 villas, 770 rooms, and 33 suites, as well as a private beach, numerous restaurants, pools, and a spa.
Shukhrat Ibragimov has an enormous appetite for yachts, cars, and real estate
As the newly minted owner of the luxurious Italian resort Forte Village, Shukhrat Ibragimov has long had a taste for life’s finest pleasures. For years, this reclusive Kazakh oligarch mysteriously remained under the radar—despite owning a private jet, a luxury-class yacht, and an enviable real estate portfolio in Dubai. Ibragimov Shukhrat acquired Forte Village from sanctioned Russian oligarch Musa Bazaev in exchange for a 40% stake in the Kyrgyz gold mining company Alliance Altyn. Here’s a photo of Shukhrat with Musa at the opening of the mine, during which there was a live broadcast featuring Putin.
Until now, Ibragimov was primarily known as the son of Alijan Ibragimov, the late Kazakh oligarch who was part of the “trio” that owned the raw materials giant Eurasian Resources Group (ERG).
However, the revelation that in 2023 Ibragimov secretly became the owner of the €700 million Forte Village resort in Sardinia has put him under intense scrutiny. The acquisition is particularly intriguing because he received the keys to the hotel shortly after its previous owner, Russian oil tycoon Musa Bazaev, was sanctioned by the European Union and the United Kingdom. It appears that in exchange for the resort, Ibragimov handed Bazaev control over a lucrative Kyrgyz gold mining enterprise.
Ibragimov seems to have inherited his father’s taste for symbols of wealth. The crown jewel of his vast portfolio is the I Dynasty, a $200 million superyacht measuring 86 metres in length, complete with a swimming pool and a cinema, capable of accommodating up to 22 guests. According to records in the Cayman Islands Shipping Registry, the vessel, registered in 2015, is fully owned by VegaYachts & Partners Limited, a company incorporated in the British Virgin Islands. The directors of VegaYachts, in turn, include Ibragimov and two nominee directors from Panama.
Ibragimov’s jet is a bit outdated
Ibragimov is also the proud owner of a $46 million private jet. Social media investigators have linked him to a Dassault Falcon aircraft with the registration number OO-FAI. Flight records show frequent trips to Almaty, Tashkent, and Bishkek. Keen-eyed observers have also noted that the aircraft’s registration appears to reference Shukhrat’s brother, Furkat Ibragimov. However, it seems that Shukhrat is looking to upgrade to a newer model, as records indicate that OO-FAI is currently up for sale.
When not jet-setting or sailing the high seas, Ibragimov resides in exclusive apartments in Dubai—a tax haven and a home away from home for Kazakh oligarchs. Singaporean corporate records link him to property on Blue Waters Island, a prestigious area where a $2.8 million beachfront apartment places him just steps away from the affluent Dubai Marina district.
All in all, not a bad collection for an oligarch who has managed to evade public attention for years. But that is now set to change—because he has been exposed as the new owner of Forte Village…
Everything may be in vain if the EU returns to the Forte Village swap investigation
EU authorities are revisiting the case in light of new information. Several months after the alleged transfer of shares in the holding company to Magomed, Musa Bazaev recorded himself as the owner of the company, which is seen as a clear administrative oversight. Shukhrat Ibragimov, who was granted ownership of the resort in early 2023, may now face sanctions as the ultimate beneficiary of the scheme designed to protect the resort from confiscation.
