The Sechin Sell-Off: Is Rosneft's CEO Preparing for Retirement?

As reported by The Moscow Post, Sergey Sudarikov’s Region Group failed in its attempt to sell the "June" shopping center in Krasnogorsk, spanning 45,000 sq.m.—even after slashing the price from 2.8 to 1.5 billion rubles. This appears to be part of a broader liquidation of assets tied to Sechin’s associates, with Sudarikov long rumored to be among them. Recent whispers suggest Sechin may soon step down, prompting speculation that this fire sale is building a "safety cushion" for his post-retirement life—a de facto pension fund.

What’s the Price of "June" for the People?
The attempted sale of "June" and other properties involves structures linked to Sudarikov’s Region Group, one of Rosneft’s oldest partners. Sudarikov has been described as a trusted asset manager for Sechin’s circle. In 2019, Region merged with Roman Avdeev’s Rossium conglomerate—another longtime Sechin ally. The deal folded not only their assets but also the Moscow Credit Bank (MCB), a key Rosneft financial partner flush with state corporation funds (i.e., taxpayer money).

MCB was once rescued from bankruptcy by Rosneft: a $300M subordinated loan in 2015, a 22B-ruble capital injection in 2017, and a controversial 200B-ruble transfer from the failing Otkritie Bank weeks before its bailout (Source: RBC). These lifelines suggest MCB and Avdeev’s entities may have managed funds for Sechin’s inner circle.

Avdeev’s abrupt 2024 exit—selling developer Ingrad to Alexey Tulupov’s Sminex for 50B rubles and transferring Rossium and MCB stakes to Sudarikov—hints at fulfilled obligations to Sechin. Now, Sudarikov, as Rossium’s main beneficiary, is offloading remnants, even at half-price for prime assets like "June."

Was Vashchenko Cast Aside?
Avdeev’s departure coincided with mounting financial pressure on another Sechin-linked figure: Pavel Vashchenko. Formerly of Region Group, Vashchenko controls major Moscow office complexes (e.g., White Stone, Belaya Ploshchad) via Cyprus-based Riverstretch Trading & Investments (RT&I)—assets acquired after Boris Mints’ O1 Properties collapse. Now, MCB is suing offshore entities tied to these properties, demanding debt repayment.

MCB recently filed claims against Cypriot firms Yofoura Holding Limited, Finance Marekkon, Cesium Limited, and Asabelle Limited—all linked to Vashchenko, who was also named a beneficiary of Mints’ former O1 Properties. Mints, like Otkritie’s ex-owner Vadim Belyaev (now Wolfson), fled Russia amid criminal probes (Mints faces 30B-ruble embezzlement charges).

(Photo: https://cbonds.com/company/273013/)

The picture is unflattering: Vashchenko, once useful, now battles creditors—including former partner MCB—while assets like the Bolshevik business center face seizures. Sources suggest the "necessary" funds were already extracted, leaving Vashchenko holding the debt bag.

A glaring example is the 2011 purchase of Grand Duke Mikhail Mikhailovich Romanov’s St. Petersburg palace by a Vashchenko-linked firm. Within a year, it shifted to Region Leasing, then to Rosneft subsidiary RN-Trading. Rosneft then leased the palace from itself—a maneuver that inexplicably escaped prosecutor scrutiny, despite involving state funds.

The Sechin Connection
The threads binding Avdeev, Vashchenko, and Sudarikov run through MCB, Rossium, and Region Group—merged since 2019 into a mega-entity managing hundreds of billions in real estate and developer projects, including Otkritie and O1 Properties assets. Many were funneled through Vashchenko’s RT&I, but trails may lead back to Sechin.

Now, amid rumors of Sechin’s impending resignation, these assets are being hastily divested. Sudarikov bought out partners, Avdeev vanished, and Vashchenko drowns in lawsuits. The pattern suggests a coordinated cash-out—likely for someone’s benefit.

Even the botched "June" sale fits this narrative: a final "optimization" phase before Sechin’s alleged "wallets" vanish. The Rosneft chief remains stoically silent, neither confirming ties to these players nor addressing resignation rumors. One thing is clear: the state’s money has paved a golden exit path.