Pekka Kallioniemi Profile picture
May 20 22 tweets 10 min read Read on X
In today's #vatniksoup, I'll introduce a Russian businessman and financier, Yury Kovalchuk. He’s best-known for being a close friend, confidant and "personal banker" of Putin's, and for strongly supporting the Kremlin's genocidal war against Ukraine.

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Kovalchuk was born in 1951 in St. Petersburg. He started his career during the 80s at the Loffe Physico Technical Institute, eventually becoming the institute's first deputy director. But Yury aspired for more & the fall of the iron curtain gave room for his business plans.

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Kovalchuk quickly learned that one didn't have to play fair to become rich in Russia during the 90s. He joined the board of directors of the Joint Ventures Committee, a government body involved with restructuring companies and finding (foreign) partners.

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Yury's first big mission was to restructure the Rossiya Bank. It had played a major role in the coup attempt of 1990, and many KGB & communist leaders had secretly funneled their money there. Kovalchuk then transformed it into a modern vehicle for foreign investment.

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Rossiya Bank also supported Putin's political rise during the 90s, and Kovalchuk was already at that point working from behind the scenes. The two became close, and Kovalchuk's "dacha" outside of St. Petersburg was right next to Putin's.

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In 1996, all residents of the area united their properties under one umbrella collective called "Ozero" ("The Lake"). Putin didn’t forget about his old neighbours, they all got prominent positions after he rose to power in 1999. Kovalchuk first became the director...

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...of the biggest Russian brewery, Baltica. Later he directed Rossiya Bank, where he had a 41% stake. Due to his powerful political connections, Kovalchuk became a household name in Russia's richest list. Forbes ranked him spot 53 in 2008 with an estimated fortune...

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...of close to $2 billion. His wife's fortune was estimated to be around 600 million USD in 2019. Oppostion figures Boris Nemtsov and Vladimir Milov pointed to Kovalchuk's Rossiya Bank in relation to laundering more than 60 billion USD via the Gazprombank to...

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...offshore accounts during 2000-2010. Therefore, Kovalchuk was an essential cog in Putin's organised cronyism. As is tradition, Kovalchuk’s son Boris got a few prominent positions at an early age, as he was appointed as the director of "The Department of National Projects".
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Media is an essential instrument when it comes to solidifying power. For Putin, Kovalchuk has been an essential ally because of his media empire called National Media Group. This company controls many popular TV channels, newspapers, digital media and production studios.

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@anders_aslund has stated that "When people say Russian state television,they really mean Kovalchuk television." The Kremlin together with their cronies have utilized this same media ownership strategy in Ukraine and Georgia.



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In 2015, Putin used the Foreign Agents Act to smoke out any dissidents from media companies, after which Kovalchuk's NGM bought channels like CNN Russia and Cartoon Network to their portfolio, further reinforcing his media monopoly.

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Since the beginning of the full-scale invasion, Kovalchuk's media channels have broadcast the most lunatic conspiracy theories and propaganda, ranging from "US-funded bioweapons laboratories" to "Ukrainian Nazi regime".

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In 2021, Kovalchuk acquired the Russian social media platform VKontakte from another oligarch, Alisher Usmanov. This powerful propaganda platform is both an important platform for spreading the Kremlin narratives but also for aggressively collecting data of its users.

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After the takeover, VK fired most of its management, who were then replaced by Kovalchuk's close confidants and relatives. The site has also been actively used for recruiting mercenaries to the meat grinder in Ukraine.

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Some have also speculated that after the Wagner leader Yevgeny Prigozhin's death, it was Kovalchuk who took over Prigozhin's infamous troll farms. If this is true, it means that these online trolls are now under direct control of the Kremlin.

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Putin and Kovalchuk are extremely close, and journalist Mikhael Zygar considers Yury to be "number 2" in the Kremlin's pyramid of power. After COVID-19 hit Russia, Putin retreated to his Valdai residence together with Kovalchuk where they quarantined together.

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While there, the two plotted on the return of the "Great Russia". They share an extremely anti-Western, conspiratorial and imperialist worldview with a hint of Russian Orthodox mysticism thrown in the mix. In Jun 2020, Putin published an article on "National Interest"...

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...titled "The Real Lessons of the 75th Anniversary of World War II". In this extremely revisionist take on history, Putin blamed Poland for Hitler's invasion and of course Ukraine and Stepan Bandera for acting as "cronies of Hitler and the Nazis".

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In 2021, the Navalny team exposed that the dacha where Putin and Kovalchuk spent time was actually owned by Kovalchuk since 2003. Yury quickly struck back by starting a massive smear campaign with leaked data such as e-mails against Navalny through his media empire.

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To conclude, Kovalchuk controls two extremely important factors in the Kremlin's genocidal war: funds and media. Allegedly, he also has a strong influence on Putin and has affected his revisionist and delusional worldview.

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This soup was prepared in collaboration with sous-chef @SLAVAUA2022NAFO.

Find us also on other socials:

instagram.com/vatniksoup/
youtube.com/@TheSoupCentra…
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More from @P_Kallioniemi

Nov 11
In today’s #vatniksoup, I’ll introduce an American far-right social media personality, Nicholas J. Fuentes (@NickJFuentes). He’s best-known for his white supremacist, misogynistic and antisemitic rhetoric, and for being the poster boy for the so-called incel movement.

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Like so many from the white supremacist movement, Fuentes dropped out of university after his freshman year. He studied introductory international relations, which apparently made him a geopolitics expert. Nick was introduced to the white supremacist movement at an…

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..early age - he took part in the infamous Unite the Right rally in Charlottesville,Virginia. In 2017, Fuentes launched his political talk show “America First”. Initially the show was aired on Trump-aligned Right Side Broadcasting Network, but it was dropped after the rally.
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Read 20 tweets
Nov 7
In today’s #vatniksoup, I’ll discuss foreign malign influence operations during the 2024 US elections. As in 2016 and 2020, these recent elections were also a target of massive disinformation and hacking campaigns originating mostly from Russia and Iran.

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First of all, my opinion is that these influence operations alone didn’t affect the elections so much, that they actually made a difference.

Unlike in 2016, Trump’s win over Harris was clear and these short-term campaigns didn’t really change that much this time.

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Yet, many of these online campaigns attacked both Harris and Walz on various social media platforms. Especially Walz became a big target after his nomination, and many Russian efforts attempted to defame him.

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Read 18 tweets
Oct 25
In today’s #vatniksoup, I’ll introduce a social media personality and TV presenter, Raisa Blommestijn (@rblommestijn). She’s best-known for her far-right rhetorics, spreading conspiracy theories, and spreading anti-Ukraine and pro-Kremlin narratives on Dutch television.

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Raisa studied philosophy of law at Leiden University. The faculty is best-known for one of its professors, Paul Cliteur. He’s a member of the pro-Kremlin party Forum voor Democratie (FvD), where he is one of the leading figures.Cliteur is also known for supervising the FvD…
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…founder Thierry Baudet’s doctoral thesis, and can be considered a central figure in this Dutch “anti-establishment” movement. While studying at Leiden, Raise also met her best friend forever, Eva Vlaardingerbroek:

3/24

Read 25 tweets
Oct 18
In today’s #vatniksoup, I’ll introduce an American podcaster, Darryl Cooper (@martyrmade). He’s best-known for “Martyr Made”, a history podcast that provides a strongly revisionist and biased analysis on historical events such as the Revolution of Dignity and World War II.

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Darryl became known to big audiences in 2021, when he published a Twitter thread in which he basically described a massive conspiracy against Trump during both 2016 and 2020 presidential elections. The culprits were predictable: the corporate press, intelligence agencies…

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…and of course the evil Democrats. To Darryl, Russia was not working together with the Trump campaign, even though there’s clear evidence that many of his officials - including Carter Page, Rex Tillerson, Michael Flynn and Paul Manafort - interacted intimately with…

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Read 23 tweets
Oct 13
In today’s #vatniksoup, I’m going to outline the current situation in the West’s information war against Russia & its allies. Currently,the West’s counter-disinformation measures are severely underfunded,making it difficult to combat Russian influence operations effectively.
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Europe today is repeating the same mistake in information warfare that it made in conventional warfare: we are not dedicating enough resources to counter it. Just as Europe was unprepared to fully support Ukraine and prepare for kinetic warfare against Russia,...

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...we have been neglecting information warfare. Next year, Russia is reportedly set to spend around 3 billion USD on its information operations domestically and abroad, with allies like the CCP, Iran, and North Korea likely following suit.

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Read 18 tweets
Oct 7
In today’s #vatniksoup, I’ll introduce an American conservative think tank, The Heritage Foundation (@Heritage). Heritage is best-known for opposing military aid to Ukraine and for their political initiative called Project 2025, a potential blueprint for a Trump presidency.

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Before we begin, I want to justify this soup that focuses heavily on US domestic politics. As a strong supporter of Ukraine, I see Donald Trump as a threat to Ukraine’s existence, and the reasoning for that can be found in this previous soup:

2/23

Heritage was founded in 1973, but it took a leading role in conservative politics during the Reagan presidency, whose policies were mostly taken from the foundation’s book series called Mandate for Leadership. Project 2025 is the ninth iteration of this series.

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Read 24 tweets

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